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Top Financial Stories 2012

I generally ask myself at this time of year what were the biggest stories of the past twelve months, in business/financial news. Of course, I choose the ones I do largely because they illustrate an important theme, and in the list below I'll spell out and italicize the theme. Yet the theme itself isn't the story. Further, I don't rank them, as in a top ten list. I assign one top story to each of the twelve months. All that said, here is this year's list. January: Continuing Recession.  Iconic chemicals-and-photography company Kodak files for bankruptcy. February:  Eurozone tensions . Europe manages a restructuring of Greek debt -- private bondholders take a deep haircut. [Speaking more broadly, there has been a change in tone over the course of 2012. The year began with a lot of talk about the breakup of the common currency zone. Greece might have withdrawn and started printing drachmas. For better or worse, there is much less of such talk now.] March...

Interviewing Hemingway

One of my Facebook friends posted this exchange recently. I like it so I'll simply repeat it, with thanks to Leon Gettler and, behind him, to the Paris Review . Interviewer: How much rewriting do you do? Ernest Hemingway: I rewrote the ending of "Farewell to Arms", the last page of it, thirty-nine times before I was satisfied. Interviewer: Was there some technical problem there? What was it that stumped you? Ernest Hemingway: Getting the words right.  

John Dewey and Fragility

Last week I quoted the philosopher John Dewey on the difference between life and non-living matter.  "The most notable distinction between living and inanimate things is that the former maintain themselves by renewal. A stone when struck resists. If its resistance is greater than the force of the blow struck, it remains outwardly unchanged. Otherwise, it is shattered. While the living thing may easily be crushed by a superior force, it none the less tries to turn the energies which act upon it into means of its own further existence." A friend asked why I considered that profound. I'll reproduce here my response, with some very slight re-working. _____________________________  One obvious example of what Dewey has in mind is the immune system in humans and in just about all other creatures with blood coursing through veins. There is a wide range of infections which cause various nasty diseases in humans, whence most of those struck can and do recove...

Global Warming

Simple fact: the maximal extent of the Arctic ice pack is mid-March, and the minimum is in mid-September. Until recent years, the maximum has been about 15 million square miles, the minimum about half of that, that is, between 7 and 8 million SQ M. In September 2007 the usual time for the annual minimum, the ice pack shrank to only 4.3 million SQ. M., or about half of the usual minimum. This was a record for recorded history. In recent Septembers it has been somewhat larger, that is, 2007 retains that record. But these last few years have included the second third and fourth lowest extents. in other words, the lowest four coverages ever recorded have all been notched within the last six years. Don't want to believe that? It's from The New Yorker , and for all I know you might consider that a dubious source. Still, nations and commercial interests are both acting as if a critical change is underway, and it would be churlish to act as if they're all crazy. Also, s...

From John Milton's Nativity Ode

Importing a Christmas tradition from my former blog into this one. A fine statement from John Milton of the eschatological hope bound up with Christianity, and for that matter with the Jewish messianic tradition. Enjoy! Time will run back, and fetch the age of gold, And spekl'd vanity Will sicken soon and die, And leprous sin will melt from earthly mould, And Hell itself will pass away, And leave her dolorous mansions to the peering day. Yea Truth, and Justice then Will down return to men, Th'enamelled Arras of the Rainbow wearing, And Mercy set between, Thron'd in celestial sheen, With radiant feet the tissued clouds down steering, And Heav'n as at some festival, Will open wide the Gates of her high Palace Hall. John Milton, Nativity Ode (1629) [lines 135-148]. Read the whole here . And Merry Christmas.

Robert Bork, RIP

The Hon. Robert Bork (1927 - 2010) passed away on December 19. He had been a Judge on the U.S. Court of Appeals for the DC Circuit from 1982 to 1988. Bork had been put on the DC Circuit largely as a stepping-stone, but he never got to take the next intended step. The Reagan administration thought of him from the start as a Supreme Court candidate. And it is as such that he achieved his most intense moment in the spotlight, during the confirmation fight of 1987. I have written of that fight, and of Bork, at some length, specifically in chapter 9 of my book, THE DECLINE AND FALL OF THE SUPREME COURT. I won't repeat myself unduly here. I'll simply say that among the various obituaries, paying tribute or otherwise, that I have read in recent days I have to give pride of place to one by Jeff Greenfield. Who is Greenfield? He has been an [at least somewhat] left-of-center political commentator for decades. He was a speechwriter for Senator Robert Kenn...

John Dewey on Living v. Non-Living Things

"The most notable distinction between living and inanimate things is that the former maintain themselves by renewal. A stone when struck resists. If its resistance is greater than the force of the blow struck, it remains outwardly unchanged. Otherwise, it is shattered. While the living thing may easily be crushed by a superior force, it none the less tries to turn the energies which act upon it into means of its own further existence." DEMOCRACY AND EDUCATION (1916).