Tag: Wall Street Journal

Journalist’s should support Sherrod’s suit

Journalist’s should support Sherrod’s suit

Isn’t it logical that if a group enjoys a privilege that they would self-police themselves to a great deal to protect that right? Shouldn’t a group of journalists being extremely hard on one of their own that pontificates opinion as being fact and deliberately distorts the facts of their investigation to imply something significantly different?

I think this is logical. By challenging the journalists that hurt the Freedom of Press right or cause it to be abused, the journalists of the world are self-policing themselves. They are saying that with a Right comes a Responsibility. Abuse of the responsibility for fair reporting risks the rights of all journalists and, by extension, the rights of all US citizens.

Evidently, James Taranto of the Wall Street Journal doesn’t agree with me (unless I am misunderstanding his argument). He recently wrote in his daily column that Ms. Shirley Sherrod was planning on suing Mr. Andrew Breitbart due to his highly edited video of her. This video ultimately forced her to be fired from her government job and she is upset about that. In my opinion, she should be upset. I think that Mr. Taranto even thinks she has the right to be upset. What he is arguing is that she may not want to sue (I don’t have an opinion on that) and that the journalists that heard her speak of the suit shouldn’t be encouraging her.

I disagree with Mr. Taranto’s opinion. While I read his column daily and agree with a large portion of what he writes, his statements here are incorrect, in my opinion. Journalists should be the first to condemn Breitbart – not the last. While I am just a simple blogger, I hereby condemn Mr. Breitbart for publishing a video that intentionally leads a viewer to an knowingly incorrect conclusion. If Mr. Breitbart would have stated that this video was only his opinion and not the actual facts of the full length video, I would feel differently.

I am not sure if Mr. Taranto’s column is externally exposed for all to read so here are the paragraphs that I have issue with.

But one aspect of this story strikes us as passing strange: The venue in which she issued this threat was a convention of journalists. What’s more, someone who was there tells us that when she said she planned to sue, the audience applauded. Our source was careful to note that there were nonjournalists in the audience too (PR men and corporate sponsors). Still, we have to ask: What kind of journalist would applaud the threat of a defamation lawsuit?

Journalists have an institutional interest in maximizing the scope of First Amendment protections, and that means keeping it as hard as possible for plaintiffs to sue for defamation. Even meritless defamation suits against journalists and news organizations are a nuisance. Thus one would expect journalists to have a general antipathy to the idea of defamation lawsuits, even when sympathetic to a particular prospective plaintiff.

We have noted that Breitbart is not a traditional journalist, and it follows from this that he has no special claim on the sympathy of those who are. Our point, however, is that the interests of defamation plaintiffs run counter to those of journalists, regardless of whether the defendants are journalists or are doing journalism.

New York Times v. Sullivan is itself a case in point. Although the defendant was a newspaper, the published material at issue was not news but a political ad–an open letter from the Committee to Defend Martin Luther King and the Struggle for Freedom in the South, which criticized officials in Jim Crow-era Alabama for their treatment of civil rights demonstrators.

Journalists depend more on the First Amendment than just about anyone else, but we more than anyone should be cognizant that the protections we enjoy as we do our work apply to everyone, including civil rights advocates–and Andrew Breitbart.

RANT! How dumb are the oil companies?

RANT! How dumb are the oil companies?

I am sure that you have heard of the current oil leak in the Gulf of Mexico.  If you haven’t, here is a link – please come back after you have caught up with current events.

I am just aghast at how stupid these companies are. Current reports are that they didn’t install an “acoustic switch” on the well. From NewsInferno:

The Deepwater Horizon oil rig that exploded last week was not outfitted with a safety device that might have prevented the massive oil spill now nearing the U.S. Gulf Coast. The device, known as an acoustic switch, is a last-resort protection against underwater spills, and is required by regulators in Norway and Brazil. Unfortunately, the U.S. has no such regulation for oil wells operating off of its shores.

According to a report in The Wall Street Journal, an acoustic switch is a remote control device that a crew can use in an attempt to trigger an underwater valve that shuts down a well that’s damaged. The switch is meant as a last resort, as the primary shut-off systems almost always work on wells when they are out of control. It can be triggered from a lifeboat if an oil platform has to be evacuated.

According to the Journal, U.S regulators did consider requiring the acoustic switch on offshore wells, but drilling companies resisted because of its cost, and questions about its effectiveness. To be fair, the switches have never been tested in real-world situations, only simulations. U.S. regulators also maintain they are prone to causing unnecessary shutdowns.

Are these guys just plain stupid.  Didn’t they see Jurasic Park where the pessimistic mathematician, Ian Malcolm, talks about if something can go wrong then it will go wrong?

BP AND ITS KIN SHOULD HAVE BACKUP SYSTEMS FOR THE BACKUP SYSTEMS THAT ARE BACKING UP THE BACKUP SYSTEMS.  IF THEY DON’T HAVE 6 FOOLPROOF WAYS OF TURNING OFF A BROKEN WELL THEN THEY SHOULDN’T DRILL!

Healthcare for illegals

Healthcare for illegals

First, let me be clear, I think that Rep. Wilson of South Carolina should be censured for his outburst while President Barack Hussein Obama was speaking in a joint session of Congress. He reminds of irresponsible brats such as Kanye West. Public outbursts while the President is speaking are simply unacceptable in any format and definitely not allowed in a joint session of Congress.

I do think that it is interesting that the rude outburst occurred due to a statement from BHO regarding healthcare for illegal aliens. There is a reasonable argument that BHO, while perhaps not lying, was not telling the complete truth. Check out this interesting video below and then read the rest of my comments.

 

Now I see that the Democrats in the Senate would like to toughen up the loopholes to prevent illegal aliens from getting taxpayer supplied insurance. I don’t get it, BHO says that this can’t happen but now a few days later there is an amendment that prevents this thing that can’t happen.  Makes me think that BHO was bending the truth a bit and probably knew it.

Of course the solution that the Senate is currently thinking about is to use Social Security numbers.  Seems reasonable.  SS numbers have become the defacto national identity card that we need. I have ranted on this before, if we would just have national identity cards then we would control much of the illegal problem that we have.

Below are a few clips from a recent article in the Wall Street Journal:

A key Democratic senator said Friday that lawmakers planned to toughen provisions in a health bill to prevent illegal immigrants from enjoying benefits, in a Democratic response to concerns by some Republicans.

Members of the Senate Finance Committee met Friday, and Sen. Kent Conrad (D., N.D.) said they wanted to use Social Security numbers to ensure that illegal immigrants weren’t eligible for subsidies envisioned as part of a plan to expand health coverage.

President Obama’s health-reform proposal has sparked heated debate over whether the plan benefits illegal immigrants, as demonstrated by Rep. Joe Wilson’s “You lie” outburst. WSJ’s Elizabeth Williamson breaks down the details of the proposed new government-run insurance plan.

Still up in the air is whether illegal immigrants would be banned from participating in federally regulated insurance “exchanges” under Democrats’ health bills, even if the immigrants were willing to use their own money to buy policies. On Friday, a coalition of three dozen faith-based groups wrote to Congress to express anger at the proposed ban.

I agree until I disagree – Senator John Kerry

I agree until I disagree – Senator John Kerry

We are all familiar with the famous quote by Senator Kerry: “I actually did vote for the $87 billion before I voted against it.”  Now it seems that Mr. Kerry has had another opportunity to change his mind.  He is now in favor of Governors of States to appoint an individual to fill an open Senate seat. 

Four or five years ago, Senator Kerry was concerned that his seat would be open if the USA would have been foolish enough to vote this weak-spine individual to the office of the President of the United States.  At that time, he supported Senator Kennedy’s successful efforts to change Massachusetts state law regarding the filling of Senate seats.

I do not live in Massachusetts.  I have no vote there and my opinion on their local politics should have little weight.  However, aren’t the good residents of Massachusetts tired of flip-flop Kerry?  Please remove him from our national agony and get him out of office.  Surely, there is another good Democrat that your beautiful and important state can find.

The following Wall Street Journal opinion actually describes this the best.  It is short, so despite my best efforts, I have been unable to edit this opinion and still retain its message.  I apologize to the Wall Street Journal for borrowing their content in entirety as it is not my typical technique.

John Kerry, the former junior Senator from Massachusetts, was back in Boston Wednesday, urging the state legislature to change the law governing U.S. Senate vacancies. The seat held by Edward Kennedy from 1962 until his death last month is to be filled in a January special election. Mr. Kerry, echoing a letter Kennedy wrote not long before he died, asked lawmakers to enact legislation allowing Governor Deval Patrick to appoint a Senator to serve in the interim.

“What Ted proposed is a plan that is hardly radical,” Mr. Kerry declared in his prepared testimony. “It’s hardly even unprecedented, even in Massachusetts.” That’s for sure. The law in the Bay State provided for interim appointment by the Governor as recently as 2004. That, of course, was the year that Mr. Kerry won the Democratic nomination for President. Just in case he won, the state legislature changed the law to strip the Governor of this power. That change also came at Senator Kennedy’s urging.

What changed in the ensuing five years? In 2004, the Governor, Mitt Romney, was a Republican. Mr. Patrick is a Democrat. So are the overwhelming number of state lawmakers, who overrode Mr. Romney’s veto. Raw partisan advantage explains why Mr. Kerry, like his departed colleague, was for the 2004 change before he was against it.

Why we shouldn’t regulate venture capitalists

Why we shouldn’t regulate venture capitalists

With any downturn in the economy, there are always new rules and regulations that are discussed or passed to prevent the previous calamity from occurring again. The same is true for this latest downturn with a variety of efforts and attention being shown to the banking and mortgage industries.

Now attention is also being shown to the venture capitalists. This is not necessary. Nothing in this current downturn can have VC activity pointed to as the cause. In fact, VCs are fairly well self-regulated by the activity of the stock market and they take a sizeable set-back when the tech bubble bursts (most notably in the early part of this decade).

No VC is too big to fail and no VC has a huge majority of the market. It simply doesn’t make sense to overly regulate this industry when so much of what we enjoy on a regular basis is the result of VC activity (nearly the entire IT industry including the technology that makes this blog possible and your ability to read it).

Here are a few thoughts taken from a column at the Wall Street Journal:

Just when the economy needs risk-taking the most, risk-takers are under the most threat. The Treasury now wants venture-capital firms declared as systemic risks and put under tight restrictions as part of the broader re-regulation of financial firms. Venture capitalists argue that since they don’t use debt and their firms are comparatively small, they shouldn’t come under rules designed for highly leveraged, too-big-to-fail banks.

How this debate turns out matters, because some 20% of U.S. gross national product is created by companies that were formed through venture backing. They include Intel, Apple and Google. How policy makers treat venture capital is a measure of the amount of innovation and enterprise that happens in an economy, with more regulation leading to less innovation.

This is a tough time for venture capital, with investments by firms falling more than 50% in the second quarter. The 700 or so venture-capital firms in the U.S. are mostly small partnerships, with a modest voice in Washington. They say the industry as we know it can’t survive if firms are regulated as investment advisers, which would mean complying with rules for disclosure, compliance, record keeping and privacy designed for huge firms.

Uncertainty about which regulations applied to early-stage investing slowed the growth of venture capital. It wasn’t until deregulation in the late 1970s that the industry took off. The capital gains tax rate was cut to 28% from nearly 50% in 1978, and for the first time pension funds and other fiduciaries could include venture capital as part of an overall portfolio. During this vital period venture firms began to nourish what are today’s high-tech leaders, from information technology and the Internet to genetic research and health care.

The proposal now to tighten how venture firms operate suggests that we are in a stage of the regulatory cycle closer to the New Deal than to the entrepreneurial era that followed. Adding regulatory burdens would do nothing to help the investors in venture funds who are willing to take the big risks, knowing that about half of venture-backed companies fail. It would only increase the costs of doing business and make risk-takers more risk-averse.

No venture capital firm has asked to be bailed out, and none are too big to fail. As hard as it is for regulators to understand, the nature of venture capital is such that it should not even aspire to be a low-risk enterprise.