Capitalism and the Discourteous

The nature of capitalism, sometimes referred to as the "natural" economy, or the "law of the jungle", is such that pretty much anybody who intends to carry on in the world must take part in it. That is, even the socialist must accumulate capital in order to distribute it accordingly.

Dietmar Henning reminds us what it looks like when capitalism kills:

Trickle Down, Down, Dooby-Doo, Down

Who: Rakesh Kochhar, Richard Fry, and Paul Taylor
What: "Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics", Pew Social & Demographic Trends
When: July 26, 2011

The median wealth of white households is 20 times that of black households and 18 times that of Hispanic households, according to a Pew Research Center analysis of newly available government data from 2009.

These lopsided wealth ratios are the largest since the government began publishing such data a quarter century ago and roughly twice the size of the ratios that had prevailed between these three groups for the two decades prior to the Great Recession that ended in 2009.

Some might simply shrug and suggest that they're not surprised. However, there is a difference, I think, between the fact of an outcome, generalized—e.g., The wealth gap between whites and blacks or hispanics is growing—and considerations of scale.

The idea that white households are better off financially than black or hispanic households is hardly shocking. But the idea of the gap being eighteen- or twenty-fold is unsettling, to say the least.

Of course, some would suggest that not only was this the predictable result of trickle-down economic theory, it was also the point.

Reminders: FOX News, the Right Wing, and Nobody's Really Surprised

File under, "Reminders":

• Keith Olbermann, "Worst Persons: Kilmeade, Ingraham, and Beck" (Countdown, July 25, 2011)

That is, nobody really wonders why FOX News has a stake in protecting conservative political outlooks from criticism. And, to be certain, there is nothing surprising about their undignified response to the tragedy in Norway.

Rupert Murdoch: Capitalist

Russ Baker offers a reminder amid the surprised murmurs and horrified gasps:

Rupert Murdoch has had a profound influence on the state of journalism today. It’s a kind of tribute, in some sense, that the general coverage of his current troubles has reflected the detrimental effect of his influence over the years. Right now, the media, by and large, are focusing on tawdry "police blotter" acts of the very sort that have historically informed Murdoch’s own tabloid sensibility, while the bigger picture gets short shrift.

To be sure, the activities and actions of Murdoch’s that dominate the public conversation at the moment are deeply troubling, leaving aside their alleged criminality. Still, what is really pernicious about Murdoch is not his subordinates' reported hacking of phones, payments of hush money, etc., or the possibility that Murdoch may have known about, tolerated, enabled, or even encouraged such acts.

It is, instead, the very essence of the man and his empire, and their long-term impact on our world and our lives.

Missing the Point

What does it look like when a nationally-respected journalist misses the point? Dana Milbank, of the Washington Post demonstrates:

There is something rich about the president of the United States and the speaker of the House pretending that they are somehow not part of Washington. If these two aren't Washington, what is? The International Spy Museum? Ben's Chili Bowl? Wolf Blitzer?

Generally, people presume professional journalists aren't so superficial. Mr. Milbank corrects that mistaken notion without much room for question.