August 24, 2009
In January of 1776, Thomas Paine wrote a 48-page pamphlet, entitled: Common Sense, in which he argued the case that the American colonies should be independent from Britain. He published the pamphlet anonymously, providing only a hint of authorship with the statement: “Written by an Englishman”. This aspect of Paine’s pamphlet brings to mind the debate over the issue of anonymity in the blogosphere, which became quite heated-up this past weekend. As it turned out, a writer for one of Rupert Murdoch’s newspapers, who uses the surname “Whitehouse”, targeted the Zero Hedge website, accusing its publisher (who uses the pseudonym: Tyler Durden — i.e. Brad Pitt’s character from the movie Fight Club) of being a fellow who was “banned from the securities industry” for making $780 on an “insider” trade. For whatever reason, Naked Capitalism’s Yves Smith (whose real name is Susan Webber) saw fit to write a posting (now removed from the site) critical of the “messianic zeal and strident tone” of the material at Zero Hedge, despite the fact that Tyler Durden has written many guest posts for her own Naked Capitalism site. She also criticized the use of pseudonyms by bloggers, particularly at financial sites — because the practice “raises questions about credibility”. She differentiated her own situation with the explanation that her true identity could be ascertained with only “a modicum of digging”. Making a point more supportive of Zero Hedge, she shared her suspicion about the motive behind the attempt to identify Tyler Durden as a disgraced trader:
. . . this story is appearing now precisely because Durden is getting to close to some even more damaging stories than he has provided thus far.
Ms. Smith (or Webber) believes that “Tyler Durden” is actually a pseudonym used by a number of writers at Zero Hedge.
As a result of that posting, Naked Capitalism lost one of its best contributors: Leo Kolivakis of Pension Pulse, whose final contribution to Naked Capitalism can be found here. Mr. Kolivakis then immediately joined the team at Zero Hedge, providing this explanation. When reading his posting, be sure to read the comments, which are always entertaining at Zero Hedge.
I enjoy both Naked Capitalism and Zero Hedge and I will continue to keep them both on my blogroll, despite this dust-up. In response to the intrigue concerning the identity of Tyler Durden, his cohort, Marla Singer submitted this proposed op-ed piece to The New York Times, reminding readers of the anonymous writings by Thomas Paine.
This past weekend brought us another invocation of Thomas Paine, with the publication of a piece entitled: “Common Sense 2009”, which appeared in The Huffington Post. The author did not conceal his identity, since he has made a point of generating controversy about himself throughout his life. He was none other than Larry Flynt. Flynt began with the explanation that last fall’s financial crisis was caused by the fact that “the financial elite had bribed our legislators to roll back the protections enacted after the Stock Market Crash of 1929”. He rightfully criticized President Obama for attempting to lay part of the blame for this disaster on “Main Street”. Beyond that, he noted how Obama continues to facilitate the same bad behavior that started this mess:
To date, no serious legislation has been offered by the Obama administration to correct these problems.
Instead, Obama wants to increase the oversight power of the Federal Reserve. Never mind that it already had significant oversight power before our most recent economic meltdown, yet failed to take action. Never mind that the Fed is not a government agency but a cartel of private bankers that cannot be held accountable by Washington. Whatever the Fed does with these supposed new oversight powers will be behind closed doors.
Obama’s failure to act sends one message loud and clear: He cannot stand up to the powerful Wall Street interests that supplied the bulk of his campaign money for the 2008 election. Nor, for that matter, can Congress, for much the same reason.
Larry Flynt then offered a bold solution to break the hold of the plutocracy that has been controlling our country for too long:
I’m calling for a national strike, one designed to close the country down for a day. The intent? Real campaign-finance reform and strong restrictions on lobbying. Because nothing will change until we take corporate money out of politics. Nothing will improve until our politicians are once again answerable to their constituents, not the rich and powerful.
Let’s set a date. No one goes to work. No one buys anything. And if that isn’t effective — if the politicians ignore us — we do it again. And again. And again.
This initiative is a much more effective and constructive use of populist rage than what saw at recent “town hall” meetings and “teabagging” events. Besides: If anyone knows what can and cannot be accomplished by “teabagging” – it’s Larry Flint.
Troublesome Creatures
A recent piece by Glynnis MacNicol of The Business Insider website led me to the conclusion that Shepard Smith deserves an award. You might recognize Shep Smith as The Normal Guy at Fox News. In case you haven’t heard about it yet, a controversy has erupted over a 20-minute crank telephone call made to Wisconsin Governor Scott Walker by a man who identified himself as David Koch, one of two billionaire brothers, famous for bankrolling Republican politicians. The caller was actually blogger Ian Murphy, who goes by the name, Buffalo Beast. In a televised discussion with Juan Williams concerning the controversy surrounding Wisconsin Governor Walker, Shep Smith focused on the ugly truth that the Koch brothers are out to “bust labor”. Here are Smith’s remarks as they appeared at The Wire blog:
Those “troublesome creatures” called facts have been finding their way into the news to a refreshing degree lately. Emotional rhetoric has replaced news reporting to such an extreme level that most people seem to have accepted the premise that facts are relative to one’s perception of reality. The lyrics to “Crosseyed and Painless” by the Talking Heads (written more than 30 years ago) seem to have been a prescient commentary about this situation:
Budgetary disputes are now resolved on an emotional battlefield where facts usually take a back seat to ideology. Despite this trend, there are occasional commentaries focused on fact-based themes. One recent example came from David Leonhardt of The New York Times, entitled “Why Budget Cuts Don’t Bring Prosperity”. The article began with the observation that because so many in Congress believe that budget cuts are the path to national prosperity, the only remaining question concerns how deeply spending should be cut this year. Mr. Leonhardt provided those misled “leaders” with the facts:
Leonhardt’s objective analysis drew this response from Yves Smith of Naked Capitalism:
Those “troublesome creatures” called facts became the subject of an opinion piece about the budget, written by Bill Schneider for Politico. While dissecting the emotional motivation responsible for “a dangerous political arms race where the stakes keep escalating”, Schneider set about isolating the fact-based signal from the emotional noise clouding the budget debate:
Let’s hope that those “troublesome creatures” keep turning up at debates, “town hall” meetings and in commentaries. If they cause widespread allergic reactions, let nature run its course.