Congress Votes Down $700 Billion Bailout

Last week, politicians in Washington tried developing a $700 billion bailout plan for Wall Street. However, today a slight majority in Congress wisely turned it down.

Throughout the day, television networks aired live coverage of the crucial voting session, while newspapers reported what was taking place online. I was able to watch some of it on TV, but I mostly knew what was happening thanks to the people at the WashingtonPost.com, who were keeping a live blog. So kudos to them.

I don't want to discuss my personal views regarding the bailout too much. I'll just say I hope the crooks on Wall Street know they don't deserve a penny of Americans' tax money. If their institutions are crumbling, they should suffer for their own greed and corruption.

The only point I want to raise is my beef with the media over how, while politicians devised the bailout plan, no one questioned how that money would be backed. America is broke right now. And our currency is beyond weak. So where would the government come up with $700 billion of sound money?

I'm no economic guru, but I know enough about our financial system to know that the money for the bailout plan would be backed by nothing but paper money. I'm sure there are journalists out there that know much more than me. Yet, no one dared to discuss this. Shame on them.

My $0.02 on the First Presidential Debate of 2008

Two days ago, presidential candidates Barack Obama and John McCain held the first of three debates at the University of Mississippi at Oxford. The main topics that were discussed dealt with the economy and foreign relations (mainly the Middle East). A few days prior to the debate, there were rumors that McCain might not show up, but he ultimately did.

In the hours following the 90 minute debate, the media sounded off on each candidate's performance. Many praised Obama for coming off as calm and patient, but assertive. Some said McCain could have done better, though he certainly came off as tough and willful. These were the most common views held by television networks and newspapers.

Personally, I think both candidates failed to talk about the real issues America faces. Forget the government bailout; it's going to fail, as it is backed by nothing but paper money. Forget whether Afghanistan is more dangerous than Iran. The truth is both men represent similar interests and that is big government spending.

Both men claim their goal is to reform Washington. But how can they when both of them are controlled by billionaire special interest groups? I could care less about the technicalities and petty issues each men pointed out. I didn't tune into the debate to hear the same bickering one would expect from high school girls.

I tuned in to the debate because I wanted to hear both candidates' views on the Federal Reserve and the IRS, and why they rob taxpayers' hundreds of millions of dollars. I tuned in because I hoped either one of them would address the issue of Americans losing countless liberties every day. I thought I might hear something regarding why our government continues to believe it's an obligation to maintain an empire overseas and tell other nations what to do. I wanted to know what each thought about America becoming more socialist as time goes on.

But I didn't. All I heard was nonsense. That is why I cannot and will not vote for either corporate, neo-conservative lap dog.

In Memory of Paul Newman

I usually refrain from talking about Hollywood celebrities. But for this post, I have to make an exception.

Earlier this morning I came across shocking headlines that said Academy-Award winning actor Paul Newman died after battling cancer for some time. Needless to say, I was quite saddened to hear the news, as I have a lot of respect for Newman, who appeared in several iconic films, such as "Butch Cassidy and the Sundance Kid," "The Absence of Malice," and "The Color of Money."

That's why I was pleased to see that FoxNews.com had a large section dedicated to Newman's life and career. It contains photos, videos, and even a personal family statement. For those who wish to know more about the legendary screen actor, I suggest you browse through the gallery. It's very informative, and well, touching, too.

Political Cartoons Online

Ah, political cartoons. Ya gotta love them. They resonate louder than all the words in the dictionary combined. And they're usually all very clever and humorous. Now that most people get their news online, it's good to see that newspapers still have people drawing up and publishing these cartoons.

Today I came across some really funny political cartoons at MSNBC.com. They primarily deal with America's recent economic woes. I recommend you take a quick peek at them if you want a good laugh.

Economic Insight from Glenn Beck

I can't stand Glenn Beck. He's a little too smug to listen to for more than a few minutes. However, in the last several days, I've found myself agreeing with many of the issues he's raised on his show and website regarding our (bleak) economic situation.

While Beck is no expert on the economy, he definitely knows what he's talking about when he speaks of our financial system falling apart. If you can get past his crude, sarcastic, in-your-face style, you will realize that many of the issues he raises make more than a lot of sense.

I recommend taking a glance at some of the content on his site, which features many of the same stories on his show. Even if you disagree with many of his positions as I do, I think you'll see Beck is a voice of reason when it comes to our fiscal concerns.

Misleading Titles

I want to discuss a topic brought up by a classmate in a comment to my previous post.

In my last post, I had a link featuring a video of the roof of Miami Arena coming down. While the short clip was rather interesting, the title of it was misleading, as it made the event seem like some sort of accident when it clearly wasn't.

I would think anyone who came across a video featuring the word implosion would probably think there had been a freakish disaster. And immediately follow the link. That's what I expected when I saw a short video titled "Miami Arena Implodes." However, there would be no tragic accident. All there was were demolition crews caving a roof in, which is not as exciting as the title suggests. However, later I saw the video was given a more appropriate name.

This brings me to my point, or rather the one raised by my classmate Corey Erb. Is it possible that the media gives stories misleading titles to attract more viewers? After thinking about it, I think it may be true.

There have been many times when I have read or seen news online and the content seems very different from what the title suggests. And I think, either the press either exercises poor judgment or deliberately spices up a title for more views. What do you think?

Miami Arena's Roof Implodes

So I'm online, killing time before NFL Sunday kicks off, when I come across a video that says the roof of Miami Arena imploded. At first I thought there had been some sort of accident. But after watching the video, I come to find out it was actually blown up on purpose. Silly me.

I thought the footage was pretty good, so I figured I'd share with anyone who decides to skim through my blog. It's not spectacular but it's decent enough. Enjoy.

Obama Comes to UM

Two days ago, Barack Obama spoke at the Bank United Center at the University of Miami in regards to women's issues. Obama, the Democratic party's presidential candidate, is the first African-American to be nominated in the current two-party system.

While I didn't go to the event, I do know a lot of people that did. And I know even more that desperately tried to find tickets but couldn't find a way to get in. The event, "Women's Rally for the Change We Need," was open not just to students and faculty at the University of Miami, but to anyone in south Miami who could manage to obtain tickets.

To accommodate those who couldn't attend, the University set up various watch points throughout campus. From what I hear, there were a large amount of people who showed up to see the event from these watch points.

In any case, at the University of Miami's website, there is a link with a story recapping the events. There is also a small photo gallery included.

Now, by no means do I get my news from the university's home page, but if anyone were to, there's the option of checking out what's in the news around UM right from the computer.

The Fed Extends Helping Hand to AIG (My Version)

A few days ago I tracked a story by Madlen Read regarding the Federal Reserve coming to the aid of American Insurance Group with an $85 billion loan. While Read updated her piece regularly throughout the morning, she did not make the necessary updates in the evening, once the work day was over.

Now that a few days have passed since the DOW went down 450 points (but rebounded again), I will write my version of Read's story. Well, just the first few paragraphs. Here goes:

Fearing a collapse on Wall Street, the Federal Reserve has loaned American Insurance Group $85 billion on a day in which the DOW Jones fell 450 points. In exchange for help over the next two years, the Federal Reserve will stake a claim to 80 percent of the company.

The government will also begin selling bonds in order to ease some of the panic on the markets. This comes amidst recent warnings by the SEC against short-selling.

Amidst the lack of confidence on Wall Street, more investors have backed away from stock and have looked to more secure assets. This has led to a rapid increase in value in gold and oil.

The Fed Extends Helping Hand to AIG (Update #3)

According to an article by Tim Paradis of the AP, the DOW Jones has gone down 450 points today.

Paradis' article is not the one I have been tracking throughout the day. However, I mention it because the one I have been monitoring, an article by Madlen Read, has not been updated with the latest news.

In the morning, Read first reported that the DOW had gone down 250 points. Hours later, she reported that it had fallen 340. And now, according to Paradis, it's gone down 450 points.

Ugh. Regardless of who's reporting what, there's nothing positive one can really say about this news.

The Fed Extends Helping Hand to AIG (Update #2)

I decided to check one last time whether Madlen Read's piece on the Federal Reserve coming to American Insurance Group's rescue had been updated one last time before the business day was over, and I saw that it had not. The article looked the same as when I checked it about two hours ago.

Thank goodness. I didn't want to hear about the DOW Jones slipping even more.

The Fed Extends Helping Hand to AIG (Update)

So I checked back to see if the story I was following had been updated or not. I won't repost the entire article, as it remains largely the same. However, I will point out that something very important had been changed.

When Madlen Read's article regarding the Federal Reserve lending billions to American Insurance Group was first published at 8:07 AM, there were reports that the DOW Jones had gone down 250 points. When I checked again just now, it said the DOW had slipped past 340 points.

In case you don't know anything about stocks, that is a tremendous drop. That can't bode well for our country.

The Fed Extends Helping Hand to AIG

Over the next several posts, I'll be monitoring, critiquing how an online story is updated throughout the day. My story is about the Federal Reserve rescuing American International Group with an $85 billion loan.

As of 8:07 AM, this is how the story read:

STOCKS TUMBLE AFTER GOVERNMENT BAILOUT OF AIG
By Madlen Read, AP Business Writer

NEW YORK – Wall Street plunged again Wednesday, with anxieties about the financial system still running high even after the government bailed out the insurer American International Group Inc. The Dow Jones industrial average dropped more than 250 points.

The Federal Reserve is giving a two-year, $85 billion loan to AIG in exchange for a nearly 80 percent stake in the insurer, after it lost billions in the risky business of insuring against bond defaults. Wall Street had feared that the conglomerate, which has its tentacles in various financial services industries around the world, would follow the investment bank Lehman Brothers Holdings Inc. into bankruptcy.

"We dodged a bullet, but we want to make sure it's a complete ceasefire," said Jack A. Ablin, chief investment officer at Harris Private Bank, noting that AIG still needs to unwind its investment positions, sell off assets, and possibly get more cash.

Furthermore, the two independent Wall Street investment banks left standing — Goldman Sachs Group Inc. and Morgan Stanley — remain under scrutiny, as does Washington Mutual Inc., the country's largest thrift bank. Morgan Stanley revealed its quarterly earnings early late Tuesday, posting a better-than-expected 7 percent slide in fiscal third-quarter profit. It insisted that it is surviving the credit crisis that has ravaged many of its peers.

Lehman filed for bankruptcy protection on Monday, and by late Tuesday had sold its North American investment banking and trading operations to Barclays, Britain's third-largest bank, for the bargain price of $250 million. Over the weekend, Merrill Lynch, the world's largest brokerage, sold itself in a last-ditch effort to avoid failure to Bank of America Corp.

The ongoing troubles in the financial sector could exacerbate the problems facing the weak U.S. economy, given that individuals and businesses rely on the nation's money centers to borrow from.

The Commerce Department reported Wednesday that new home construction fell by 6.2 percent in August to 895,000 units, the slowest building pace since January 1991. Slumping demand for houses, sinking home prices and mortgage defaults have been the catalysts behind Wall Street's turmoil — and the risky mortgage-backed assets held by the nation's banks are not apt to regain in value until the housing market turns around.

A day after Wall Street regained some of Monday's nosedive, the Dow fell 346.69, or 3.13 percent, to 10,712.33. The blue-chip index is down more than 5 percent on the week, and has fallen more than 23 percent since reaching a record close of 14,164.53 on Oct. 9 last year.

Broader stock indicators also fell. The Standard & Poor's 500 index dropped 45.94, or 3.79 percent, to 1,167.66, while the Nasdaq composite index fell 82.37, or 3.73 percent, to 2,121.53.

Media Mutts and the Federal Reserve

Earlier today it was announced that the Federal Reserve would be pumping $70 billion into our financial system. That's right: $70 billion. This move comes as Wall Street continues to struggle and the country continues keeps falling deeper into a recession.

Great. As if there weren't enough inflation already, Ben Bernanke and his buddies at the Fed are going to continue to print useless, paper money out of thin air. And all the media does is tell us about it. I've been watching my television and browsing online for almost two hours and I have not heard one journalist stand up and question this move. Nor have I heard anyone question what the Federal Reserve really does or why it even exists.

What ever happened to the media being a watch dog to those in power? I ask myself whether those in the press don't know about the Fed or whether they simply care not to grill it because it does not suit their interests. Hmm..I think it may be a little from Column A and a little from Column B.

Covering America's Economic Crisis

As I mentioned in an earlier post, the media tends to ignore coverage of the nation's economy. On one hand, reporters can't really be blamed for that, as our entire economic system is shrouded in secrecy. Yet, I think the press could at least try to do a better job of featuring things related to our once-powerful dollar.

However, with the recent news of Lehman Brothers' bankruptcy filings and Bank of America's purchase of Merill Lynch, there has been no shortage of coverage in regards to Wall Street's recent crisis. Almost everywhere you go online, you can find something related to this recent economic meltdown.

I personally liked an opinion piece by Jon Markman, which explains why the Federal Reserve is right to not have lent a helping hand to the once powerful bank.

For those who don't know much about economics, I suggest they read more Markman, who regularly pens articles for MSN's Money Central. His pieces are always analytical and informative, but light and easy to understand.

Visiting the Miami Herald

Just a few days ago, I went to the offices of the Miami Herald with some of my CNJ 442 classmates to take a tour of the newsroom. Our host was Rick Hirsch, managing editor of multimedia projects.

Before we took our tour of the newsroom, we sat in a conference room discussing a variety of things concerning the Miami Herald and journalism in general.

For instance, we talked about the Herald's continuous news desk and how it constantly monitors news around the world (almost 21 hours a day!). With its countless televisions, computers, and monitors, those at the continuous news desk can immediately publish any breaking news online.

We also talked about some of the many challenges that online journalism has presented to those in the newspaper industry. Namely, how to make money in a market where the majority of people get their news online now.

Our tour then consisted of walking the floors of the newsroom, through the radio studios and a soon-to-be television studio that is currently under construction.

I have to say what impressed me most about this trip was hearing about and then seeing those who work at the continuous news desk. Knowing how diligent those journalists are is not only respectable. It's also intimidating.

The Linchpen

Everyone at the School of Communication at the University of Miami probably knows Greg Linch. You could practically call him the face of the school, as he is very involved with its activities and programs.

In the past, I've had a few classes with Greg. I've also worked with him at the Miami Hurricane, where he served as editor-in-chief. I've always been impressed by his passion for journalism, especially online. Greg also happens to be a very good writer. He's the kind of guy that you can see maybe winning a Pulitzer Prize someday. Really.

In any case, for those who don't know, Greg keeps an online blog called The Linchpen, where he posts about things related to online journalism. Its content is excellent and it's what every student in CNJ 442 would want to feature in their own blog. I recommend that everyone browse through it. It really is good stuff.

Commemorating 9/11

If every American were to write an article commemorating 9/11, there would not be enough ink to publish these pieces. Fortunately, there is enough space for these poignant articles online.

Today, on the 7th anniversary of 9/11, there have been countless articles published online in memory of the tragic event. There have also been dozens of videos submitted and photo galleries created to pay tribute to all the innocent lives that were lost seven years ago.

I find this quite touching. And I'm glad there is enough space online for this.

At FoxNews.com, I came across a small photo gallery that I really liked. It contains images from seven years ago that capture the grief Americans are still recovering from.

Election 2008: Real Issues?

I'll be the first to say that I like that online journalism allows people to read more feature articles than in a newspaper. As someone that will one day write feature articles for a living (hopefully), it lets me know that people appreciate reading about a variety of things related to important topics.

During this presidential campaign, there have been dozens and dozens of feature articles written about Barack Obama and John McCain, their vice-presidential picks, and the election in general.

For instance, at CNN.com, there is an article by Roland Martin about some of the sensitive topics surrounding the upcoming election, such as race and gender.

At The New York Times.com, there's an article by John M. Broder about Democratic vice-presidential nominee Joe Biden's preparation for an upcoming debate with Sarah Palin.

These articles are quite interesting. However, I've realized in the last few months that not many articles have been written about the most important issue in the upcoming election. And that is our frail economy.

Forget the war in Iraq. Forget about global warming. Right now our economy is on the ropes and neither candidate seems to say much about it. Perhaps since no one in the media really presses the issue, both Obama and McCain continue to avoid it.

That's why I was glad to see an article written the other day about America's huge federal deficit. In this piece, David Lightman and Kevin G. Hall discuss how the government's over-spending has weakened the dollar, which feeds inflation and will raise the country's debt to over $10 trillion.

Why aren't more articles like this being written? Is it because they scare people? Is it because they aren't as light as say, articles about the candidates' families?

I'd like to make it clear that I'm not knocking the fact that feature articles are being written about the various topics surrounding this election. I'm just saying I'd like to see more things written about significant ones.

User-Generated Content

One of the unique things about online journalism is that it allows people to generate content of their own related to news stories that might interest them.

At ESPN.com, there is a unique feature that allows college football fans to upload videos of themselves discussing things related to the sport. Fans can sound off about an upcoming game, a rival team they'd like to see clobbered, or simply come up with something interesting to say in support of their favorite team.

Here is a clip of such content, courtesy of ESPN:



Is this considered journalism? Experts and professional journalists might say no. It might be deemed too biased.

That brings up several key issues, such as what exactly is journalism? Is it what's most popular? Is it what generates most debate? Is it limited to a certain platform or type of information? Should only certain people generate content? While no one really knows the answer, one thing is certain: the power of the internet has blurred the lines.

One of the exciting things about our times is that, eventually, the masses will decide and lay out the guidelines for online journalism in the years to come.

Tracking Weather Online

Suppose you live in south Florida and have received various warnings that a severe hurricane is headed your way. Now, say you don't have a TV or radio anywhere near you. What do you do to track the weather? Well, you can check it online.

Now, I don't consider weather coverage journalism per se. But I suppose one could categorize it as such since newspapers and television networks spend a lot of time and money covering it.

Usually, weather coverage is relegated to a small section of the newspaper and a brief segment on the local nightly news. As a result, most people take it in with a yawn. But for those who live near the Gulf of Mexico and the Caribbean, reactions may be different. Especially in the early months of autumn. Why? Hurricane season.

In the last two weeks, there have been warnings issued for three major hurricanes (Gustav, Hannah, Ike). All the major TV networks, like ABC, CBS, and NBC, have really stepped it up as far as informing people on the status of these hurricanes. As of late, all of these stations interrupt regular programming every few minutes to track the coming storms.

If you check online, there is plenty of coverage, too. And not just on a site like the Weather Channel. Almost anywhere you navigate online, there is a link somewhere mentioning the status of these hurricanes. Obviously, weather coverage is being taken seriously by people throughout the country. They hope those in the way of the storms won't have to go through a catastrophe like those who endured Hurricanes Andrew (1992) and Katrina (2005).

Personally, I tend not to follow the weather. Especially when it's on TV--I find it annoying, overly repetitive. But because experts are predicting that Hurricane Ike could be disastrous, I've been constantly tracking the weather right from my computer and I'm thankful there's extensive coverage of it.

Manny Navarro's Eye on the U

College football = excitement.

Full of proud traditions and regional rivalries, college football has more rabid and devoted fans than any other sport in America. Throughout the season, die-hard fans want to constantly know what's going on with their team. Which player got injured? Is the team looking sharp for the upcoming game? What does the coach think of the opposition? Fans of the Miami Hurricanes are no exception.

Thanks to the internet, these fans can get their dose of college football anywhere, anytime with the click of a mouse. Currently, there are dozens of websites dedicated to exclusive coverage of the sport. Some of the premier sites, like Rivals.com and Scout.com, do an excellent job of providing extensive coverage of the sport, team by team. They feature rich stories, in-depth analysis, and exclusive videos and interviews of players and coaches.

However, the downside of these sites is that they require expensive subscription fees. 'Canes fans though, can get outstanding coverage of Miami football for free by checking out Manny Navarro's Eye on the U.

Navarro, a sportswriter for the Miami Herald, has spent the last few years single-handedly putting together content for the Hurricanes on this online blog. Every day, Navarro explores the many aspects of Miami football, featuring many of the same things as the other college football websites but for free and without the help of a large staff. You can't beat that.

Fans appreciate Navarro's work. Even those who don't support Miami football. At Eye on the U, every post by Navarro allows readers to comment. By the end of the day, each post has at least 50 comments.

This week, in the lead-up to the Hurricanes' match-up against the University of Florida, there have been more readers weighing in. And not only from the state, but from all over the coutnry. Proof that Navarro's Eye on the U is online journalism at its finest.

Coverage of the RNC

Every four years, the media goes in a frenzy trying to cover a presidential election. From debates to forums to the campaign trail, the press is always ready to publish anything that might be considered newsworthy.

This week the Republican party is holding its national convention in St. Paul, Minnesota in hopes of generating money, publicity, and support for its presidential nominee John McCain. While there is certainly a healthy amount of buzz surrounding the event, the RNC seems somewhat quieter than that of the Democrats', which was held last week in Denver, Colorado. Perhaps the fear of Hurricane Gustav can be blamed for that. Nevertheless, the Republicans, like the Democrats, have done their best to try to make sure their four day event is a great one.

Almost all of the notable events that have taken place thus far have been televised. In this age of technology, those who miss anything on television can go online to get caught up with what's making headlines. And for political junkies, there are plenty of things about the event to satisfy their cravings.That's one of the great things about online journalism. It gives people flexibility, options.

All of the big networks like CNN, Fox News, and MSNBC feature interactive polls, in-depth analysis, photographs, and videos related to the RNC. However, some do a better job of presenting it online. And that is very important.

One of the things people expect when they read news online is for it to be as easy as flipping through the pages of a newspaper. On their respective websites, CNN and MSNBC both have visible links that lead viewers directly to coverage of the RNC. One of the problems I had with Fox News' site is that one has to navigate a bit before finding coverage of the convention.

Again, that is key. People want their information fast. They don't want to spend time looking for something. If I were working over at Fox News, I would try to get that taken care of.

CNJ 442: Exploring Online Journalism

A senior at the University of Miami, I have one semester left before I graduate from the School of Communications as a print journalism major.

In the past, the majority of my classes have focused on traditional journalism. Today though, I had my first class in online journalism (CNJ 442) and I was both excited and nervous.

I've had a little experience creating multimedia packages for an online boxing publication I've written for since entering college. However, I can't say I know too much--if anything--about what makes online journalism as effective as it's become in the last decade.

During this semester, I hope to learn new skills that will help me be a better online journalist. I also hope to gain a better understanding as to why online journalism is uniquely popular/powerful. This class seems like it will be challenging. I won't lie. But it also seems like it will be quite interesting. My goal by the end of this semester is to be able to make stories more appealing to readers using multimedia tools.

It helps that my professor knows a lot. An experienced journalist, Suzanne Levinson has worked at the Miami Herald for more than 10 years and has witnessed the birth and development of journalism online. So if I have questions about anything, I'm sure she'll be able to help.

So, with that being said, I'll be constantly updating this blog throughout the semester to discuss, analyze, and critique things related to online journalism. Please feel free to comment.