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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
davisem

How populism could shake up Europe: A visual guide - CNN.com - 0 views

shared by davisem on 05 Dec 16 - No Cached
  • Europe's populist movements are on the cusp of sweeping far-right, nationalist and euroskeptic parties into power across the continent in a series of upcoming elections
  • he revolving door swung against current Prime Minister Matteo Renzi Sunday, when voters rejected his proposed changes to the country's constitution
  • Experts say that if Grillo comes to power, he'll likely follow through on promises to call a referendum to scrap the euro, reintroduce the Italian lira, and perhaps even follow Britain out of the European Union
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  • Norbert Hofer of the Freedom Party of Austria (FPO) had ridden a populist wave to challenge for presidential power (albeit in a largely ceremonial role). The race had appeared close, but on Sunday Hofer conceded to left-wing independent Alexander Van der Bellen when early returns ran against him
  • Marine Le Pen, leader since 2011, has tried to "detoxify" the party founded by her father Jean-Marie of its reputation for racism and xenophobia -- and has seen its share of the vote rise to 27% in last year's regional elections
  • since the 2008 economic crisis unemployment has risen from 7.1% to around 10%, while almost a quarter of the nation's youth is now out of work.
  • The National Front leader has utilized similar tactics to the US President-elect by tapping into frustrations of the French electorate and focusing on a more nationalistic agenda to sway voters to her corner.
  • Farage was one of the chief architects of the Brexit campaign for Britain to leave the European Union
  • Formed in 2013, the anti-immigrant party Alternative for Germany (AfD) was initially galvanized into action by what it saw as Merkel's bungled handling of the eurozone crisis -- specifically the multiple Greek bailouts
  • Voters in the Netherlands are set to elect a new parliament in March 2017, when the anti-Muslim, anti-immigrant Party for Freedom (PVV) hopes to build on its strong showing in the past two elections
  • Wilders has run on a party manifesto focused on a so-called "de-Islamification" of the Netherlands
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    Europe is one the peak of sweeping right, nationalist and eurosceptic parties come into power in following elections, and we see some examples of countries and how the GPA, Unemployment, and others were effected.
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,”
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    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 a good bit of that performance was the buyback mirage. Growth in Yahoo’s overall net profits came in at about 11 percent annually
  • 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 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.
  • 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

What a Failed Trump Administration Looks Like - The New York Times - 0 views

  • President Trump’s mental state is like a train that long ago left freewheeling and iconoclastic, has raced through indulgent, chaotic and unnerving, and is now careening past unhinged, unmoored and unglued.
  • Trump’s White House staff is at war with itself. His poll ratings are falling at unprecedented speed. His policy agenda is stalled. F.B.I. investigations are just beginning. This does not feel like a sustainable operation.
  • On the other hand, I have trouble seeing exactly how this administration ends. Many of the institutions that would normally ease out or remove a failing president no longer exist.
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  • There are no longer moral arbiters in Congress like Howard Baker and Sam Ervin to lead a resignation or impeachment process. There is no longer a single media establishment that shapes how the country sees the president. This is no longer a country in which everybody experiences the same reality.
  • Everything about Trump that appalls 65 percent of America strengthens him with the other 35 percent, and he can ride that group for a while. Even after these horrible four weeks, Republicans on Capitol Hill are not close to abandoning their man.
  • The likelihood is this: We’re going to have an administration that has morally and politically collapsed, without actually going away.
  • To get anything done, a president depends on the vast machinery of the U.S. government. But Trump doesn’t mesh with that machinery. He is personality-based while it is rule-based. Furthermore, he’s declared war on it. And when you declare war on the establishment, it declares war on you.
  • Second, this will probably become a more insular administration. Usually when administrations stumble, they fire a few people and bring in the grown-ups
  • But Trump is anti-grown-up
  • the circle of trust seems to be shrinking to his daughter, her husband and Stephen Bannon.
  • In an administration in which “promoted beyond his capacity” takes on new meaning, Bannon looms. With each passing day, Trump talks more like Bannon without the background reading.
  • Third, we are about to enter a decentralized world. For the past 70 years most nations have instinctively looked to the U.S. for leadership, either to follow or oppose. But in capitals around the world, intelligence agencies are drafting memos with advice on how to play Donald Trump. Advertisement Continue reading the main story
  • The first conclusion is obvious. This administration is more like a medieval monarchy than a modern nation-state. It’s more “The Madness of King George” than “The Missiles of October.” The key currency is not power, it’s flattery.
  • If you want to roll the Trump administration, you’ve got to get in line. The Israelis got a possible one-state solution. The Chinese got Trump to flip-flop on the “One China” policy. The Europeans got him to do a 180 on undoing the Iran nuclear deal.
  • We’re about to enter a moment in which U.S. economic and military might is strong but U.S. political might is weak. Imagine the Roman Empire governed by Monaco.
  • The only saving thought is this: The human imagination is vast, but it is not nearly vast enough to encompass the infinitely multitudinous ways Donald Trump can find to get himself disgraced.
anonymous

Majority Rule Means the Power to Stop, Not Just Start, an Investigation - The New York ... - 0 views

  • Majority Rule Means the Power to Stop, Not J
  • GTON — When Richard J. Durbin joined the Senate in 1997, his
  • Republicans abruptly abandoned the inquiry when polls suggested the public was turning against it, and the investigation was generally regarded as a bust.
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  • House and Senate Republicans remain unwilling to budge from their opposition to a special bipartisan inquiry into the extent of Russian meddling in the 2016 election, and into any connections to President Trump or those close to him. Changing their mind would probably require significant revelations of the sort that would make their current stance politically untenable. Advertisement Continue reading the main story
Javier E

Abolitionist or Terrorist? - NYTimes.com - 0 views

  • There’s no doubt that Vesey was a violent man, who planned to attack and kill Charleston whites. But those who condemn him as a terrorist merely demonstrate how little we, as a culture, understand about slavery, and what it forced the men and women it ensnared to do.
  • More than a decade ago, while I was giving a talk on Vesey in Charleston, a member of the audience challenged my view that what Vesey wished to accomplish — the freedom for his friends and family — could be a good thing, on the grounds that he went about it the wrong way. “Why not work within the system for liberation,” the man asked, or even “stage a protest march?”
  • Although well intentioned, such questions reveal how far American society still has to travel before we reach a sophisticated understanding of the past. There was no “system” for Vesey to work within; his state had flatly banned private manumissions, or the freeing of slaves, in 1820. The only path to freedom was to sharpen a sword. Americans today can admire the Rev. Dr. Martin Luther King Jr. and his 1963 nonviolent March on Washington, but his world was not Vesey’s, and we must understand that. Continue reading the main story Write A Comment Continue reading the main story
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  • It is ironic that such historical myopia should be found in Charleston, which today bills itself as one of the nation’s most historic cities. Each afternoon horse-drawn carriages transport tourists about its narrow streets. But as the fight over the Vesey statue suggests, tour guides tell at best an incomplete story.
  • They often ignore, for example, the fact that of the roughly 400,000 Africans sold into what is now the United States, approximately 40 percent landed on Sullivan’s Island, a hellish Ellis Island of sorts just outside of Charleston Harbor. Today nothing commemorates that ugly fact but a simple bench, established by the author Toni Morrison using private funds.
julia rhodes

Yanukovych Says He Was 'Wrong' on Crimea - NYTimes.com - 0 views

  • n his first interview since fleeing to Russia, Ukraine's ousted president said Wednesday that he was "wrong" to have invited Russian troops into Crimea and vowed to try to persuade Russia to return the coveted Black Sea peninsula.
  • Yanukovych denied the allegations of corruption, saying he built his palatial residence outside of Kiev, the Ukrainian capital, with his own money. He also denied responsibility for the sniper deaths of about 80 protesters in Kiev in February, for which he has been charged by Ukraine's interim government.
  • While Russia can hardly be expected to roll back its annexation, Yanukovych's statement could widen Putin's options in the talks on settling the Ukrainian crisis by creating an impression that Moscow could be open for discussions on Crimea's status in the future.
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  • "I was wrong," he said. "I acted on my emotions."
  • Yanukovych did not answer several questions about whether he would support Russia — which has deployed tens of thousands of troops near the Ukrainian border — moving into Ukraine to protect ethnic Russians, the justification Putin used to take Crimea.Continue reading the main story Why movie streaming sites so fail to satisfy Also in Tech » Apple's war on Samsung has Google in crossfire At Mozilla, a chief's support of gay marriage ban causes conflict Continue reading the main story Advertisement (adsbygoogle = window.adsbygoogle || []).push({});
Javier E

Ta-Nehisi Coates's 'Visceral' Take on Being Black in America - The New York Times - 0 views

  • he expressed reluctance to be drafted as white America’s designated racial explainer or the activist whom some at the church on Wednesday seemed to want.“I’m a writer, and for me, writing is a very internal process that’s all about trying to learn something and then show it to people,” he said in the interview.In a brief talk to a group of students from a local school before the reading, he had put it more bluntly. Advertisement Continue reading the main story Understanding how an unjust situation came about “is deeply therapeutic,” he told them.“It will keep you from going crazy,” he continued.
  • In the book, Mr. Coates describes racism in terms of assaults on the free movement of the black body, whether by the officers who shoot unarmed men or in more everyday incidents, like the casual shoving of Samori when he was 4 by a white woman on an Upper West Side escalator.
  • “I wanted to make racism tactile, visceral,” he said. “Because it is.”
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  • Against that daily lived reality, he sketches the illusions of “those Americans who believe that they are white” and “the Dreamers,” metaphorical shorthand for people who remain ignorant of the historical realities behind their privilege.
  • He summed up their outlook: “It is the right for me to walk through my life as though everything I have was justly garnered, to think that I am the descendant of noble ancestries, that I am always a force for good in the world, and that even at the times when I was a force for bad, I was really trying to do the right thing.”
  • “Between the World and Me” gives no quarter to those who seek uplift, or who hold an interpretation of American history that doesn’t take domination of black bodies as a central truth. But the book, Mr. Coates said, is “an act of anti-sentimentalism,” not cynicism.
  • Mr. Coates said his own ideal of integration was close to that of Baldwin, who wrote that if the word meant anything, it was “that we, with love, shall force our brothers to see themselves as they are,” outside any sheltering fantasy of whiteness.
Javier E

As Putin Talks More Missiles and Might, Cost Tells Another Story - The New York Times - 0 views

  • “Everybody should understand that we are living in a totally different world than two years ago,” said Alexander M. Golts, an independent Russian military analyst.“In that world, which we lost, it was possible to organize your security with treaties, with mutual-trust measures,” he said. “Now we have come to an absolutely different situation, where the general way to ensure your security is military deterrence.” Advertisement Continue reading the main story
  • “The Russian Army is returning to normal combat activities and training,” said Igor Korotchenko, the editor in chief of National Defense, a monthly Russian magazine. “We are doing exactly what our Western partners are doing.”
  • From a Western point of view, Russia shattered the postwar, and certainly post-Cold War, European order by seizing Crimea and destabilizing Ukraine with a not-terribly-covert military program. That left former Soviet client states next door feeling vulnerable.
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  • Russia, which had long given up on military exercises, then started sending long-range bombers and fighter aircraft on patrol along the edges of European or American airspace. The West, and the United States in particular, felt the aggressive attitude warranted a military response. Hence, a new program of maneuvers and talk of deploying tanks and other heavy equipment.
  • “Russia has been making aggressive statements, insisting that it lives in a world of mutual military deterrence, while thinking that the West will not pay attention,” Mr. Golts said.But the West paid attention, he said, and Russia is not ready. It is one thing to use a force of up to 100,000 well-trained, well-booted soldiers to seize Crimea or even to destabilize a neighbor, but it is a very different matter to take on NATO, he noted.
  • Russia, lacking both the manpower and the weapons systems, will not be ready to do so any time soon, which is why Mr. Putin resorts to asymmetrical responses like nuclear weapons, analysts said.The war with Ukraine severed cooperation with some critical defense industries there, while Western sanctions cut off some technology used in military applications, like microchips.
  • The steep drops in the price of oil and the value of the ruble mean Russia is facing a recession this year, although recent figures suggest it will not be as bad as originally anticipated.
  • Yuriy Borisov, a deputy defense minister, told the Moskovsky Komsomolets newspaper this year that the military had underestimated how much it would need to spend to acquire new Armata tanks. Mr. Putin had pledged the government would buy 2,300 by 2020.“We miscalculated on the Armata,” Mr. Borisov was quoted as saying. “The money allocated for that project turns out to be too little.” Production costs are 250 percent higher than anticipated, he said, without further details
  • He and other analysts suggested that maintaining the image of a robust military being resupplied on schedule was a political necessity, speaking to the large constituency that supports Mr. Putin because he has promised to restore Russia to its great power status.
Javier E

ThinkUp Helps the Social Network User See the Online Self - NYTimes.com - 0 views

  • In addition to a list of people’s most-used words and other straightforward stats like follower counts, ThinkUp shows subscribers more unusual information such as how often they thank and congratulate people, how frequently they swear, whose voices they tend to amplify and which posts get the biggest reaction and from whom.
  • ThinkUp is something like Elf on the Shelf for digitally addled adults — a constant reminder that someone is watching you, and that you’re being judged.
  • Every morning the service delivers an email packed with information, and in its weighty thoroughness, it reminds you that what you do on Twitter and Facebook can change your life, and other people’s lives, in important, sometimes unforeseen ways.
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  • after using ThinkUp for about six months, I’ve found it to be an indispensable guide to how I navigate social networks.
  • “The goal is to make you act like less of a jerk online,” Ms. Trapani said. “The big goal is to create mindfulness and awareness, and also behavioral change.”
  • people often tweet and update without any perspective about themselves. That’s because Facebook and Twitter, as others have observed, have a way of infecting our brains.
  • Because social networks often suggest a false sense of intimacy, they tend to lower people’s self-control.
  • Like a drug or perhaps a parasite, they worm into your devices, your daily habits and your every free moment, and they change how you think.Continue reading the main story Continue reading the main story
  • For those of us most deeply afflicted, myself included, every mundane observation becomes grist for a 140-character quip, and every interaction a potential springboard into an all-consuming, emotionally wrenching flame battle.
  • One of the biggest dangers is saying something off the cuff that might make sense in a particular context, but that sounds completely off the rails to the wider public. The problem, in other words, is acting without thinking — being caught up in the moment, without pausing to reflect on the long-term consequences. You’re never more than a few taps away from an embarrassment that might ruin your career, or at least your reputation, for years to come.
  • More basically, though, it’s helped me pull back from social networks. Each week, ThinkUp tells me how often I’ve tweeted. Sometimes that number is terribly high — a few weeks ago it was more than 800 times — and I realize I’m probably overtaxing my followers
  • getting a daily reminder from ThinkUp that there are good ways and bad ways to behave online — has a tendency to focus the mind.
  • ThinkUp charges $5 a month for each social network you connect to it. Is it worth it? After all, there’s a better, more surefire way of avoiding any such long-term catastrophe caused by social media: Just stop using social networks.
  • even though “never tweet” became a popular, ironic thing to tweet this year, actually never tweeting, and never being on Facebook, is becoming nearly impossible for many people.
  • your online profile plays an important role in how you’re perceived by potential employers. In a recent survey commissioned by the job-hunting site CareerBuilder, almost half of companies said they perused job-seekers’ social networking profiles to look for red flags and to see what sort of image prospective employees portrayed online.
  • The main issue constraining growth, the founders say, is that it has been difficult to explain to people why they might need ThinkUp.
  • That may change as more people falter on social networks, either by posting unthinking comments that end up damaging their careers, or simply by annoying people to the point that their online presence becomes a hindrance to their real-life prospects.
Javier E

The Obama Recovery - NYTimes.com - 0 views

  • the British government claimed vindication for its policies. Was this claim justified?
  • No, not at all. What actually happened was that the Tories stopped tightening the screws — they didn’t reverse the austerity that had already occurred, but they effectively put a hold on further cuts. So they stopped hitting Britain in the head with that baseball bat. And sure enough, the nation started feeling better.
  • What’s the important lesson from this late Obama bounce? Mainly, I’d suggest, that everything you’ve heard about President Obama’s economic policies is wrong.Continue reading the main story Continue reading the main story
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  • back in America we haven’t had an official, declared policy of fiscal austerity — but we’ve nonetheless had plenty of austerity in practice, thanks to the federal sequester and sharp cuts by state and local governments. The good news is that we, too, seem to have stopped tightening the screws: Public spending isn’t surging, but at least it has stopped falling. And the economy is doing much better as a result. We are finally starting to see the kind of growth, in employment and G.D.P., that we should have been seeing all along — and the public’s mood is rapidly improving.
  • You know the spiel: that the U.S. economy is ailing because Obamacare is a job-killer and the president is a redistributionist, that Mr. Obama’s anti-business speeches (he hasn’t actually made any, but never mind) have hurt entrepreneurs’ feelings, inducing them to take their marbles and go home.
  • The truth is that the private sector has done surprisingly well under Mr. Obama, adding 6.7 million jobs since he took office, compared with just 3.1 million at this point under President George W. Bush. Corporate profits have soared, as have stock prices. What held us back was unprecedented public-sector austerity: At this point in the Bush years, government employment was up by 1.2 million, but under Mr. Obama it’s down by 600,000. Sure enough, now that this de facto austerity is easing, the economy is perking up.
Javier E

Before Paris Shooting, Authors Tapped Into Mood of a France 'Homesick at Home' - NYTime... - 0 views

  • Though Mr. Zemmour’s is a work of reactionary nostalgia and Mr. Houellebecq’s a futuristic fantasy, both books have hit the dominant note in the national mood today: “inquiétude,” or profound anxiety about the future.
  • broadly, concern has grown that the political center is eroding and that extremes are rising in a way reminiscent of the 1930s, along with a sense that France, which prides itself on its republican tradition and strong, centralized state, has ceded too much power to the European Union.
  • “Houellebecq uses his talent, if I may say so, to exalt or to highlight this aspect of a collective fear that is descending upon us,” the philosopher Malek Chebel, who is Muslim, said on France 2 television this week. “I reproach him for it, all the more so that he is a great writer, and when you are a great writer, you have more responsibilities.”
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  • “I think this anxiety is the idea of seeing France give up on itself, of changing to the point of no longer being recognizable,” said the philosopher Alain Finkielkraut, whose much-debated 2013 book, “L’identité Malheureuse,” or “The Unhappy Identity,” discussed the problems immigration poses for French identity and cultural integration. “People are homesick at home,
  • Mr. Houellebecq rejected the idea that literature could alter events.“I don’t have other examples of a novel changing the course of history,” Mr. Houellebecq said on the same program. “Other things change the course of history. Essays, ‘The Communist Manifesto,’ things like that, but not novels. That has never happened.”Continue reading the main story Continue reading the main story
  • Mr. Houellebecq called the novel “a political fiction,” in the same vein as those of Joseph Conrad or John Buchan.
  • Commentators said that both “The French Suicide” and “Submission” would ultimately shore up the political fortunes of the National Front, a growing if incoherent mix of anti-establishment nativism, anti-immigrant sentiment, and anti-NATO and anti-European Union fervor.
  • “The left has nothing to propose or to respond, and Zemmour and Houellebecq profit from this absence,” said Eric Naulleau, Mr. Zemmour’s more left-leaning co-host on a weekly television program and the author of a 2005 essay critical of Mr. Houellebecq.“One flees to the past and the other flees to the future,” Mr. Naulleau added of the two authors, “but neither offers any answers.”
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