The latest chapter in the series on change in the news biz has to do with the breakup of The Tribune Company into separate print and broadcast entities. No surprise here, since it's been talked about for weeks, and reflects a corporate desire to go after lucrative broadcast ad revenue even as print operations struggle.
One big question, of course, is whether major newspapers like the Chicago Tribune and the Los Angeles Times, both owned by The Tribune Company, will survive. The quick answer is, certainly they will. They will be different, however, since many folks get their news and views from television, and surf the Internet for breaking news as well as background information. And as TV operations broaden and attract more writers and reporters to the supposedly more glamorous world of broadcasting, print suffers not only from revenue losses, but also personnel losses -- some of which, of course, are self-inflicted as newspapers trim staff to save money.
But that doesn't mean a soaring increase in out-of-work journalists. The delivery system has changed, but news gathering still starts with a reporter and a note pad.
Processing the text is far more efficient than the days of typewriters, Linotype machines, compositors handling (literally) the type to make up pages, proofreaders, and others as the story made its way from the newsroom to the presses. Entire departments were eliminated by the advent of computers and computerized page makeup. And where once a major city daily would have 200 people working in the composing room and fewer than 50 in the newsroom, those numbers in many cases have been reversed. So, yes, the composing room had fewer printers union members working, but the newsroom had more reporters and editors.
In addition, technology allowed more pages to be made up faster, so that meant more room for advertising. And that, of course, is what pays the publishing bills.
As for jobs in journalism, the business has changed along with the technology. There may not be as many writing jobs available in hard-copy print media, but there are more in the electronic media. After all, writing still starts with a notebook and the ability to put words together -- spelled correctly.
Moreover, even as the several segments of the information industry compete for business -- print, broadcast and Internet -- it's important to remember that many folks don't have access to a computer, and many others prefer the tactile sensation of holding their information source. It also has the feel of being more permanent, and can't be changed by hackers.
There is also a thing called "revenge editing," where someone with ill intent goes into a web site and deliberately changes textual references. Wikipedia has been battling this for years.
And as NBC News reported tonight (Thursday), the Kremlin is looking to buy manual typewriters so they can return to hard copy data storage.
Thursday, July 11, 2013
Wednesday, July 10, 2013
Euro Out of Line
"I don't give a damn about a greenback dollar, I spend it fast as I can." -- Old American folk song.
A dollar's a dollar, whether you spend it in Manhattan, NY, or in Manhattan, KS. It may go further -- that is, get you more stuff -- in Kansas than in New York City, but it's still a dollar, recognized and accepted as "legal tender for all debts, public and private." (That's what it says on each bill. You could look it up.) And it's issued by a single, federal government.
That's not the case in Europe, where each of the 17 nations that use the euro as a common currency issues its own version of the bill. Supposedly, a euro made in one country is equal to a euro made in another. But the euro issued in Cyprus is not always accepted by folks in other euro zone member states. Reason: A bailout program for banks in Cyprus put strict controls on money there.
In effect, Cypriot euros can't leave the country. It's like earning a salary in Philadelphia and not being able to spend it in New Jersey. That was, in fact, the case in the early years of the American republic, until a stronger federal government garnered the ability to issue money.
So with some members of the European Union in trouble, and their economies about to collapse, will the quarantine of the Cypriot euro be the domino that takes down the grand plan? It seems likely, fulfilling suspicions that have been lurking on the sidelines for months.
Or at least, Cyprus will zone out of the euro and try to survive with its own currency.
A dollar's a dollar, whether you spend it in Manhattan, NY, or in Manhattan, KS. It may go further -- that is, get you more stuff -- in Kansas than in New York City, but it's still a dollar, recognized and accepted as "legal tender for all debts, public and private." (That's what it says on each bill. You could look it up.) And it's issued by a single, federal government.
That's not the case in Europe, where each of the 17 nations that use the euro as a common currency issues its own version of the bill. Supposedly, a euro made in one country is equal to a euro made in another. But the euro issued in Cyprus is not always accepted by folks in other euro zone member states. Reason: A bailout program for banks in Cyprus put strict controls on money there.
In effect, Cypriot euros can't leave the country. It's like earning a salary in Philadelphia and not being able to spend it in New Jersey. That was, in fact, the case in the early years of the American republic, until a stronger federal government garnered the ability to issue money.
So with some members of the European Union in trouble, and their economies about to collapse, will the quarantine of the Cypriot euro be the domino that takes down the grand plan? It seems likely, fulfilling suspicions that have been lurking on the sidelines for months.
Or at least, Cyprus will zone out of the euro and try to survive with its own currency.
Stay The Course
Stay the course, the Federal Reserve Board said as it released the minutes of its last meeting. "Economic activity continued to increase at a moderate rate in the second quarter," the minutes reported, with private-sector employment expanding but the unemployment rate still elevated. Housing prices continued to rise, as did mortgage rates.
The projection for near-term growth in output (GDP) "was little changed" from that of the previous board meeting. But fiscal policy -- government spending projects -- is still expected to restrain economic growth this year. However, GDP growth will accelerate "gradually" in 2014 and 2015, as the Fed continues to pump up the money flow and government eventually eases its fiscal policy restraint.
All things considered, the Fed feels that growth will continue "despite tighter fiscal policy," so the central bank will keep up its "highly accommodative" monetary policy, and reaffirmed its plan to keep interest rates low -- zero to a quarter of one percent -- as long as the unemployment rate remains above 6.5 percent and inflation stays no more than a half-point above the board's 2 percent goal.
The projection for near-term growth in output (GDP) "was little changed" from that of the previous board meeting. But fiscal policy -- government spending projects -- is still expected to restrain economic growth this year. However, GDP growth will accelerate "gradually" in 2014 and 2015, as the Fed continues to pump up the money flow and government eventually eases its fiscal policy restraint.
All things considered, the Fed feels that growth will continue "despite tighter fiscal policy," so the central bank will keep up its "highly accommodative" monetary policy, and reaffirmed its plan to keep interest rates low -- zero to a quarter of one percent -- as long as the unemployment rate remains above 6.5 percent and inflation stays no more than a half-point above the board's 2 percent goal.
Tuesday, July 9, 2013
Trading, Trading, Over the Unbound Seas
The Western World is trying to dismantle trade barriers.
Remember all the fuss about NAFTA, the North American Free Trade Agreement? It cleared away a lot of barriers and led to increased business among the several nations that signed on. Remember the European Common Market, which cleared away a lot of trade barriers and led to the formation of the EU, the European Union?
Now suppose the EU and the U.S. get together and clear away a lot of trade barriers and increase business by billions of dollars yearly across the pond. Talks got under way this week to do just that. And if successful, it will lead to the largest marketplace ever. That, however, is a very big if.
In a way, it's a side door for other NAFTA nations. Consider this: Canada likes it, because it will expand auto exports, which are now about 13,000 vehicles from Canada to the EU, but 114,000 the other way, according to the Canadian Press. The U.S. likes it because it will open European doors for more U.S. exports.
Some Europeans, however, don't like it because it may provide more opportunities for data-gathering -- read spying -- by the U.S. on a scale revealed recently.
Moreover, there are regulatory issues, many of which contradict each other. For example, the BBC reported that cheese made in Europe from unpasteurized milk is not allowed in America, and American chicken processors use a bleach bath to reduce contamination, a process banned in Europe.
Details, details, details.
And medicines. A drug licensed for sale in America may take another two years before it's cleared for use in Europe, and vice-versa, the BBC reported. So what if a drug is approved for use in Europe, is it then automatically approved for use in America? That's another issue to be settled. Perhaps a single international food and drug agency would be set up, but who would be the members, and would one side dominate?
Remember thalidomide? It was approved for use in Europe, but blocked in the U.S. Results in Europe were disastrous, but American mothers and their babies escaped the infant deformities that resulted when pregnant women took the medication.
On the whole, economics teaches that eliminating trade barriers is a good thing. Politics, however, clashes with economics when tariffs are set up in one country to protect certain industries and workers.
Remember all the fuss about NAFTA, the North American Free Trade Agreement? It cleared away a lot of barriers and led to increased business among the several nations that signed on. Remember the European Common Market, which cleared away a lot of trade barriers and led to the formation of the EU, the European Union?
Now suppose the EU and the U.S. get together and clear away a lot of trade barriers and increase business by billions of dollars yearly across the pond. Talks got under way this week to do just that. And if successful, it will lead to the largest marketplace ever. That, however, is a very big if.
In a way, it's a side door for other NAFTA nations. Consider this: Canada likes it, because it will expand auto exports, which are now about 13,000 vehicles from Canada to the EU, but 114,000 the other way, according to the Canadian Press. The U.S. likes it because it will open European doors for more U.S. exports.
Some Europeans, however, don't like it because it may provide more opportunities for data-gathering -- read spying -- by the U.S. on a scale revealed recently.
Moreover, there are regulatory issues, many of which contradict each other. For example, the BBC reported that cheese made in Europe from unpasteurized milk is not allowed in America, and American chicken processors use a bleach bath to reduce contamination, a process banned in Europe.
Details, details, details.
And medicines. A drug licensed for sale in America may take another two years before it's cleared for use in Europe, and vice-versa, the BBC reported. So what if a drug is approved for use in Europe, is it then automatically approved for use in America? That's another issue to be settled. Perhaps a single international food and drug agency would be set up, but who would be the members, and would one side dominate?
Remember thalidomide? It was approved for use in Europe, but blocked in the U.S. Results in Europe were disastrous, but American mothers and their babies escaped the infant deformities that resulted when pregnant women took the medication.
On the whole, economics teaches that eliminating trade barriers is a good thing. Politics, however, clashes with economics when tariffs are set up in one country to protect certain industries and workers.
Monday, July 8, 2013
Picky, Picky, Picky
Reporters often complain that copy editors are picky, moving commas and hyphens arbitrarily, and changing spellings when it doesn't matter. "Readers know what I mean," they say. Not true. Readers only know what you say in your writing, not always what you mean. The goal is communication. If all you want is to impress people with your alleged erudition, go into politics, or become an academia nut.
General guideline: Stay with English, but if you must use a French or Spanish expression that has found common usage, at least spell it correctly. Example: On a menu, the soup of the day is soup du jour, spelled du, not de.
More pickings: The past tense of plead is pleaded, not pled. True enough that the past tense of bleed is bled, not bleeded. Look to linguistic history and derivation of the plead and bleed for a reason. If you find one, great. If not, consider that there is no reason, it just is.
Lot is a single word, as in a lot, meaning a large amount. You can then also have one lot, two lots, or more. Don't use alot, because then you are locked into two alots, three alots, etc. However, there is a verb, allot, with a double l and a different meaning.
And here's an old guideline from Strunk & White's Elements of Style, likely the best of its kind (it's certainly one of the briefest): -ly adverbs never take a hyphen. So, newly elected, recently enacted, and others of that ilk, no hyphens, please. However, "family" is a noun, not an adverb, so it's possible to write of a family-owned business. Even so, don't bother, because the meaning is clear without it. Likewise "small business man," unless the proprietor is a Munchkin; then you have a problem justifying a reference to size.
General guideline: Stay with English, but if you must use a French or Spanish expression that has found common usage, at least spell it correctly. Example: On a menu, the soup of the day is soup du jour, spelled du, not de.
More pickings: The past tense of plead is pleaded, not pled. True enough that the past tense of bleed is bled, not bleeded. Look to linguistic history and derivation of the plead and bleed for a reason. If you find one, great. If not, consider that there is no reason, it just is.
Lot is a single word, as in a lot, meaning a large amount. You can then also have one lot, two lots, or more. Don't use alot, because then you are locked into two alots, three alots, etc. However, there is a verb, allot, with a double l and a different meaning.
And here's an old guideline from Strunk & White's Elements of Style, likely the best of its kind (it's certainly one of the briefest): -ly adverbs never take a hyphen. So, newly elected, recently enacted, and others of that ilk, no hyphens, please. However, "family" is a noun, not an adverb, so it's possible to write of a family-owned business. Even so, don't bother, because the meaning is clear without it. Likewise "small business man," unless the proprietor is a Munchkin; then you have a problem justifying a reference to size.
Credit This
News Item: Consumer credit increased at an annual rate of 8.25 percent in May, up from an annualized increase of 4.6 percent in April, according to new data from the Federal Reserve. Total consumer debt reached $2.795 trillion in May, up from $2.776 trillion in April. Depository institutions held the most, at $1.2 trillion, followed by finance companies, with $675.7 billion, the Fed said.
The nationwide average interest rate for credit cards was 11.95 percent, and for new car loans, the average was 4.13 percent for four years, according to the Fed.
So it would seem that despite all the chanting for cutbacks, Americans are spending more, and going into debt to do it. Moreover, with finance institutions able to acquire funds at a rate of less than 1 percent, and lending at more than 4 percent for auto loans and mortgages, plus 12 percent for credit card users (or double that for some), demands for austerity become suspect, as do claims that banks are suffering. If bankers are suffering, consider that it's more likely from poor management than from narrow margins between acquisition rates and lending rates.
The nationwide average interest rate for credit cards was 11.95 percent, and for new car loans, the average was 4.13 percent for four years, according to the Fed.
So it would seem that despite all the chanting for cutbacks, Americans are spending more, and going into debt to do it. Moreover, with finance institutions able to acquire funds at a rate of less than 1 percent, and lending at more than 4 percent for auto loans and mortgages, plus 12 percent for credit card users (or double that for some), demands for austerity become suspect, as do claims that banks are suffering. If bankers are suffering, consider that it's more likely from poor management than from narrow margins between acquisition rates and lending rates.
Sunday, July 7, 2013
Heading for Homes
Home sales, for both new and existing houses, continued to rise in May, according to the latest figures available. But as demand for housing rises, so do prices and mortgage rates, and that put a crimp in the number of loan applications made by hopeful buyers. Monetary policies by the Federal Reserve have tried to keep loan rates down, but demand for housing can counterbalance that somewhat.
The Mortgage Bankers Association reported an 11.7 percent drop in loan applications for the week ended June 28 compared to a week earlier. Refinancing activity also is down as rates rise, the MBA said. The interest rate on a 30-year mortgage rose to 4.58 percent, the MBA said, the highest since July 2011.
The National Association of Realtors reported that pending home sales rose to its highest level since 2006, and the NAR's chief economist estimated that the nationwide median price for an existing single-family home will rise more than 10 percent this year, as sales rise at almost the same rate.
Price-wise, the nationwide median for a single-family home was estimated to reach $195,000, the NAR said. And the National Association of Home Builders, citing Census Bureau figures for May, said the median sales price for a new home was $263,900.
These, of course, are nationwide figures, and do not apply to more expensive metropolitan living areas.
All in all, the numbers indicate that sales are rising as families try to catch the wave of low mortgage rates before they are priced out of the market. Assuming, of course, there is job security and sufficient income to maintain the mortgage payments. But that's another story.
The Mortgage Bankers Association reported an 11.7 percent drop in loan applications for the week ended June 28 compared to a week earlier. Refinancing activity also is down as rates rise, the MBA said. The interest rate on a 30-year mortgage rose to 4.58 percent, the MBA said, the highest since July 2011.
The National Association of Realtors reported that pending home sales rose to its highest level since 2006, and the NAR's chief economist estimated that the nationwide median price for an existing single-family home will rise more than 10 percent this year, as sales rise at almost the same rate.
Price-wise, the nationwide median for a single-family home was estimated to reach $195,000, the NAR said. And the National Association of Home Builders, citing Census Bureau figures for May, said the median sales price for a new home was $263,900.
These, of course, are nationwide figures, and do not apply to more expensive metropolitan living areas.
All in all, the numbers indicate that sales are rising as families try to catch the wave of low mortgage rates before they are priced out of the market. Assuming, of course, there is job security and sufficient income to maintain the mortgage payments. But that's another story.
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