Thomas Sowell says what I've been trying to avoid: That the timing of the Armenian "genocide" resolution expresses at least a subconscious impulse by the Congressional Democrats to make sure the Iraq war ends in a deserved humiliation for Bush. Even my staunch anti-Bush friends ask why Speaker Pelosi is doing this now. It's on her head. ... Update: She's wavering? ... 1:48 P.M.
Not like faculty politics--more like student-government politics! LAT's Orwellian blog censorship machination has become so convoluted it's hardly worth the effort to follow anymore. They only think their blogs are important enough to censor! ... 1:39 P.M.
Lehane Award for Arrogant and Unpersuasive 'Fight Back' Spin: Goes to Philippe Reines, who responded to the Gerth-Van Natta report on Hillary's eavesdropping with the following:
"We don't comment on books that are utter and complete failures," said Clinton's press secretary, Philippe Reines.
If it's not on the NYT bestseller list it can't be true! Or is it the Amazon Top 100? Reporters should get Reines to refine his epistemological breakthrough. ... 1:23 P.M.
How to Get Rich Off Liberal Media Bias (without becoming a pundit)! At a lecture today at the Milken Institute, economist/blogger Tyler Cowen said he didn't think the subprime mortgage crisis was such a big deal for the nation's economy. That's always been my untutored sense--it seemed clear the MSM was hyping the crisis because a) it was the story of the moment; b) economic news is always bad news; and c) the anti-Bush, anti-GOP press is now in permanent campaign mode--and the economy is one of the few things the Republicans, and Bush's policies, might be able to take some credit for. If it tanks, they're really dead. So the press has a catastrophist bias** when it comes to the economy. Remember when Enron was going to sink it in 2002? However big the subprime problem is, it was never going to be as big as the press makes out.
Which led me to this potential moneymaking idea: The moderate lib bias of the MSM is a huge irrational, distorting force on the information flow to the American elite, prompting them to not infrequently make colossal misjudgments (like thinking John Kerry would be a solid presidential pick for the Dems). To the extent this organic MSM bias actually distorts the market, it should create opportunites for stock-picking. Why not start an investment fund --call it the Cocoon Fund or the Pinch Portfolio-- that would 1) search the papers for bogus liberal memes (like the subprime-dooms-the-economy story line, or the perennial UAW-to-organize-Nissan's-Smyrna-factory line); 2) figure out which stocks are underpriced because people actually believe this bogus meme; and 3) invest in those stocks. ... You could have made a killing just on the MSM prediction that comprehensive immigration reform would pass, no? ... Even better: This would be a strategy that could work for a long time, since the basic ideological structure of the MSM doesn't show signs of rapid change (only of slowly diminishing in importance). ...