What A Rough Week
In more-or-less chronological order, here's a list of some of the ridiculous and troubling events that happened last week...
- Fannie May and Freddie Mac are bailed out by the Federal government. $500 billion dollars to take control of these quasi-governmental institutions, ruined in the "mortgage crisis." As an astute poster on digg.com mentions, why is it that there's no money for universal healthcare, yet the government can scrape together half a trillion dollars in no time flat to bail out financial institutions?
- United Airline's stock dropped from nearly $12.50 a share to $3 a share... for no good reason. Here's what happened: Google News' software found an old article in the Chicago Tribune about a 2002 United bankruptcy-court filing. As the old article wasn't properly dated, it was posted by Google News as though it were new news. Software used by stock traders to automatically buy and sell stock found the article and started to sell. And sell. And sell. This automated sell-off, combined with the Tribune article and pre-existing fears about the weakness of United's stock amid ongoing trouble in the airline industry caused the rumor to spread like wildfire. When the dust cleared later in the day, trading of United stock had been frozen at $3. The price went back up to $10.60 a share, but the damage had been done. $1.14 billion had been lost -- gone, evaporated, *poof*.
- McCain caught Obama in the polls. Sure, the RNC provided a bump, but the larger cause for the bump is most troubling. All Palin, all the time. She has minimal experience, her primary interaction with the public was a well-delivered speech written before her nomination, and until a Thursday interview with ABC, she refused to answer questions (for good reason; the VP should probably know what the Bush Doctrine is, at least well enough to BS an answer). Yet because she's a pretty woman selling herself as a religious frontier-mom, she's polling through the roof. McCain v. Obama? The actual contest? Who cares. In the popularity contest that is the Presidential election for much of America, Palin's revisiting her role as Prom Queen. Issues and experience be damned.
- David Foster Wallace hanged himself at home in Claremont, CA. I've read some of his essays, and had just started his masterwork, Infinite Jest. Only twenty pages in, I was already wondering how anyone could walk through life with such thoughts rattling around in one's head. It seems that over time, not even he could handle it. The greatest young author of the last hundred years is gone, dead at 46. Some who knew him offer tribute.
- A freight train and passenger train collide, head-on in California. At least 23 dead. Possible cause of the accident? One of the engineers may have been texting with teens interested in the railroad, as an education/public service task, just before the accident -- the worst of its kind in the region.
- Syria invades Lebanon. (Sadly, I'm guessing you may have heard about it here first.)
- Hurricane Ike pummels the Texas coast.
- The financial sector continues its slide to the bottom. Can the banks fall further? Apparently yes. "Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, filed for bankruptcy protection and hurtled toward liquidation after it failed to find a buyer. . . . But even as the fates of Lehman and Merrill hung in the balance, another crisis loomed as the insurance giant American International Group appeared to teeter. Staggered by losses stemming from the credit crisis, A.I.G. sought a $40 billion lifeline from the Federal Reserve, without which the company may have only days to survive." Alan Greenspan, the former Fed Chief who could have done a lot to minimize this problem by raising interest rates a touch while he was still in office, now says that the economy is in a "once-in-a-lifetime" crisis. For a better understanding of what's going on and how we got here, Paul Krugman provides insight.
- To end on a positive note, Tina Fey and Amy Pohler did a great job leading off this year's SNL season opener.
[Photo via Waxin' and Milkin']
On The Presidential Campaigns
I'm guessing you all caught the Charlie "let's grill Obama about nonsense instead of anything that matters" Gibson's "exclusive interview" with Palin - the first questions she's fielded since her nomination (just amazing... how much cramming does she need to do?!). I know the average citizen doesn't know what the Bush Doctrine refers to, but shouldn't a candidate for Vice President have some idea?
Copied below, in chronological order starting with the most recent, are links to some of the finest gems I've been able to unearth from the vast wastes of the Internets. If you're like me, they'll be a cool drink of refreshing reason, with a chaser of sickening ohmygodOrwell'sfutureisheretoday.
Any thoughts? Love to hear em.
Making Book
At the conclusion on the TMN 2008 Tournament of Books, we'll choose ten people at random who have backed the winning novel and send them each a huge prize package. Details on that to come, but don't worry it'll be worth it. YOUR $10 = $90
We'll match up to $1000 worth of wagers and so will each of the super-cool companies listed below. Shouldn't your super-cool company be on this list? Write Michele Seiler and she'll hook you up. (michele@coudal.com)
The 2008 Morning News Tournament of Books
The Tournament of Books, we vowed, would be completely transparent. The names of the judges would be known to all, and the judges would admit to their own personal biases as well as their reasoning for every decision. The winner of this award wouldn't be any less arbitrary or any more legitimate than the winner of any other award, but the crowning of our arbitrary and illegitimate Best Book of the Year—the Champion Book of the Year, would be lots more fun. And it has been, three years running, with David Mitchell's Cloud Atlas, Ali Smith's The Accidental, and Cormac McCarthy's The Road taking top honors. As Smith noted in an email to the editors, "I am cock-a-hoop! I have NEVER won a prize of which I've been more delighted and proud. Thank you, TMN for this great, great honour."
Free speech
Speaking of higher education, this sign was held up amidst the protesters opposing Iranian President Mahmoud Ahmadinejad's visit to Columbia University today. Iran's President is in NYC to address the U.N., an international body whose mission is to work for peace and is committed to improving the lot of the world's poor by 2015. What's more, Ahmadinejad is the President and spokesman of a government whose greatest opposition has come, in recent years, from student protests. These protests were stopped by violence in 1999. What better way to push for openness and debate in Iran, for discussion and protest by students, than to lead by example?
Meanwhile, Stanford students are rightly up in arms over the conservative Hoover Institutes's appointment of Donald Rumsfeld as a visiting fellow. While Ahmadinejad is visiting for a couple of days, speaking at the UN and giving a speech to a major University, Rumsfeld is suddenly a part of the Stanford faculty. The Hoover Institute may be independently funded and therefore free to appoint whomever they want, but students and alumni need not be happy about it. The Stanford Daily has published some lovely sarcastic commentary.
(Update: A transcript of the President of Columbia's introductory, speech as well as the Q&A with Iran's President, is now available.)
On the myth of academic meritocracy
Jerome Karabel in his NY Times op-ed The New College Try:
The paucity of students from poor and working-class backgrounds at the nation’s selective colleges should be a national scandal. Yet the problem resides not so much in discrimination in the admissions process . . . as in the definition of merit used by the elite colleges. For by the conventional definition, which relies heavily on scores on the SAT, the privileged are the meritorious; of all students nationwide who score more than 1300 on the SAT, two-thirds come from the top socioeconomic quartile and just 3 percent from the bottom quartile.Only a vigorous policy of class-based affirmative action that accounts for the huge class differences in educational opportunity has a chance of altering this pattern. This change should be accompanied by a fundamental re-examination of the very meaning of “merit.”
Is resilience in the face of deprivation a form of achievement? Should universities expect — and even demand — higher levels of achievement from applicants who have enjoyed every social and educational advantage? Does the emphasis on outstanding extracurricular accomplishments privilege already privileged students who have the time, the resources and the opportunities to display such accomplishments?
This field is Karabell's area of expertise. Says Slate, of his book The Chosen:
Karabel's ultimate goal in deconstructing merit is not, however, to vindicate affirmative action but to expose the hollowness of the central American myth of equal opportunity. The selection process at elite universities is widely understood as the outward symbol, and in many ways the foundation, of our society's distribution of opportunities and rewards. It thus "legitimates the established order as one that rewards ability and hard work over the prerogatives of birth." But the truth, Karabel argues, is very nearly the opposite: Social mobility is diminishing, privilege is increasingly reproducing itself, and the system of higher education has become the chief means whereby well-situated parents pass on the "cultural capital" indispensable to success. "Merit" is always a political tool, always "bears the imprint of the distribution of power in the larger society." When merit was defined according to character attributes associated with the upper class, that imprint was plain for all to see, and to attack, but now that elite universities reward academic skills theoretically attainable by all, but in practice concentrated among the children of the well-to-do and the well-educated, the mark of power is, like the admissions process itself, "veiled." And it is precisely this appearance of equal opportunity that makes current-day admissions systems so effective a legitimating device.
In his 2005 New Yorker article Getting In, Malcom Gladwell cites to The Chosen and expounds on how admissions directors at elite schools are primarily concerned, long term, with creating and maintaining a brand:
Social scientists distinguish between what are known as treatment effects and selection effects. The Marine Corps, for instance, is largely a treatment-effect institution. It doesn't have an enormous admissions office grading applicants along four separate dimensions of toughness and intelligence. It's confident that the experience of undergoing Marine Corps basic training will turn you into a formidable soldier. A modeling agency, by contrast, is a selection-effect institution. You don't become beautiful by signing up with an agency. You get signed up by an agency because you're beautiful.At the heart of the American obsession with the Ivy League is the belief that schools like Harvard provide the social and intellectual equivalent of Marine Corps basic training—that being taught by all those brilliant professors and meeting all those other motivated students and getting a degree with that powerful name on it will confer advantages that no local state university can provide. Fuelling the treatment-effect idea are studies showing that if you take two students with the same S.A.T. scores and grades, one of whom goes to a school like Harvard and one of whom goes to a less selective college, the Ivy Leaguer will make far more money ten or twenty years down the road.
The extraordinary emphasis the Ivy League places on admissions policies, though, makes it seem more like a modeling agency than like the Marine Corps[.]
Ivy League admissions directors are in the luxury-brand-management business, and "The Chosen," in the end, is a testament to just how well the brand managers in Cambridge, New Haven, and Princeton have done their job in the past seventy-five years. . . . No good brand manager would sacrifice reputation for short-term gain. The admissions directors at Harvard have always, similarly, been diligent about rewarding the children of graduates, or, as they are quaintly called, "legacies." . . . Karabel calls the practice [of legacy admissions] "unmeritocratic at best and profoundly corrupt at worst," but rewarding customer loyalty is what luxury brands do. Harvard wants good graduates, and part of their definition of a good graduate is someone who is a generous and loyal alumnus. And if you want generous and loyal alumni you have to reward them.
Regarding law schools, Gladwell notes:
Most élite law schools, to cite another example, follow a best-students model. That's why they rely so heavily on the L.S.A.T. Yet there's no reason to believe that a person's L.S.A.T. scores have much relation to how good a lawyer he will be. In a recent research project funded by the Law School Admission Council, the Berkeley researchers Sheldon Zedeck and Marjorie Shultz identified twenty-six "competencies" that they think effective lawyering demands—among them practical judgment, passion and engagement, legal-research skills, questioning and interviewing skills, negotiation skills, stress management, and so on—and the L.S.A.T. picks up only a handful of them. A law school that wants to select the best possible lawyers has to use a very different admissions process from a law school that wants to select the best possible law students. And wouldn't we prefer that at least some law schools try to select good lawyers instead of good law students?This search for good lawyers, furthermore, is necessarily going to be subjective, because things like passion and engagement can't be measured as precisely as academic proficiency. Subjectivity in the admissions process is not just an occasion for discrimination; it is also, in better times, the only means available for giving us the social outcome we want.
And discrimination is what I see every day when I look around at law school. My school clings to our tenuous position as one of the top-100 law schools in the nation. At the same time, we're also one of the most diverse law schools in the nation. While I commend our administration for being more inclusive than administrations at peer institutions, I still feel, everyday, that I'm surrounded by the wealthy and the privileged.
Most of my classmates have parents who, at minimum, have college educations, if not advanced degrees. A huge percentage - if not a majority
then close to it - have parents who are lawyers and/or doctors. On balance, all of my classmates work hard, but very few know just how lucky they are, just how few get the opportunity to attend law school, how few would even deign to consider college an option for them. Even fewer of my classmates can imagine or would dare try to place themselves in the shoes of someone who has lived their whole life without the safety nets, the time, the opportunity, the support, the balance, the lack of stress that they, themselves have enjoyed.
Meritocracy is preached from start to finish in law school. "Work hard and you'll succeed" is the mantra. By inference, those who don't succeed fail because they're not working hard enough. If only the school/teachers/students/profession would recognize that mantra is only true in a protected space, on a balanced field. All too often, for the vast majority, hard work alone isn't enough.

