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I think the market turmoil had nothing to do with the bailout vote having failed. Its just that today is a jewish holiday. Trust the jews to want 700 billion on their holiday.
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if you look at this Tina Fey plays Palin (another one, not the previous video) - you will see that Fey's dialogue is very similar to Palin's original. This video is not as funny as a spoof should be, but the humor is in the fact that it is so close to ther original!
http://www.nbc.com/Saturday_Night_Live/video/clips/couric-palin-open/704042/
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McCain camp prays for Palin wedding
The marriage of the vice-presidential candidate’s pregnant teenage daughter could lift a flagging campaign
Sarah Baxter in Washington
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In an election campaign notable for its surprises, Sarah Palin, the Republican vice- presidential candidate, may be about to spring a new one — the wedding of her pregnant teenage daughter to her ice-hockey-playing fiancé before the November 4 election.
Inside John McCain’s campaign the expectation is growing that there will be a popularity boosting pre-election wedding in Alaska between Bristol Palin, 17, and Levi Johnston, 18, her schoolmate and father of her baby. “It would be fantastic,” said a McCain insider. “You would have every TV camera there. The entire country would be watching. It would shut down the race for a week.”
There is already some urgency to the wedding as Bristol, who is six months pregnant, may not want to walk down the aisle too close to her date of delivery. She turns 18 on October 18, a respectable age for a bride — and the same age as Barack Obama’s pregnant mother when she married his Kenyan father. The Democrat has already declared Bristol’s private life off-limits as far as his campaign is concerned.
The selection of Palin, 44, the moose-hunting governor of Alaska, as his running mate was one of McCain’s biggest gambles. It paid off handsomely at first, but she could benefit from a fresh injection of homespun authenticity, the hallmark of her style, provided by her daughter’s wedding after appearing out of depth away from her home state.
David Letterman, the late-night television chat show host, joked that Palin’s meetings with world leaders at the United Nations in New York looked like “take your daughter to work day”.
In a series of heavily criticised interviews with Katie Couric of CBS News, she fumbled her points about Alaska’s proximity to Russia and sounded like an over-crammed, under-informed student. Palin was stumped when Couric asked her to provide examples of McCain’s proposals for reforming the banking industry. “I’ll try to find some and I’ll bring them to you,” she said eventually. Republicans are quailing in advance of one of her biggest tests of the election, her televised debate with Joe Biden, the Democratic vice-presidential nominee, on Thursday in St Louis, Missouri.
The conservative commentator Kathleen Parker, an early admirer, shocked McCain supporters late last week by calling on Palin to withdraw. “My cringe reflex is exhausted,” she wrote in National Review Online, a conservative journal. “Palin’s recent interviews . . . all revealed an attractive, earnest, confident candidate. Who Is Clearly Out of Her League.”
Parker advised Palin to “save McCain, her party and the country she loves” by announcing that she wanted to spend more time with Trig, her five-month-old Down’s syndrome baby: “No one would criticise a mother who puts her family first.”
The Republicans’ Palin “bounce” ended last week as concern for the plunging economy mounted. Obama ended the week four points ahead of McCain on 48% to 44% in the RealClearPolitics poll of polls. A Rasmussen survey showed that McCain’s lead among white women voters slipped to two points, as opposed to 14 points for George W Bush in 2004.
However, Palin has a remarkable ability to galvanise the evangelical voters and social conservatives who form the Republican base. The party boasted last week that it will probably surpass its fundraising goal of $100m for September and October. Much of it is because of the grassroots enthusiasm for Palin, boosted by her decision to have Trig and to support her pregnant daughter.
McCain is expected to have a front-row seat at Bristol’s wedding and to benefit from the outpouring of goodwill that it could bring. “What’s the downside?” a source inside the McCain campaign said. “It would be wonderful. I don’t know that there has ever been a pre-election wedding before.”
When McCain picked Palin as his running mate, Bristol’s pregnancy was regarded as a potential liability with voters. The idea was to keep her condition quiet initially. However, rumours quickly surfaced that Trig was Bristol’s son. News that Bristol was pregnant, making it a near-biological impossibility for her to be Trig’s mother, had to be rushed out.
Johnston was greeted with a handshake and friendly slap on the back by McCain in St Paul, Minnesota, and treated as a member of the family during the Republican national convention when he appeared on stage after Palin’s speech.
The ice-hockey player wrote on his MySpace page he was a “f****** redneck” and stated, “I don’t want kids.” But a McCain insider predicted he would marry Bristol whenever his future mother-in-law wanted. “It’s a shotgun wedding. She kills things,” the source joked.
The McCain campaign is divided over how to handle Palin’s appearances, which have been so limited and over-rehearsed that last week Campbell Brown, a CNN anchor, accused it of sexism. “Stop treating Sarah Palin like she is a delicate flower who will wilt at any moment,” she said. “If she were a man, would we be putting up with this? . . . Would she be coddled this way, cloistered this way? I don’t think so.”
Inside McCain’s camp, aides are arguing over the benefits of “letting Sarah be Sarah”. Some officials believe her appeal to voters is such that it would be worth risking a few gaffes in exchange for letting her personality shine through.
The question will assume particular importance when she faces Biden, 65, in debate. The chairman of the Senate foreign relations committee has already come up with a multitude of gaffes, from asking a wheelchair-bound man to stand up at one of his rallies to admitting that Hillary Clinton “might have been a better pick” for vice-president, without any seeming ill-effect.
McCain officials believe that Palin’s underdog status gives her a chance to shine. “Joe Biden is going to have to destroy her for it to be perceived as a victory for him,” said an aide.
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At one point in the White House meeting, according to two officials, McCain voiced support for Ryan's criticisms of the administration's proposal. Frank, a gruff Massachusetts liberal, angrily demanded to know what plan McCain favored.
These officials also said that as tempers flared, Bush struggled at times to maintain control.
At one point, several minutes into the session, Obama said it was time to hear from McCain. According to a Republican who was there, "all he said was, 'I support the principles that House Republicans are fighting for.'"
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Wine, women and song
“It was our bestselling wine.”
The owner of a wine bar in San Francisco complains about the drop in sales of Palin Syrah, a certified organic wine from Chile. SeriousEats.com, September 22nd
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Cold dead hands
“I guarantee you, Barack Obama ain’t taking my shotguns, so don’t buy that malarkey...I got two, if he tries to fool with my Beretta, he’s got a problem.”
Joe Biden reacts to anti-Obama National Rifle Association ads. FoxNews.com, September 20th
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Sore loser
“I bet he’d probably get pretty angry and lit up if his team was losing.”
Fifty per cent of voters would prefer to watch football with Mr Obama, 47% with Mr McCain; some feared the latter would be a bad loser. AP, September 19th
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Special ed
“It’s the public school system. Let’s be honest, it’s full of liberal loons.”
An 11-year-old was suspended for wearing an anti-Obama T-shirt. His father is suing. MyFoxColorado.com, September 22nd
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Boy crush
“I like the idea that this guy does those long-distance races. Stayed in the race for 500 miles with a broken arm. My kind of guy.”
Bill Clinton admires Sarah and particularly Todd Palin. AP, September 22nd
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House Republican Frank says McCain "Not Helpful" in Wall Street bailout Negotiation process
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Paulson Cannot be Allowed to Have a Blank Check
By George Soros
Hank Paulson's $700bn [$700,000,000,000] rescue package has run into difficulty on Capitol Hill. Rightly so: it was ill-conceived. Congress would be abdicating its responsibility if it gave the Treasury secretary a blank cheque. The bill submitted to Congress even had language in it that would exempt the secretary's decisions from review by any court or administrative agency - the ultimate fulfillment of the Bush administration's dream of a unitary executive.
Mr Paulson's record does not inspire the confidence necessary to give him discretion over $700bn. His actions last week brought on the crisis that makes rescue necessary. On Monday he allowed Lehman Brothers to fail and refused to make government funds available to save AIG. By Tuesday he had to reverse himself and provide an $85bn loan to AIG on punitive terms.
The demise of Lehman disrupted the commercial paper market. A large money market fund "broke the buck" and investment banks that relied on the commercial paper market had difficulty financing their operations. By Thursday a run on money market funds was in full swing and we came as close to a meltdown as at any time since the 1930s. Mr Paulson reversed again and proposed a systemic rescue.
Mr Paulson had got a blank cheque from Congress once before. That was to deal with Fannie Mae and Freddie Mac. His solution landed the housing market in the worst of all worlds: their managements knew that if the blank cheques were filled out they would lose their jobs, so they retrenched and made mortgages more expensive and less available. Within a few weeks the market forced Mr Paulson's hand and he had to take them over.
Mr Paulson's proposal to purchase distressed mortgage-related securities poses a classic problem of asymmetric information. The securities are hard to value but the sellers know more about them than the buyer: in any auction process the Treasury would end up with the dregs. The proposal is also rife with latent conflict of interest issues. Unless the Treasury overpays for the securities, the scheme would not bring relief. But if the scheme is used to bail out insolvent banks, what will the taxpayers get in return?
Barack Obama has outlined four conditions that ought to be imposed: an upside for the taxpayers as well as a downside; a bipartisan board to oversee the process; help for the homeowners as well as the holders of the mortgages; and some limits on the compensation of those who benefit from taxpayers' money. These are the right principles. They could be applied more effectively by capitalising the institutions that are burdened by distressed securities directly rather than by relieving them of the distressed securities.
The injection of government funds would be much less problematic if it were applied to the equity rather than the balance sheet. $700bn in preferred stock with warrants may be sufficient to make up the hole created by the bursting of the housing bubble. By contrast, the addition of $700bn on the demand side of an $11,000 market may not be sufficient to arrest the decline of housing prices.
Something also needs to be done on the supply side. To prevent housing prices from overshooting on the downside, the number of foreclosures has to be kept to a minimum. The terms of mortgages need to be adjusted to the homeowners' ability to pay.
The rescue package leaves this task undone. Making the necessary modifications is a delicate task rendered more difficult by the fact that many mortgages have been sliced up and repackaged in the form of collateralised debt obligations. The holders of the various slices have conflicting interests. It would take too long to work out the conflicts to include a mortgage modification scheme in the rescue package. The package can, however, prepare the ground by modifying bankruptcy law as it relates to principal residences.
Now that the crisis has been unleashed a large-scale rescue package is probably indispensable to bring it under control. Rebuilding the depleted balance sheets of the banking system is the right way to go. Not every bank deserves to be saved, but the experts at the Federal Reserve, with proper supervision, can be counted on to make the right judgments. Managements that are reluctant to accept the consequences of past mistakes could be penalised by depriving them of the Fed's credit facilities. Making government funds available should also encourage the private sector to participate in recapitalising the banking sector and bringing the financial crisis to a close.
The writer is chairman of Soros Fund Management
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A remake is being planned, and the actors being considered for the role Hastings are George clooney and Brad Pitt. Clooney is the most overrated actor around (though he directs well), and that Rex Harrison role is probably the best role by a male I have seen (that and Hopkins in world's fastest indian).
Apparently Clooney and Pitt fought over who should get the role, and both are now not on taling (or acting together) terms (thank god that rules out Oceans 14). Pitt was proposing Angelina Jolie for the role of Audrey Hepburn. Not that Hepburn is great in that role (Julie Andrews would have been much better). hepburn is much better in Wait Until Dark.
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People for the Ethical Treatment of Animals sent a letter to Ben Cohen and Jerry Greenfield, cofounders of Ben & Jerry's Homemade Inc., urging them to replace cow's milk they use in their ice cream products with human breast milk, according to a statement recently released by a PETA spokeswoman.
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To some degree it is right, some on Wall Street acted irresponsibly. But they did not act alone. I find it condescending to presume that when a banker over-leverages himself he is being greedy and reckless, but when the average person buys a house they can not afford, they were misled and are the victim. Should we assign all the blame to whoever offered these hapless individuals credit? In that case we should really blame all the foreign countries that poured money into the US, causing the global savings glut. This empowered America to spend its way out of the last recession. It made credit easy and available and the last recession quick and relatively painless. When they wanted to invest in American assets should we have said thanks, but no thanks?
We seem to have developed an expectation that the world offers all upside and no downside. Credit should come easily even when we are not entitled to it. Perhaps taxpayers are paying a disproportionate price for this. But they are not merely saving the reckless fat cats; they're saving themselves. That $700 billion may be a bargain compared to the cost of inaction. A deep and prolonged recession would hurt much more.
Unfortunately, every one broke it and we all still own it
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What would Frederich von Hayek say about the events of the last week? Probably the same thing he said in 1932:
Instead of furthering the inevitable liquidation of the maladjustments brought about by the boom during the last three years, all conceivable means have been used to prevent that readjustment from taking place; and one of these means, which has been repeatedly tried though without success, from the earliest to the most recent stages of depression, has been this deliberate policy of credit expansion. . . . To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection — a procedure that can only lead to a much more severe crisis as soon as the credit expansion comes to an end. . . . It is probably to this experiment, together with the attempts to prevent liquidation once the crisis had come, that we owe the exceptional severity and duration of the depression.We must not forget that, for the last six or eight years, monetary policy all over the world has followed the advice of the stabilizers. It is high time that their influence, which has already done harm enough, should be overthrown.
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----- Original Message -----
From: "Anoop Bhat" []
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Quote from a message board:
I suggest that if you want a less volatile market structure you pressure your legislature to increase transparency within all markets (from calorie information on menus to disclosure of mortgage equities). Also, procreate as much as you possibly can to head toward that "infinite number of buyers and sellers". Then give your children the best education possible. Aside from that, I suggest going into the jungle to live as an animal. There's always been perfect competition in Darwin's world.
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Cramer's Analysis on AIG:
"Here's a company that has lots of liabilities but also lots of assets."
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There once was a bank named Lehman,
that was wrestling with the capital demon
Hank said "There, there,
I can't help like Bear,
but I can inject in you some Capitol Hill semen!
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So, we have terrorism the world over, Israel threatening to attack Iran, Russia muscling around the neighborhood, an arms race between US and Russia (again), the biggest financial meltdown ever, unemployment all over, with GM, Ford, and Chrysler probably next, a woman loose with her shotgun and rifle threatening to shoot down all animals in sight and invade countries she can see from across, and ruling parties in both US and UK under seige. This looks like Nostradamus' wet dream, and only Chuck Norris and Jack Bauer can save us now.
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Pakistan orders troops to open fire if US raids
By STEPHEN GRAHAM – 18 hours ago
ISLAMABAD, Pakistan (AP) — Pakistan's military has ordered its forces to open fire if U.S. troops launch another air or ground raid across the Afghan border, an army spokesman said Tuesday.
The orders, which come in response to a highly unusual Sept. 3 ground attack by U.S. commandos, are certain to heighten tensions between Washington and a key ally against terrorism. Although the ground attack was rare, there have been repeated reports of U.S. drone aircraft striking militant targets, most recently on Sept. 12.
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Our Daily foreign exchange outlook was today titled, "Fed applies lipstick to AIG"
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Are you folks following this Freddie Mac/Fannie Mae fiasco? Do you know anything about it? It's horrible, isn't it? I mean horrible and scary. Thank God it's over. Earlier today, earlier today Freddie Mac and Fannie Mae were both adopted by Angelina Jolie." --David Letterman
Political observers are pointing out, maybe you've seen this too, that at campaign rallies, John McCain likes to give Sarah Palin a hug, then give his wife a kiss on the cheek. That's the ritual, yeah. When asked about it, McCain said, 'Believe me, that's about as much sex as I can handle.' That's an orgy for him. I went too far." --Conan O'Brien
What do you think of McCain's slogan? 'Country First.' That's his slogan, 'Country First.' Wasn't that one of those big mortgage companies that folded about a couple months ago? ...." --Jay Leno
"The campaign is coming down to one very important issue: putting makeup on farm animals. That seems to be where we're at. Oh, this is so stupid. Did you hear about this? Yesterday, Barack Obama attacked John McCain's policies, implying it's more of the same by saying ... you can put lipstick on a pig, but it's still a pig. To which Bill Clinton said, 'You know, I've tried that, and you're right.'" --Jay Leno
Well, more good news this week for John McCain. It seems he is now matching Barack Obama's fundraising numbers. But he does have a slight advantage. See, for every dollar McCain raises, Medicare matches it." --Jay Leno
Big international news. I don't know if you heard about this, sources in North Korea say that dictator Kim Jong-Il is very sick. He may have to shift power to one of his three sons. Kim Jong-Nam, Kim Jong-Chul or Kim Jong-Woo. Yeah. Of course, there's still an out-of-the-box chance he'll pick Sarah Palin. She comes when you least expect it." --Conan O'Brien
"The big story today, Barack Obama was accused of insulting Sarah Palin when he criticized Republican policies by saying, you can put lipstick on a pig, but it's still a pig. Political experts say that if Obama keeps insulting Palin, he could lose the election and win a job at MSNBC." --Conan O'Brien
"Yeah, politicians today are all lining up to attack Obama's comment about putting lipstick on a pig. That's right. President Bush called the remarks outrageous. Dick Cheney called them over the line. Joe Lieberman said they're not kosher." --Conan O'Brien
"Boy George, remember him? Boy George says he's written a song supporting Barack Obaman called "Yes we can". Yeah, this will help Barack lock up the critical 1980s gay British popstar vote. If you have them, the rest will follow." --Conan O'Brien
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So if McCain wins now, it will be coz of Palin and I think Palin may then rule for 8 years after that.
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What's the difference between the presidential campaign before and after the national political conventions? Lipstick. "You can put lipstick on a pig," Barack Obama told a rally in a reference to a line in Sarah Palin's vice presidential acceptance speech. "It's still a pig. You can wrap an old fish in a piece of paper called change. It's still going to stink after eight years."
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Russell Brand calls George Bush a 'retard' at MTV awards
(Reuters)
Russell Brand received mixed reactions
Veronica Schmidt div#related-article-links p a, div#related-article-links p a:visited { color:#06c; }
If his aim was to be noticed by America, Russell Brand more than achieved his goal last night as he ranted that President Bush was a “retarded cowboy” while hosting the MTV awards.
The British comedian, who is a virtual unknown in America, left the crème of the music world stunned as he championed Barack Obama, ran down Bush and made lewd jokes about the Christian pop band Jonas Brothers.
Ignoring the renowned patriotism of Americans, Brand told the Hollywood audience they must vote for Barrack Obama “on behalf of the world”, before insinuating that America had lower standards than Britain when it came to picking leaders.
"Some people, I think they're called racists, say America is not ready for a black president.
"But I know America to be a forward thinking country because otherwise why would you have let that retard and cowboy fella be president for eight years?
"We were very impressed. We thought it was nice of you to let him have a go, because, in England, he wouldn't be trusted with a pair of scissors."
Members of the studio audience, including Britney Spears, who was making a much-hyped comeback appearance, and Hannah Montana star Miley Cyrus, looked horrified at Brand’s jokes.
American Idol winner turned chart-topper Jordin Sparks was so incensed by a joke about Christian band Jonas Brothers that she launched her own tirade at the host.
The teenage singer, who wears a ring symbolising her belief in abstaining from sex until marriage, snapped at Brand: "I just want to say, it's not bad to wear a promise ring because not every guy and girl wants to be a slut, OK?"
Brand, a self-confessed sex addict known for his huge hair and boundary-pushing act, apologised for the crack but later went on to make another bawdy joke.
Yet to really break America, despite a role in spring rom-com Forgetting Sarah Marshall, Brand was considered an odd choice for host, a role previously filled by A-listers including Jack Black and P Diddy.
Acknowledging the criticism, Brand joked about his lack of fame in the US: "My persona doesn't really work without fame. Without fame, this haircut could be mistaken for mental illness."
Today, his name is much better known. While the event was hyped as the platform for Spears’ return, Brand almost overshadowed the pop singer in the post-awards press coverage.
The LA Times wrote: “The 2008 VMAs were poised to mark the return of Britney Spears. Instead, they will go down in history as the night when that English guy from Forgetting Sarah Marshall almost made the Jonas Brothers cry.”
The New York Times were appreciative of Brand’s turn, saying the “manic, intelligent English comedian, injected the show with politics (pro-Barack Obama), raunch and philosophical musings.”
But others were less charitable. The Chicago Tribune wrote that “Nobody quite knew what to make of the opening monologue of wild-haired host Russell Brand”, while MTV’s online message boards were besieged by confused and outraged Americans.
One message read: "Why is it that Brits think the rest of the world doesn't get their humour? The myth is a tired excuse for lack of humour."
Another said: "Russell WHO? I didn't realise this show was an Osama (sic) campaign rally. This British nobody looks like he was pulled from the ranks of the homeless - with his unshaved look, rats' nest hair-do and foul mouth."
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His teacher probably 'beat' him 'often' and said he can't be bach.On Sun, Sep 7, 2008 at 1:38 PM, Kedar Desai <kedar.desai@gmail.com> wrote:
why couldn't Beethoven find his teacher?Because he was Haydn
A lot of biographical information about Sarah Palin last night. When she was 24 years old, she eloped with her boyfriend. Yeah, and I believe the last governor to elope with a boyfriend, was, well, Jim McGreevey." --David Letterman
How many of you folks saw that last night, the Vice President, Republican Sarah Palin? Whoa, man, I like that Sarah Palin – looks like the weekend anchor on Channel 9…She looks like the hygienist who makes you feel guilty about not flossing…She looks like the relieved mom in a Tide commercial." --David Letterman
"But, I mean, how about this, and she, you know, at one times was mayor of a very small town, a very small town in Alaska. Anybody here ever been to Alaska? Name of the town was Wasilla. Anybody ever been to Wasilla, Alaska? Anyway, Wasilla, Alaska – very small town. The town is so small, they had no professional hookers – no, no, just volunteers." --David Letterman
What a week this has been. If you watched last night, I guess you know, Barack Obama got beat up by a girl." --Jay Leno
"No, Palin had everybody mesmerized. Even Senator Larry Craig said he was glued to his toilet seat." --Jay Leno
"And…Bill Clinton said that when 'Hillary attacks Obama it's wrong, but when Sarah does it, it's somehow hot.'" --Jay Leno
Palin said last night that John McCain had seen evil, but I didn't even know Dick Cheney was at the convention." --Jay Leno
"All the Republicans are heaping praise on Governor Palin. Fred Thompson said, as an actor, he could see them making a movie about Sarah Palin and her family. Didn't they already make that movie? I think it was called 'Knocked Up.'" --Jay Leno
"She said at her church, Governor Palin, said she asked everyone to pray for a natural gas pipeline, which she said was God's will. And today, God said, "Hey lady, I don't deal with oil companies. That's more Satan's area.'" --Jay Leno
"One of the convention speakers praised George Bush Sr. for passing the Americans with Disabilities Act, allowing people with disabilities to get hired. Thus, of course, paving the way for his own son to one day become President." --Jay Leno
While she was addressing the crowd, Sarah Palin spent a lot of time criticizing Barack Obama's campaign speeches for not having enough specifics. … Obama was reportedly angry about the claim, but didn't say exactly why." --Conan O'Brien
"Today, the Mayor of Detroit agreed to plead guilty to obstruction of justice charges. … Yeah, as punishment, he will be required to serve out his full term as Mayor of Detroit." --Conan O'Brien
"One of the big themes for convention speakers was that we need to elect a Republican that will go in and clean up the mess in Washington. I think that's a great lesson for kids -- always clean up your own mess." --Jimmy Kimmel
Use the link if you can
http://www.economist.com/blogs/freeexchange/2008/08/unsmearing_the_smear.cfm
Posted by:
Free Exchange | Washington, DC
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AN INTERESTING behavioural look at the world of political mud-slinging contains some of the best paragraphs I've seen in a long time. It helpfully begins:
According to a recent Pew Research Center survey, Americans increasingly get their news from multiple sources. More than one-third use Internet-based sources such as Web sites, blogs, and even social networking sites. Only a minority rely entirely on traditional sources, including print, radio, television, and cable news. The survey did not include chain e-mail, which has fed rumors that Christian presidential candidate Senator Barack Obama is a Muslim. This proliferation of sources creates competitive pressure on journalists to bend their standards in order to get a story quickly.
It's always good to see blogging given a clear edge over crazy, ungrammatical emails typed in multi-coloured fonts. The piece continues:
Our brains tend to remember facts that accord with our worldview, and discount statements that contradict it. In one Stanford study, 48 students, half of whom said they favored capital punishment and half of whom said they opposed it, were shown two pieces of evidence. One confirmed the claim that capital punishment deters crime, and the other contradicted it. Both groups were more convinced by the evidence that supported their initial position, a phenomenon known as biased assimilation.
I don't believe that.
The human brain also does not save information permanently, as do computer drives and printed pages. Recent research suggests that every time the brain recalls a piece of information, it is "written" down again and often modified in the process. Along the way, the fact is gradually separated from its original context. For example, most people don't remember how they know that the capital of Massachusetts is Boston.
This is actually quite a serious point. Repetition in any context strengthens memory. Incredibly it also creates its own aura of credibility:
In another Stanford study, students were exposed repeatedly to the unsubstantiated claim that Coca-Cola is an effective paint thinner. Those who read the statement five times were nearly one-third more likely than those who read it only twice to attribute it to Consumer Reports (rather than the National Enquirer), giving it a gloss of credibility. Thus the classic opening line "I think I read somewhere," or even reference to a specific source, is often used to support falsehoods. Similarly, psychologist Daniel Gilbert and his colleagues have shown that if people are distracted from thinking critically, they default to automatically accepting statements as true.
A week or so ago, Mark Thoma responded to a piece on "Libertarian Paternalism" by noting that he didn't like feeling like he was being manipulated. It's interesting to me that even if we assume that journalists are impartial actors, there is an asymmetry in the presentation of information, since the smearers are presumably well aware of these findings and using them to their advantage. We are being manipulated.
So here is the question: should journalists actively study behavioural economics in an effort to adjust their coverage such that the effect of the coverage will be something closer to factual truth? Either the media aims to be deliberately manipulative in an effort to produce better content, or the media will abet the manipulations of others, by predictably being not manipulative. Which is preferable?
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| Doug Pascover wrote: That's an interesting dichotomy in your question. Presumably, the goal of journalism is to make facts seem like facts to the audience and questions ponderable. Incidentally, unless I miss my guess, you did an excellent job live-blogging nearly solo. I hope the D.C. humidity wasn't too withering. 8/26/2008 11:30 PM EDT | |||
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| Questions wrote: The journalists could adjust their coverage so that the effect is close to the truth only if the "other side", i.e. various propagandists do not adjust their behaviour in response. Otherwise I think this will be a game with mixed strategies equilibrium and the unpredictability will be bad for the journalists but not for the propagandists. So presenting the facts as they are is probably the only option. Nothing can protect people from their own stupidity and gullibility. 8/27/2008 9:08 AM EDT | |||
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| ginmartini wrote: Why does the blogger not believe in biased assimilation? 8/27/2008 10:27 AM EDT | |||
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| toddkuipers wrote: "I don't believe that." 8/27/2008 10:56 AM EDT | |||
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| ginmartini wrote: Anyway, I thought it was called cognitive dissonance, or maybe biased assimilation is one form of it. It's pretty commonsensical. 8/28/2008 10:04 AM EDT | |||
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| toddkuipers wrote: ginmartini - You're right about the common sense, but the blog response would have been less humourous then. 8/28/2008 11:06 AM EDT | |||
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| Bertrecords wrote: I agree with Questions. The First Amendment guarantees that rights of those who wish to present propaganda, and laws against it are likely to be counterproductive. 8/28/2008 8:21 PM EDT |
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