Thursday, June 16, 2005
Nevermind the man behind the curtain
Question:
Which of these things is not like the others?
Choices:
A) The verdict in Michael Jackson’s trial
B) A missing American teenager in Aruba
C) The chaotic political situation in Bolivia
Answer: It is, of course C, the only real news item of the three and, not coincidentally, the one that goes largely ignored by the mainstream US press.
The media concentration on Missing White Women, to borrow a phrase widely used in the blogosphere, rather than legitimate news stories, has recently reached what the American public can only hope is an apex (or is it a valley?). From the runaway bride to Michael to Tom Cruise’s new arm candy to some hick teenager, the media campaign to bombard the public with distraction is at a truly frightening level. Surely, nothing of any importance has occurred in the past few weeks that might take precedence over these fluff pieces - other than the above mentioned Bolivian unrest; the unearthing of several memos that seem to implicate the Bush administration in activity that is certainly unethical, if not impeachable, in nature; and the ever-worsening Iraq saga. The corporate media seems hell bent on proving its own incompetence and/or unwillingness to cover the issues most important to the republic. It is our duty as citizens in a free and democratic society to inform ourselves before these stories go down the memory hole.
This may come off as overly insensitive or cold, but the result of the missing Alabama’s girl story, however awful it might turn out, is ultimately irrelevant. It only affects her and those close to her, and the rest of us should not give a shit. (Let me interject, and unfortunately add to this pathetic debate, by predicting that not only did she make the whole thing up, but she was inspired to do so by the runaway bride. Copycat Missing White Women crimes are so hot right now.) The same goes for the other Missing White Women, and Michael Jackson; despite his being a global celebrity/child molester/general weirdo or whatever, his actions have no bearing on any of our lives.
The media has no problem acknowledging its own irrelevance, so why should we the people do it any favors? Let’s boycott big media: cancel your newspaper subscriptions, turn off CNN/MSNBC/Fox News, and only get news that is free and, well, truly newsworthy.
Here’s a mere smattering of some truly quality, free news sources.
http://www.cursor.org/
http://www.bbc.com/
http://www.atimes.com/
http://www.wsws.org/
http://www.democracynow.org/
www.alternet.org
www.rawstory.com
In 1984, George Orwell said that Big Brother wanted to control our hearts and minds by watching our every action. In Chuck Palahniuk's novel Survivor, he updated Orwell's idea by saying that Big Brother isn't watching us. Rather, we are watching him, singing and dancing away, to distract us from what's really going on. I suggest you ignore Big Brother by simply turning him off.
For those people that crave the distraction of fluff news and celebrity gossip, they have E!, US, People or the plethora of early evening paparazzi shows to turn to. Michael Jackson’s trial should only make the cover of the New York Times if we’ve reached some sort of utopia in which that truly is the most pressing story in our lives. Unfortunately, we seem to be moving farther from such a world every day.
Which of these things is not like the others?
Choices:
A) The verdict in Michael Jackson’s trial
B) A missing American teenager in Aruba
C) The chaotic political situation in Bolivia
Answer: It is, of course C, the only real news item of the three and, not coincidentally, the one that goes largely ignored by the mainstream US press.
The media concentration on Missing White Women, to borrow a phrase widely used in the blogosphere, rather than legitimate news stories, has recently reached what the American public can only hope is an apex (or is it a valley?). From the runaway bride to Michael to Tom Cruise’s new arm candy to some hick teenager, the media campaign to bombard the public with distraction is at a truly frightening level. Surely, nothing of any importance has occurred in the past few weeks that might take precedence over these fluff pieces - other than the above mentioned Bolivian unrest; the unearthing of several memos that seem to implicate the Bush administration in activity that is certainly unethical, if not impeachable, in nature; and the ever-worsening Iraq saga. The corporate media seems hell bent on proving its own incompetence and/or unwillingness to cover the issues most important to the republic. It is our duty as citizens in a free and democratic society to inform ourselves before these stories go down the memory hole.
This may come off as overly insensitive or cold, but the result of the missing Alabama’s girl story, however awful it might turn out, is ultimately irrelevant. It only affects her and those close to her, and the rest of us should not give a shit. (Let me interject, and unfortunately add to this pathetic debate, by predicting that not only did she make the whole thing up, but she was inspired to do so by the runaway bride. Copycat Missing White Women crimes are so hot right now.) The same goes for the other Missing White Women, and Michael Jackson; despite his being a global celebrity/child molester/general weirdo or whatever, his actions have no bearing on any of our lives.
The media has no problem acknowledging its own irrelevance, so why should we the people do it any favors? Let’s boycott big media: cancel your newspaper subscriptions, turn off CNN/MSNBC/Fox News, and only get news that is free and, well, truly newsworthy.
Here’s a mere smattering of some truly quality, free news sources.
http://www.cursor.org/
http://www.bbc.com/
http://www.atimes.com/
http://www.wsws.org/
http://www.democracynow.org/
www.alternet.org
www.rawstory.com
In 1984, George Orwell said that Big Brother wanted to control our hearts and minds by watching our every action. In Chuck Palahniuk's novel Survivor, he updated Orwell's idea by saying that Big Brother isn't watching us. Rather, we are watching him, singing and dancing away, to distract us from what's really going on. I suggest you ignore Big Brother by simply turning him off.
For those people that crave the distraction of fluff news and celebrity gossip, they have E!, US, People or the plethora of early evening paparazzi shows to turn to. Michael Jackson’s trial should only make the cover of the New York Times if we’ve reached some sort of utopia in which that truly is the most pressing story in our lives. Unfortunately, we seem to be moving farther from such a world every day.
Wednesday, June 08, 2005
The seedy underbelly of the financial services industry
The financial services industry, composed primarily of banking, insurance, investment and brokerage firms, is the single largest world industry in the world in terms of earning. Including such behemoth companies as Citigroup, Bank of America, JP Morgan Chase, AIG, and Wells Fargo, this industry accounts for more than 20% of the S&P 500 (the 500 most-widely held stocks), which is valued in excess of $10 trillion. To put such a staggering figure into perspective, Citigroup alone saw revenues in excess of $108 billion in 2004. Financial services are a flagship sector of the global economy because of their omnipresence: anyone with a mutual fund, credit card, or even a checking account is a paying customer. Every ATM usage fee, every cent of interest charged, and every commission fee resulting from traded stock fuels the industry.
These are halcyon days for those that control the financial services industry. They enjoy a federal government packed with corporate lackeys and/or former executives dedicated to maximizing corporate profits. They benefit from the absurd tax breaks granted to corporations in the past four years and the efforts to privatize just about everything. The Republican plan to gut Social Security would have only further increased the immense profits made on Wall Street (I say would have because their plan for private accounts is dead in the water).
Of course, the nature of the industry (and capitalism in general) requires constant expansion and its enormous size necessitates many unknown thousands of employees. I work for a company that sits on the periphery of the industry but still reaps handsome profits. While not involved directly in any financial service, this company prepares the individual acquire and maintain various licenses and designations need to do such business. A major part of this cycle is the production of countless entry-level bankers and insurance agents all seeking to get their slice of the $10 trillion pie. Some are recent grads, armed with degrees in finance or accounting, that have been recruited and hired by the biggest and best (not in terms of reputability but in earnings potential) firms. To use a sports analogy, these are the blue chips, the first-round draft picks. They will likely enjoy six-figure incomes in the near future, move their way up the proverbial ladder and milk this cash cow until it dries up. Then there are those older individuals that either worked previously in another industry or are currently involved in financial services and seek to increase their income. To continue the sports analogy, these are the late-round draft picks. They are of decent value to their companies and look at the industry as a solid foundation on which to stake their livelihoods. These folks will make decent money, put their kids through college, and retire in middle-class comfort. Then there are the derelicts, those that have failed in their past endeavors and find themselves in the stage of life where the collective weight of debt, responsibility, sheer bad luck or a combination thereof threatens to crush them. (The sports analogy starts to dissolve here…the closest comparisons are walk-ons or journeymen veterans.) This class of workers, which is, if not the majority, certainly a plurality in the industry, views the financial services as the last chance to make their fortune and have some kind of future financial stability. They will finally be able to cash in and reach their American dream. For them, the industry is a cross between a casino and a church. It is, in short, the answer to their prayers.
Luckily, the enterprising people that control the industry have provided a few easy solutions for those hoping to salvage themselves. Several companies including World Financial Group and Primerica, which is owned by Citigroup, are operations where the employees pay a fee to join the company, build their own client base from friends and acquaintances, and then hire their own underlings and create their own sub-company. In any other business, this would be called what it is – a pyramid scheme. Instead, Citigroup uses Primerica (referred to by many as “the Amway of financial services”) to pad its already ridiculous profits through predatory lending and cult-like practices (Click here for more info on Primerica). The promise of making big money and owning your own business (all for the low introductory rate of $199!) are too much for many folks in vulnerable positions to pass by. Once, in a conversation with a World Financial Group employee I was told that he and several of his friends were making six-figures and working only part-time. Apparently, the money was so good that he chose to come out of retirement to make some extra cash. And if you believe that, I’ve got some great beachfront property I’d like you to look at…
These are halcyon days for those that control the financial services industry. They enjoy a federal government packed with corporate lackeys and/or former executives dedicated to maximizing corporate profits. They benefit from the absurd tax breaks granted to corporations in the past four years and the efforts to privatize just about everything. The Republican plan to gut Social Security would have only further increased the immense profits made on Wall Street (I say would have because their plan for private accounts is dead in the water).
Of course, the nature of the industry (and capitalism in general) requires constant expansion and its enormous size necessitates many unknown thousands of employees. I work for a company that sits on the periphery of the industry but still reaps handsome profits. While not involved directly in any financial service, this company prepares the individual acquire and maintain various licenses and designations need to do such business. A major part of this cycle is the production of countless entry-level bankers and insurance agents all seeking to get their slice of the $10 trillion pie. Some are recent grads, armed with degrees in finance or accounting, that have been recruited and hired by the biggest and best (not in terms of reputability but in earnings potential) firms. To use a sports analogy, these are the blue chips, the first-round draft picks. They will likely enjoy six-figure incomes in the near future, move their way up the proverbial ladder and milk this cash cow until it dries up. Then there are those older individuals that either worked previously in another industry or are currently involved in financial services and seek to increase their income. To continue the sports analogy, these are the late-round draft picks. They are of decent value to their companies and look at the industry as a solid foundation on which to stake their livelihoods. These folks will make decent money, put their kids through college, and retire in middle-class comfort. Then there are the derelicts, those that have failed in their past endeavors and find themselves in the stage of life where the collective weight of debt, responsibility, sheer bad luck or a combination thereof threatens to crush them. (The sports analogy starts to dissolve here…the closest comparisons are walk-ons or journeymen veterans.) This class of workers, which is, if not the majority, certainly a plurality in the industry, views the financial services as the last chance to make their fortune and have some kind of future financial stability. They will finally be able to cash in and reach their American dream. For them, the industry is a cross between a casino and a church. It is, in short, the answer to their prayers.
Luckily, the enterprising people that control the industry have provided a few easy solutions for those hoping to salvage themselves. Several companies including World Financial Group and Primerica, which is owned by Citigroup, are operations where the employees pay a fee to join the company, build their own client base from friends and acquaintances, and then hire their own underlings and create their own sub-company. In any other business, this would be called what it is – a pyramid scheme. Instead, Citigroup uses Primerica (referred to by many as “the Amway of financial services”) to pad its already ridiculous profits through predatory lending and cult-like practices (Click here for more info on Primerica). The promise of making big money and owning your own business (all for the low introductory rate of $199!) are too much for many folks in vulnerable positions to pass by. Once, in a conversation with a World Financial Group employee I was told that he and several of his friends were making six-figures and working only part-time. Apparently, the money was so good that he chose to come out of retirement to make some extra cash. And if you believe that, I’ve got some great beachfront property I’d like you to look at…
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