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Henry Blodget: Financial-Industry Scapegoat Reinvents Himself as Financial Reporter

Wired Top Stories

- 1 days and 6 hours ago

!-- pageType= magazinesmall slug= ff_blodget section= techbiz subsection= people headline= Financial Industry Scapegoat Reinvents Himself as Financial Reporter authorName= Daniel Roth creditType= photo credit= Mike McGregor caption= Henry Blodgetis back, and his straight-talking analysis of the Web world is earning him new fans. -- pstrongHenry Blodget/strong has never gotten used to the chorus of hate that follows his every move. He's merely learned to live with it. When he started his personal blog in 2005, the comments a href="http://www.internetoutsider.com/2005/10/welcomeand_than.html"dripped with disgust/a. "You are a boldface liar," a reader wrote. "Give me one reason why I should believe what you are writing," said another. And that was just in response to Blodget's innocuous first entry. /ppDuring his years as a star Wall Street analyst, his pronouncements were welcomed and celebrated; now he couldn't say hello without getting savaged. Just last August, TechCrunch mentioned that Blodget would be one of more than two dozen tech celebrities a href="http://www.techcrunch.com/2008/08/15/4-new-experts-henry-blodget-josh-kopelman-tim-o%E2%80%99reilly-robert-scoble-join-techcrunch50/"judging a contest/a for startups. Blodget knew what was coming, even if his hosts didn't. "Blodget is scum.... He is no longer the arrogant prick we saw in the '90s, but he's still scum," someone wrote. "A lot of people lost money listening to this dirtbag." "Blodget is a Web 1.0, bubble-creating has-been." "He is unethical." "He's as crooked as they come."/p pI meet a href="http://www.alleyinsider.com/henry_blodget.html"Blodget/a at the offices of his new business, a year-old site called a href="http://www.alleyinsider.com/"Silicon Alley Insider/a, shortly after the TechCrunch beat-down. Alley Insider is one of many tech business blogs that feed news, earnings info, and rumors to investors and corporate insiders. But Alley Insider has one thing that others don't. Blodget. He's smart, he's skeptical, and he's got the kind of self-assured voice that sells well in the blogosphere. As the market sinks, his opinions are even more in demand, though he's still hated by a large portion of his prospective audience./p pThe site shares two floors of a Manhattan office building with programmers and business staff for some of Alley Insider's sister companies, all of which were started by former DoubleClick CEO a href="http://www.alleyinsider.com/kevin_ryan"Kevin Ryan/a. Blodget works in a double-wide cubicle near a window, separated by a low wall from the site's two other editors. They spend their days crawling Twitter and RSS feeds, calling sources, and pumping out about a dozen daily takes on the business world, most with Digg-friendly headlines (no easy accomplishment with bone-dry business stories). "Is Facebook Distracting Us From Porn? No" is a href="http://www.alleyinsider.com/2008/9/is-facebook-distracting-us-from-porn-no"typical/a, or "a href="http://www.alleyinsider.com/2008/4/googles_ginormous_food_budget_7530_per_googler"Google's Ginormous Food Budget/a: $7,530 Per Googler, $72 Million a Year." Blodget tells his team to think of the site as talk radio: He wants readers to feel compelled to check in several times a day to get the Alley Insider view on everything going on in their world./p pFor privacy, we duck into a small conference room, and Blodget, tall and skinny, sinks into a ridiculously deep leather chair. His floppy dirty-blond hair gives him a youthful, almost carefree air, but the deep circles that ring his eyes tell a different story. He's managing a 24-hour news startup. It's midday and he's been posting since 5 am. And then there's the burden that comes with being Henry Blodget, digital punching bag./p p"There are obviously a lot of folks who say, 'Now wait a minute, isn't that the guy who....'" He lets the thought trail off. He's legally barred from talking about the incidents that led to his vilification. "To them, I'm emthat/em Henry Blodget. There's not much more I can say. I still can't address specific points. So it's like, 'OK, here's my face. Throw the fruit. When you want to stop throwing the fruit, if you want to listen, great. If you don't, fine.'"/p pIt's been almost a decade since the impulse to greet him with rotten mangos first struck. Back in 1998, as a 32-year-old analyst with investment bank CIBC, he a href="http://www.thestreet.com/markets/analystrankings/977502.html"declared/a that the stock price of Amazon.com would nearly double to $400. Three weeks later it did, and Blodget was a hero. Soon he packed up his spreadsheets mdash; he's never more comfortable than when he is lining up numbers in rows and columns and teasing out their secrets mdash; and moved to Merrill Lynch./p pInvestors followed the new oracle's every utterance, and bankers wanted Blodget to bless the stocks of companies they were hoping to do business with. The lines on his graphs always seemed to point one way mdash; steeply up and to the right. He wasn't just predicting profits, he was selling a revolution: The old metrics didn't apply. Blodget may have counseled people to own only a small percentage of Internet stocks mdash; 10 percent at the most mdash; but nobody listened./p !-- pagebreak -- div id="embed" style="width:370px;" div id="pic" style="width:350px;" img style="width:350px;" src="http://www.wired.com/images/article/magazine/1612/ff_blodget3_f.jpg" alt=""/ div id="caption" Launched in 2007, Silicon Alley Insider is gaining on some of its established rivals. br/ emSource: Compete/em /div /div /div pThen came the crash. Five trillion dollars in wealth vaporized in 24 months, leaving behind unquantifiable amounts of rage among the masses of day traders who had believed briefly that they, too, were market savants. When the bubble burst, so did Blodget's aura./p pStill, it wasn't the crash alone that crushed him. It took Eliot Spitzer to turn Henry Blodget into emthat/em Henry Blodget. Spitzer, then New York's crusading attorney general, investigated Merrill in 2001 for conflicts of interest. He discovered a clutch of emails from the young analyst showing that while talking up certain stocks to clients, he was trashing them internally. Companies like 24/7 Media, Excite@Home, and InfoSpace mdash; firms Merrill was publicly cheering mdash; in private were deemed by Blodget to be "shit," "crap," and "junk" (respectively). According to Spitzer's findings, Blodget would have pulled in $12 million in 2001 mdash; quadruple his earnings in 1999 mdash; if he hadn't accepted a buyout that year. In 2003, Merrill's boy genius agreed to pay a $4 million fine and accepted a lifetime ban from working in the securities industry./p pPublic disgrace usually drives a person into hiding, or at least into a different career. Jerry Levin, the brains behind the disastrous AOL-Time Warner merger, today runs a href="http://moonviewsanctuary.com/staff"Moonview Sanctuary/a, his wife's spa; Spitzer, forced to resign as governor last summer, is currently discovering the a href="http://blogs.wsj.com/developments/2008/06/10/spitzers-next-act-distressed-real-estate/"joys of real estate management/a; Health South CEO Richard Scrushy, while on trial for accounting fraud, a href="http://www.richardmscrushy.com/biography.aspx"became a televangelist/a. Not Blodget./p pOne former colleague says Blodget spent the months when he was being investigated trying to grasp why he was singled out for something that was commonplace in the industry. He figured the controversy would blow over once the public realized his conduct was not unusual. "He was incredulous that the investigation got traction; he said it was silly," a friend says. But there was too much anger in the wake of the bubble, and Blodget's embarrassing emails made him an easy scapegoat. Later, when he was inclined to argue his case, the settlement terms prevented it./p pSo Blodget did what came naturally. He began writing about the companies he used to cover, a href="http://www.slate.com/id/2104656/"first for Slate/a, then on his own blog, a href="http://www.internetoutsider.com/"Internet Outsider/a. Was this journalism mdash; or was it therapy? Rather than hide, he started saying in public what he had once said only in private, using the same brutally frank voice that got him in trouble with Spitzer. He marketed his notoriety to a new Web readership hungry for smart, independent analysis./p pWhen Ryan, an Internet Outsider reader, approached him about starting an industry news site, Blodget jumped at the prospect of a bigger stage. Before working on Wall Street, he'd been a freelance writer; now he could combine the two vocations, borrowing freely from both journalism and equity research./p pThrough Alley Insider, Blodget is trying to erase, post by post, Spitzer's portrait of him as a duplicitous, money-grubbing shill for big business. Blodget has always believed that the Internet changed everything, so naturally he believes it has the power to change the world's perception of him. The venue offers all Henry, all the time (and even when his other writers are posting, it's clear they're channeling him). The result is a unique blend of x-ray analysis and tech evangelism./p pAs we talk, Blodget gets up from his chair, antsy to return to his laptop. I ask him if he understands what he's up against. If the hate has lasted this long, why expect it ever to fade away? "If all I knew about me was what I read during that period," he says, "I'd probably have the same reaction."/p pstrongOn a late summer morning/strong, Blodget waits in the lobby of the Nasdaq building in midtown Manhattan. He's all banker today: blue suit, red tie, black cap-toed Oxfords, his shirt so deeply pressed there are creases down the sleeves. It's 10 am and, ready for his second breakfast, he pries open the plastic case of a turkey and Swiss sandwich and starts wolfing it down. In a few minutes he is supposed to conduct a video interview for Yahoo's Tech Ticker finance site. As soon as Blodget started appearing as a regular host in February, the Furies a href="http://finance.yahoo.com/tech-ticker/article/650/Jerry-Yang-Strikes-Back;-Here%27s-Microsoft%27s-Next-Move?tickers=yhoo,msft"reemerged/a. "Did you not find any other decent, credible guy than Henry Blodget?" one of the first comments read. "Why spoil this new feature with such a scum and spoil the Yahoo reputation?"/p pAs producers prepare to tape the show, Blodget wipes his crumbs off the table. He explains the guiding vision behind Alley Insider. "We don't want to do things we don't care about," he says. "It's nice to say theoretically we're the judge of what's important and what's not, but come on, give readers credit. They'll tell you immediately what they want, and that drives coverage. People are fanatically interested in Apple, Google, Microsoft. It wasn't a tough call to know what to write about."/p pBlodget's focus on content is matched by his apparent indifference to the look of the site. Alley Insider employs a cookie-cutter template of scrolling headlines and thumbnail photos dragged off the Web. But design limitations notwithstanding, by September the site was getting nearly 500,000 visitors a month, rivaling a href="http://allthingsd.com/"AllThingsDigital.com/a, the citeWall Street Journal/cite blog edited by Kara Swisher and Walt Mossberg. Since the beginning of the year, traffic to the site has more than doubled, and Blodget's words now carry surprising weight. When a href="http://www.alleyinsider.com/2008/10/apple-s-steve-jobs-rushed-to-er-after-heart-attack-says-cnn-citizen-journalist"he reported/a early this fall that Steve Jobs may have been rushed to the hospital after a heart attack mdash; citing an anonymous (and, as it turns out, fraudulent) post on a minor user-generated news site run by CNN called iReport mdash; Apple's a href="http://money.cnn.com/2008/10/03/technology/apple/"stock dropped/a nearly 10 percent. Critics blamed Alley Insider./p p"I read citeThe New York Times/cite, citeThe Economist/cite, and Alley Insider," says a href="http://www.firebrandpartners.com/principals/index.html"Scott Galloway/a, head of investment equity firm Firebrand Partners, who is best known for his successful public fight to get on the board of citeThe New York Times/cite. "Henry takes a no-mercy, no-malice approach to Web business and media." Valleywag recently called him "the disgraced stock analyst everyone now listens to."/p !-- pagebreak -- div class="wide_img" img src="http://www.wired.com/images/article/magazine/1612/ff_blodget2_f.jpg" alt="" div class="wide_caption" div class="wide_caption_txt" The team at Silicon Alley Insider (left to right): senior editor Dan Frommer, COO Julie Hansen, cofounder Kevin Ryan, and editor in chief Blodget. br/ emPhoto: Mike McGregor/em /div /div /div br/ br/ pFor all the success today, it took Blodget amp; Co. some time to figure out a winning formula. When Ryan, a New Yorker, launched the site in 2007, he wanted to cover the local startup and media scene. Blodget signed on as CEO and editor in chief, bought a minority stake, and hired citeForbes/cite journalists a href="http://www.alleyinsider.com/peter_kafka"Peter Kafka/a and a href="http://www.alleyinsider.com/dan_frommer"Dan Frommer/a to help him develop content (Kafka was later hired away by AllThingsD). The first few weeks, the site read like a tourist's guide to spotting B-list Internet companies in the big city, with each firm's location prominently announced: "NoHo-based Meetup has quietly launched a Facebook application"; "Flatiron-based YellowJacket Software has raised $1.25 million." Blodget branched out, taking on the bigger names himself mdash; Apple, Dow Jones, NBC, JP Morgan. It quickly became clear to him that New York's tech industry was too small an arena to contain the ambition of the site. And nearly half the readers were in California anyway./p pAlley Insider soon dropped its Silicon Alley focus but stuck with the moniker. And Blodget began to draw more heavily on his research experience. He created financial models of the companies he was talking about and posted the spreadsheets as Google docs so anyone could download and toy with them. He analyzed the potential revenue YouTube could bring to Google, mapping out his assumptions about viewership and ads watched, and offering a clear bottom-line conclusion. Readers weighed in with their critiques, which Blodget used to sharpen the model. He figured he wouldn't just write about Wall Street, he would also usurp part of Wall Street's business by providing high-quality research, the kind brokerage customers used to prize./p pBut visitors to the site wanted more than analytics. They also craved the edgier Henry of the Spitzer emails. Blodget obliged. In one post, a href="http://www.alleyinsider.com/2008/1/ben_stein_is_an_idiot"Blodget declares/a citeNew York Times/cite economics columnist Ben Stein to be either "an idiot" or possibly just "delusional." He suggests that the anonymous sources cited by archrival TechCrunch in its reporting on Microsoft's attempt to purchase Yahoo "a href="http://www.alleyinsider.com/2008/5/yahoo_stock_fades_as_techcrunch_microsoft_takeover_sources_sober_up"must have been drunk/a." And in November 2007, when E-Trade lost $9 billion in value as its risky mortgage bets turned to dust, Blodget offered only one piece of advice to the company's shareholders: "a href="http://www.alleyinsider.com/2007/11/etrade_etfc_total_cost_of_screwup_9_billion"Cry/a."/p p"On Wall Street, I'd consistently submit a report that would say, 'This is going to be roadkill,' and it would come back rewritten as 'We see some weakness,'" Blodget says. "Now I can say, 'It's going to be roadkill.' That's very satisfying."/p pBut even as he delights in railing against corporate giants, he's still disciplined enough to run the underlying numbers mdash; Blodget loves the drama, but he loves the spreadsheets just as much. One post about craigslist should have been something only an accountant could love: a complex set of assumptions and analyses to determine what the company might be worth. Yet Blodget wrote the whole exercise as if it were a mystery plot, parceling out details and stringing the reader along until the very end./p pWhen Yahoo announced this summer that it had hired Bain amp; Co., a consulting firm usually brought in when a company is about to start swinging the ax, Blodget a href="http://www.alleyinsider.com/2008/9/yahoo-fat-farm-how-many-people-does-yahoo-need-to-fire-to-get-fit-"sharpened his own pencil/a. "We're mad as hell ... especially now that Yahoo's wasting millions on Bain." He offered his own, free advice (spreadsheet attached) cataloging how many people Yahoo should fire in each division mdash; 1,804 from its "positively obese" sales and marketing arm alone mdash; in order to goose operating margins to a "more respectable" 20 percent from its current 7 percent. "He pushed us early on to ask, 'What does this mean for profits? How does any news affect a company's numbers?'" Frommer says. "It's great if it makes a company look bad or look good, but is this really going to affect the numbers?"/p pBlodget is also trying things that no mainstream-journalism-trained blogger like Swisher or GigaOm's a href="http://gigaom.com/"Om Malik/a would ever dare. He makes serious-sounding offers to buy companies that he wants to demonstrate are significantly undervalued. It's pure showmanship, but with Blodget's background in finance and his ties to folks up and down Wall Street, no one knows just how far he will take the joke./p pHis first target was CNET. With the a href="http://www.alleyinsider.com/2007/12/announcing_our_friendly_takeover_offer_for_cnet"slightest of winks/a, he wrote a href="http://www.alleyinsider.com/2008/1/cnet_update_on_our_offer_and_restructuring_plan_part_1"post after post/a explaining how he'd a href="http://www.alleyinsider.com/2008/4/jana_here_s_our_plan_for_cnet"purchase the company/a. At first he proposed a sort of reverse merger, with CNET buying Alley Insider for $50 million in stock, at which point Blodget's team would take over every aspect of the company. Then he detailed the operational changes he would make./p !-- pagebreak -- pRyan got nervous about Blodget's new direction. Blodget's deal with the government forbade him from giving individual research advice, but it didn't say anything about jumping into the private-equity space. Still, there might be legal issues. "Look, why don't we run this by a lawyer just to make sure, because we're getting into securities stuff here," he said to Blodget. When the lawyer asked them "Is this a real offer?" there was a brief silence. For the first time the two really thought about it./p p"You know, yes," Ryan replied. "If they said yes, we would accept $50 million at that time to buy them. So it is a real offer. But we're actually asking them to buy us." The lawyer signed off on the convoluted reasoning./p pAfter Blodget's taunting posts went up, investment firm JANA Partners announced a hostile takeover attempt of CNET. It failed, but by spring 2008 CBS a href="http://www.alleyinsider.com/2008/5/cbs_buying_cnet_for_1_8_billion"stepped in to buy/a the company for $1.8 billion./p pFor one CNET executive, memories of Blodget's unwanted attentions still rankle. "The way you make a big name for yourself on the Web today is to make, for lack of a better word, ridiculous statements," says Zander Lurie, former senior VP of strategy and development at CNET and now CFO of CBS Interactive. Lurie found himself reassuring employees who sent him Blodget's postings and wondered whether their company was at risk. "Everyone knew there was nothing in the offering: He didn't have the capital, the expertise, or any specific insight into our business," Lurie says. "He makes the ridiculous statement and it gets sent all around, and then he claims credit when there's an event the following year, which obviously he had nothing to do with. Less than zero to do with. We all have reputations. And his track record is well known."/p pBlodget has been a href="http://www.alleyinsider.com/2008/10/how-the-new-york-times-nyt-can-save-itself"waging another/a half-serious acquisition fight, this time for the New York Times Company. All he wants is the Web site mdash; the print side is dead, he says. He thinks the paper needs to cut about 80 percent of its costs, at which point it would be the perfect size to be the digital paper of record for a long time to come. "It's a serious offer from our perspective, but it hasn't been taken seriously," Blodget says./p pstrongIn the wake of Wall Street's latest meltdown/strong, Blodget finds himself in even greater demand. He's doing regular TV appearances and is posting again on Slate. When NPR wanted someone to talk about the Wall Street culture of greed, they a href="http://www.npr.org/templates/story/story.php?storyId=94667073"brought in Blodget/a. The reporter introduced him by pointing out that Merrill is now gone, "and Henry Blodget is gone, too; he's banned from Wall Street after being charged with fraud."/p p"Thanks," Blodget said, stuttering for a second, "especially for that horrific introduction." They both laughed. But by the end, the host was treating Blodget like an elder statesman./p pRecently Blodget has been expanding his franchise. He and Ryan have launched two sister sites: a href="http://www.clusterstock.com/"Clusterstock/a, which will compile and analyze Wall Street research on a much wider range of industries, and a href="http://www.businesssheet.com/"the Business Sheet/a, which will focus on corporate scandals. A third is in the works. For each new site, Blodget provides the bulk of the early posts, seeding the new enterprise with the Blodget touch./p pBlodget is broadening beyond tech to get ready for what he sees as a coming shakeout in the news-blog industry. He says he might even start making acquisitions if the price is right. Ryan's suite of companies has raised $50 million in the past few years, possibly enough to buy out some other interesting small blogs. The winning formula for this new kind of business remains elusive: It's a matter of finding the balance between gossip and analysis, between aggregating news from other sources and doing original reporting. Revenue models that go beyond basic advertising have also been slow in coming. "If you look at the development of every new medium, there's been a new form of journalism that has been made possible by it, and there has always been this period of transition," Blodget says. "There is collective experimentation as people figure out what works and what doesn't, and usually you have some very important publications that are built."/p pAnother way to expand is to sell to a larger media company. Blodget says he'd consider an offer, but Alley Insider is still defined almost entirely by one man. If he left, the value would plummet. Also, some media institutions mdash; the grayer, stodgier ones mdash; may find Blodget's unique baggage unacceptable. The endless barrage of comments, the angry mob that seems to follow him everywhere, may be too much for the sensitivities of some management teams, even in these freewheeling days of media transformation. When Blodget wrote a few small items for citeThe New York Times/cite, the newspaper's a href="http://www.nytimes.com/2007/11/11/opinion/11pubed.html"ombudsman went haywire/a. "The citeTimes/cite luster may help Blodget," he wrote last year, "but some of his taint rubs off on the citeTimes/cite."/p pIt's just the sort of comment Blodget has come to expect from, well, everyone. That may change, but only if this latest reinvention succeeds in burying his past forever. In which case, he will have been right: The Internet really does change everything./p pemSenior writer Daniel Roth /em(a href="mailto:daniel_roth@wired.com"daniel_roth@wired.com/a) emwrote about the a href="/cars/futuretransport/magazine/16-09/ff_agassi"future of the electric car/a in issue 16.09./em/pbr style="clear: both;"/ a style='font-size: 10px; color: maroon;' href='http://www.pheedo.com/hostedMorselClick.php?hfmm=v3:e5509a1338aa2d046a0f36f53c86fd46:KTSfKmr30cBfHohgGm6zBCE5aLDI579Ry5%2FoG9QrW9e1KIT2xpDAJhCNE%2FP6%2BodTaIRTxDwhJCc5xg%3D%3D'img border='0' title='Add to Facebook' alt='Add to Facebook' src='http://www.pheedo.com/images/mm/facebook.gif'//a a style='font-size: 10px; color: maroon;' href='http://www.pheedo.com/hostedMorselClick.php?hfmm=v3:85af8ef1f22075639f5e1be7151d039b:KjXRBL7FimCdPfkcPkDUOZbe%2BR8tiL4gaeJxl%2FnucFQ8UL28mzRmZSeHpMqoJwFUINppaALMULUa'img border='0' title='Add to Reddit' alt='Add to Reddit' src='http://www.pheedo.com/images/mm/reddit.png'//a a style='font-size: 10px; color: maroon;' href='http://www.pheedo.com/hostedMorselClick.php?hfmm=v3:db4d557cf92ff9467e13e01b1aee6530:PWDj6Lri2aPp2F0l1o37LwimABRJS%2Bw%2FOQMMPSWuRMZRLZhLRGI4Q9jz2JLAIoyYna2BguNYIBWs'img border='0' title='Add to digg' alt='Add to digg' src='http://www.pheedo.com/images/mm/digg.gif'//a a style='font-size: 10px; color: maroon;' href='http://www.pheedo.com/hostedMorselClick.php?hfmm=v3:064842e7a9d26f4e96559df7ad75369c:Ri7lRQ2YuIojw9J42qFhanIkt9g%2B2lNj7ky0mPfhji4DJCDrd66IrgRLO78oVkOke9RGBuQDA3ra'img border='0' title='Add to Google' alt='Add to Google' src='http://www.pheedo.com/images/mm/google.png'//a br style="clear: both;"/ a href="http://www.pheedo.com/click.phdo?s=c54405cdda6d6c80dfe38fdee8a0c2a5p=1"img alt="" style="border: 0;" border="0" src="http://www.pheedo.com/img.phdo?s=c54405cdda6d6c80dfe38fdee8a0c2a5p=1"//a img src="http://www.pheedo.com/feeds/tracker.php?i=c54405cdda6d6c80dfe38fdee8a0c2a5" style="display: none;" border="0" height="1" width="1" alt=""/ pa href="http://feeds.wired.com/~a/wired/index?a=V04TVZ"img src="http://feeds.wired.com/~a/wired/index?i=V04TVZ" border="0"/img/a/pimg src="http://feeds.wired.com/~r/wired/index/~4/474334201" height="1" width="1"/

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heart attack,weakness,investigations,coo,conclusions

Congratulations to Joi and Mizuka Ito (and a lovely video). lt;3

Selon la Réserve fédérale américaine Â· L'économie américaine tourne au ralenti à l'approche des fêtes

Ski américain, le versant déjanté du Cirque blanc

Summers et le mémo sur la pollution

Le blog d'éconoclaste

- 1 days and 10 hours ago

On trouve dans la tribune datée d'aujourd'hui un portrait de Larry Summers et des différentes étapes de sa carrière (via Wasmer). Evidemment, l'article ne manque pas de citer l'affaire du mémo de la Banque Mondiale, rédigé par Lant Pritchett et signé par Summers, dans lequel il était indiqué qu'une "logique économique impeccable"conduisait à préconiser de délocaliser la pollution vers les pays à bas salaires, et que l'Afrique était largement "sous-polluée". Et l'auteur de l'article de présenter cela comme un "mauvais début" pour Summers dans le débat public. Un mauvais début, vraiment?

Pour C. Dillow, au contraire, ce mémo est ce que les économistes peuvent produire de mieux. L'économie n'a pas vocation à apporter des réponses toutes faites, comme une science fournissant des solutions mécaniques à tous les problèmes sociaux; son objet est bien trop compliqué pour cela. Ce que l'économie fait bien, c'est poser des questions. Comme l'indiquait Samuelson dans la première édition de son célèbre manuel, la première règle de l'analyse économique, c'est que les choses ne sont pas ce qu'elles semblent être. Et la méthode des économistes consiste à se poser des questions pour aller au delà des apparences. Ce que montrait le mémo de Summers, c'est qu'un objectif moral - préserver les habitants des pays pauvres de la pollution - pouvait entrer en conflit avec un autre - les rendre plus riches. La "logique économique impeccable" du mémo a des limites, mais le document montre que le moralisme confortable, lui aussi, a des limites. Il est une façon de se confronter au caractère tragique des choix politiques, en ouvrant un débat difficile.

Et cette attitude, comme le rappelle Dillow, est extrêmement rare dans le débat public. Le métier d'éditorialiste consiste le plus souvent à aligner des banalités qui apprennent beaucoup sur les préjugés de leur auteur, et sa volonté de montrer à son public qu'il partage leurs idées reçues; le discours politique, quant à lui, se ramène de plus en plus à la capacité de tenir les propos populistes les plus creux, parce qu'il n'y a rien de pire pour un politicien moderne que d'apparaître comme "éloigné des vrais gens" - dont le portrait lui est dressé par des médias méprisants. Le mémo de Larry Summers était une façon d'essayer d'élever le débat public au dessus de cette fange, en se confrontant à de vraies questions - tentative qui hélas n'a pas été couronnée de succès. Considérer cela comme une erreur en dit long sur la conception que nous avons de la discussion politique.

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pollutions,confortable,portraits,allers,gens

Le JT de L'Artisanat du 03 décembre 2008

TechCrunch Is Now “In A Relationship” With Facebook Connect

TechCrunch

- 1 days and 15 hours ago

Facebook Connect is beginning to materialize and we’re on the ground floor: TechCrunch readers can now use their Facebook accounts to sign in before leaving comments.

Doing so yields several benefits. Most immediately, you’ll no longer have to enter a name, email address and website manually before dropping your two cents. Just click once on the “Connect” button that sits next to the comment form and we’ll automatically detect who you are, even on return visits.

Hooking things up with Facebook also lets us display your profile portrait in miniature form next to your name in the header of comments. Your name conveniently links to your Facebook profile as well, making it easier for other commenters to get in touch with you and perhaps become your virtual friends.

But Facebook Connect doesn’t let information flow just one way. You can now post notifications of your comments to your Facebook wall whenever contributing here on TechCrunch. After hitting the “Add Comment” button, just select a type of feed item (which Facebook calls a “story”) and your friends on Facebook will have the chance to appreciate your snark and wit.

There’s a lot more that can be done with Facebook Connect to enhance the social aspects of TechCrunch, so expect to see more elaborate Facebook-enabled features in the future, such as the ability to see which of your friends are also TechCrunch readers. In the meantime, try this implementation out and let us know what you think in the comments (naturally). Suggestions about how we should expand our usage of Facebook Connect are also most welcome.

Note to Windows users: Facebook Connect on TechCrunch doesn’t play nicely with Internet Explorer 6. Use this as an opportunity to upgrade, assuming it’s within your power to do so. And if it’s not, you probably don’t want your boss noticing how much time you spend on TechCrunch during business hours anyway.

Special thanks to Adam Hupp and Josh Elman at Facebook for their help in making this happen.

Also check out the test application we developed with MySpace Data Availability back in June.

Crunch Network: MobileCrunch Mobile Gadgets and Applications, Delivered Daily.

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Le Décaméron des femmes - Histoires de femmes russes

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- 1 days and 22 hours ago

Cela se passe en Russie soviétique, dans une maternité de Leningrad où dix récentes accouchées sont en quarantaine à la suite d'une épidémie. Le temps est long et pour se distraire ces dix femmes venues d'horizons différents décident de raconter chacune une histoire vécue sur un thème chaque jour différent.

Ce gros roman qui s'inspire du Décaméron de Boccace consiste donc en 10 histoires égrenées sur 10 jours sur des thèmes aussi variés que la vengeance, le premier amour, le bonheur, le viol, l'argent. On y rencontre des femmes aussi différentes que Olga ouvrière sur un chantier naval ; Larissa, professeur de biologie ; Zina-la-Zonarde, SDF ; Valentina, fonctionnaire du gouvernement ; ou encore Galina, épouse d'un dissident. Au-delà des différences sociales et des tensions inévitables dans cet espace confiné, ces femmes sont réunies par les mêmes expériences d'une vie dure, entre des conjoints infidèles souvent victimes de l'alcoolisme et des fins de mois difficiles, sans parler des incroyables conditions de logement. Cela donne un livre touffu à travers lequel l'auteure — ayant séjourné en camp d'internement en Sibérie et aujourd'hui exilée en Allemagne — peint le portrait d'une Russie d'avant la chute du Mur étouffée par les interdits et les restrictions, les règlements et les excès, les pénuries en tout genre, ce qui donne lieu à des situations kafkaïesques dans lesquelles les femmes essaient tant bien que mal de tirer leur épingle du jeu.

Le tout est écrit sur un ton grinçant visant à alléger une ambiance peu propice au rire, et ceci alors même que les femmes font souvent preuve d'un humour désarmant, l'humour du désespoir et qu'elles parviennent à trouver du bonheur dans leur vie de constantes privations ("Nous nous débrouillons pour trouver notre bonheur dans le territoire qui nous est alloué, mais nous souhaiterions toutes avoir une vie plus civilisée" p. 410) .

L'auteure intervient régulièrement pour présenter chaque histoire, et en profite aussi parfois pour mettre son grain de sel caustique dans ce récit que j'hésite à qualifier de militant, lui préférant peut-être le terme d'honnête sinon d'objectif — et dénoncer ainsi les absurdités d'un régime où la pénurie de tout est omniprésente et l'archaïsme des conditions de vie une réalité quotidienne.

Titre : Le Décaméron des femmes | Auteur : Julia Voznesenskaya | Editeur : Actes Sud | Thème : Littérature russe

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