Non-resolution time

What promises are you making for 2024?

Source: Newsweek

I have always avoided New Year’s resolutions. Partly, that’s because the holiday always struck me as a hollow, made-up affair, with forced excitement and too much drinking. Unlike, say, Christmas or Rosh Hashanah, it really seemed like nothing more substantial than a turning of the calendar. No Times Square cavorting for me.

Moreover, such customary vows as losing weight and exercising would likely prove short-lived or temporary, at best. Old habits die hard and just screwing up one’s resolve only to disappoint oneself in time — often in a very short time — seemed self-defeating.

But now that the calendar seems to turn faster and the road ahead is shorter than the road behind, I wonder if it’s time for me to revisit my reluctance. In whatever time remains, perhaps some goals, and knowing I have the means or ability to reach them, might be useful.

Source: BuzzRx

A new friend, who recently retired as a professor of nursing, told me the other day that she now has one job in life – to keep herself healthy. For her, that has meant dropping weight, a lot of it, and committing to a personal trainer. She spoke of how she celebrates every small achievement nowadays, whether it’s maintaining her new slenderness or bragging about the new definition in her arm and leg muscles (that trainer has been invaluable).

For my part (and for many of you, I expect), one job is far too small an estimate. We likely have myriad obligations as spouses, parents or grandparents. We may have commitments to volunteer efforts or to projects (writing-oriented ones or others). And all those come atop a basic need to stay healthy, which is quite the challenge in these Covid-will-be-with-us-forever times.

So, this brings me back to resolutions – or, perhaps, they could better be called aims or goals. One can fail in pursuing a resolution, after all, but if one falls short in an aim or a goal, one can still claim partial success. And one should always aim high, of course (consider the adage that one’s reach should always exceed one’s grasp).

Here are a few aims for me:

— Treat family members, particularly my devoted and superb wife, better each day than the one before.

— Be kind to strangers in need. This would apply to people I help as a volunteer at a ski resort and to folks such as the homeless who, sadly, seem to be proliferating everywhere.

— Make time for healthy diversions, such as exercise and hobbies such as honing those guitar skills.

— Be available for friends. Set up those for-the-hell-of-it dinners or lunches.

— Be fair-minded and open to alternative viewpoints.

— Avoid dwelling on toxic influences (that includes Donald Trump). And this one doesn’t contradict the prior one, since some things remain beyond the pale.

— Be kind to oneself, including being forgiving when falling short of such targets as those above.

Source: Bhavana Learning Group

Okay, so a skeptic may say these aims are vague. Better to promise something such as “drop 10 lbs. by Feb. 15” or “compliment my wife at least three times a day” or “write that damn novel, already.” But, that sort of specificity invites failure. Such detailed commitments smack of resolutions, not aims (see above).

So, fresh from a delightful New Year’s Eve gathering last night with friends (which wasn’t at all made up, but was wonderfully warm and fun), I set down these aims. Let’s see how well they stand up over the coming 365 days.

I hope your resolutions, aims or whatever, go well. Happy New Year, all.

Sobering but Unsurprising

A friend who worked in both newspapers and magazines recently shared a piece from The Philadelphia Inquirer whose headline a few years ago would have been shocking. It was titled “At Philadelphia’s 30th Street Station, the last newsstand stopped selling newspapers.” Subhed: The explanation, sadly, is old news. Nearly no one was buying them.”

The piece, a mix of elegy and business reporting, offered a sobering slap in the face to nearly anyone of a certain age, an age when trains were filled with folks turning pages and studying the news of the day. Not so much anymore, it seems. Newspaper sales “had grown beyond bleak” at the station, the manager of the stand said. ”We weren’t making any money off newspapers.”

The piece explained how the Age of Smartphones has rendered the print product nearly obsolete, quaint perhaps. It suggested that the pandemic worsened the newspaper industry’s existential struggle with the digital world. And it discussed how newsstands themselves are vanishing, much as coin-operated news boxes are.

“Each year an estimated four million passengers pass through the station’s soaring concourse, making it Amtrak’s third busiest hub,” the Inquirer reported. “Meanwhile, in recent times, the stand rarely sold more than a dozen daily papers each day … Then there’s rising prices, delivery costs, and time and energy spent bundling up returns.”

Tillman Crane photo, source: The Philadelphia Inquirer

The piece included a photo of another newsstand in the center of the concourse, a memorable shot that for a time even hung in the National Art Museum of China. In its haunting emptiness and ghostly lighting, that photo to me is reminiscent of an Edward Hopper painting. Even as it is foregrounded with stacks of newspapers waiting to be snapped up by news-hungry travelers, the shot seems a bit funereal, foreshadowing the fate of print decades after photographer Tillman Crane aimed his camera at the stand in 1989.

This is not news, of course. Almost since my first days in the news business, back in the summer of 1974, industry changes have been extraordinary, with many of them seeming like campaigns in a war against obsolescence. My first job, in the noisy back shop of a New Jersey daily with hot-type lead Linotype machines behind me, was as a proofreader. Three colleagues and I would comb sheets of typescript for typos that we circled and dispensed to the editors in the busy newsroom. Copy moved between us and that newsroom on an overhead conveyor belt on sheets of rough paper.

That job was obsoleted soon by computers on which reporters and editors did their own proofing. And the compositors, who operated the linotypes, soon enough lost their jobs, as systems bypassed those noisy, dirty and dangerous machines.

By the time I made it into the newsroom – first as a copyboy and then as a reporter – IBM Selectrics were giving way to fancy typewriter-like systems that allowed us to more efficiently type copy to be scanned and ultimately printed. Then, in the blink of an eye, we moved to computer terminals and the newsroom became far quieter.

Still more changes awaited us during my six years at the paper, then called The Home News. We scrapped a traditional layout in favor of a trendy modular design. The old classic look went the way of the afternoon edition of the paper (which I had delivered as a kid not many years before). TV obsoleted that edition.

Source: Society of Professional Journalists

Later, after grad school in 1980-81, I saw a similar makeover at Denver’s Rocky Mountain News, where I spent another six years. At both papers, modernization seemed essential if we were to hang onto readers and we hung out hats on cosmetic changes.

Still later, when I began my 22-year stint at BusinessWeek, my editors put the magazine through several similar technological and esthetic changes. New looks to “the book” and new machines to move the information more efficiently between reporters and editors were a regular thing. We had to stay au courant and we did so relentlessly, making oodles of money for McGraw-Hill in the process – until, suddenly, we didn’t anymore.

As the Net ramped up in the aughts – and especially after one of the big tech ad busts — we tried to adjust by serving up information many times daily – not just weekly anymore. We built an ambitious Internet news operation, along with the reporting by magazine folks. It was all very pricey and all, in hindsight, rather desperate – as desperate as the efforts of those compositors at The Home News to preserve their jobs against the march of technology.

McGraw-Hill, weary of losing money on BW, sold it for a song to Bloomberg in 2009. And today, Bloomberg Businessweek still offers a print product. But, just as Forbes, Fortune, Time and Newsweek have declined in importance, BBW seems less consequential. I’m not sure it’s even sold on newsstands anymore, though it is available by subscription.

With the power of Bloomberg News behind it, the magazine should be a dynamo. But it feels to me as if its glory days are behind it, at least in its magazine form. Indeed, Poynter last year reported that BBW’s print circulation had dropped from nearly one million in 2012 to 316,000 at the end of 2021. Perhaps the $399 a year cost for an all-access subscription has something to do with that. Perhaps it’s just that the proliferation of information on the Net has made all but a few news-outlet brands almost irrelevant.

Newspapers, of course, have been dying fast. And even as innovative online news operations all across the country arise to try to fill the gaps, the changes in the industry seem overwhelming, obsoleting many operations and depriving people of sorely needed news. Even as brands such as The New York Times, The Washington Post and The Wall Street Journal are doing okay (despite recent layoffs at the WaPo), local news has taken it most on the chin.

My old paper, The Home News, was folded into something called the Home News Tribune, a Gannett product available through my central jersey. The paper survives, at least, unlike the Rocky Mountain News, which bit the dust in early 2009 (Ironically at around the same time I gave notice at BW as I moved to become an academic).

For all my time in it, change has been the lot of the news industry. The arc rose and fell for the business and the drive to stay ahead of the reaper was a troubling one as that arc turned downward. Today, it’s sad to see the end of sales of newspapers at that Philly newsstand as the trend draws toward its logical conclusion.

Of course, some digital news outlets continue to thrive. The Inquirer serves readers electronically, as do so many other outlets, including Bloomberg. They all innovate relentlessly, as they must. But will they stay ahead of the reaper? As they used to say in TV, stay tuned.

Making business journalism sexy (almost)

Looking for ways to make business journalism come alive for students? How about creating scavenger hunts for juicy tidbits in corporate government filings? What about mock press conferences that play PR and journalism students against one another? Then there are some sure bets – awarding $50 gift cards to local bars for mock stock-portfolio performances and showing students how to find the homes and salaries of university officials and other professors – including yourself — on the Net.

These were among the ideas savvy veteran instructors offered at the Business Journalism Professors Seminar last week at Arizona State University. The program, offered by the Donald W. Reynolds National Center for Business Journalism, brought together as fellows 15 profs from such universities as Columbia, Kansas State, Duquesne and Troy, as well as a couple schools in Beijing, the Central University of Finance & Economics and the University of International Business and Economics. I was privileged to be among those talented folks for the week.

We bandied about ideas for getting 20-year-olds (as well as fellow faculty and deans) excited about business journalism in the first place. The main answer was, of course, jobs. If they’d like good careers in journalism that pay well, offer lots of room to grow and that can be as challenging at age 45 as at 20, there really are few spots in the field to match. These days, with so much contraction in the field, business and economic coverage is one of the few bright spots, with opportunity rich at places such as Reuters, Bloomberg News, Dow Jones and the many Net places popping up.

The key, of course, is to persuade kids crazy for sports and entertainment that biz-econ coverage can be fun. The challenge is that many of them likely have never picked up the Wall Street Journal or done more than pass over the local rag’s biz page. The best counsel, offered by folks such as UNC Prof. Chris Roush, Ohio University’s Mark W. Tatge, Washington & Lee’s Pamela K. Luecke and Reynolds Center president Andrew Leckey, was to make the classes engaging, involve students through smart classroom techniques and thus build a following. Some folks, such as the University of Kansas’ James K. Gentry, even suggest sneaking economics and (shudder) math in by building in novel exercises with balance sheets and income statements.

Once you have the kids, these folks offered some cool ideas for keeping their interest:

— discuss stories on people the students can relate to, such as the recent Time cover on Mark Zuckerberg or the May 2003 piece in Fortune on Sheryl Crow and Steve Jobs, and make sure to flash them on the screen (at the risk of offending the more conservative kids, I might add the seminude photo BW ran of Richard Branson in 1998)

— scavenger hunts. Find nuggets of intriguing stuff in 10Ks or quarterly filings by local companies or familiar outfits such as Apple, Google, Coca-Cola, Buffalo Wild Wings, Hot Topic, The Buckle, Kellogg, etc., and craft a quiz of 20 or so questions to which the students must find the answers

— run contests in class to see who can guess a forthcoming unemployment rate, corporate quarterly EPS figure or inflation rate

— compare a local CEO’s pay with that of university professors, presidents or coaches, using proxy statements and Guidestar filings to find figures

— conduct field trips to local brokerage firm offices, businesses or, if possible, Fed facilities

— have student invest in mock stock portfolios and present a valuable prize at the end, such as a gift certificate or a subscription to The Economist (a bar gift card might be a bit more exciting to undergrads, I’d wager)

— follow economists’ blogs, such as Marginal Revolution and Economists Do It With Models, and get discussions going about opposing viewpoints

— turn students onto sites such as businessjournalism.org, Talking Biz News, and the College Business Journalism Consortium

— have students interview regular working people about their lives on the job

— discuss ethical problems that concern business reporters, using transgressors such as R. Foster Winans as examples. Other topics for ethical discussions might include questions about taking a thank-you bouquet of flowers from a CEO or traveling on company-paid trips, as well dating sources or questions about who pays for lunch

— discuss business journalism celebs, such as Lou Dobbs and Dan Dorfman

— discuss scandals such as the Chiquita International scandal (Cincinnati Enquirer paid $10 m and fired a reporter after he used stolen voicemails)

— use films such as “The Insider,” “Wall Street,” and “Social Network” to discuss business issues

— use short clips from various films to foster discussions of how businesses operate. Good example: “The Corporation”

— team up with PR instructors to stage a mock news conference competition pitting company execs in a crisis against journalism students. Great opportunity for both sides to strut their stuff.

We also heard helpful suggestions from employers, particularly Jodi Schneider of Bloomberg News and Ilana Lowery of the Phoenix Business Journal, along with handy ideas from Leckey and Reynolds executive director Linda Austin, a former business editor at the Philadelphia Inquirer. My biggest takeaway: run some mock job interviews with students and teach them to send handwritten thank-you notes.

And we were treated to some smart presentations by journalists Diana B. Henriques of the New York Times about the art of investigative work (look for her new Madoff book), the University of Nevada’s Alan Deutschman about the peculiar psychologies of CEOs (narcissists and psychopaths are not uncommon), the University of Missouri’s Randall Smith’s view of the future for business journalists (it’s raining everywhere but less on business areas). We got some fresh takes on computer-aided reporting, too, by Steve Doig of the ASU Walter Cronkite School of Journalism and Mass Communication as well as on social media by the Reynolds Center’s Robin J. Phillips.

For anyone interested in journalism, especially biz journalism, it was a great week. As I take the lessons from ASU to heart, my students will be better off. My thanks to the folks there.

There, there, dear: do tears belong in the classroom?

In “A League of Their Own,” that wonderful 1992 film, a young woman player makes a dunderheaded toss and breaks into tears as coach Jimmy Dugan (Tom Hanks) yells at her. “Are you crying?,” he asks, stunned. “There’s no crying! There’s no crying in baseball!”

Boy, can I feel for Dugan. So far, I’ve had to deal with four incidents of tears in school. One time, I believe, the bad toss was mine. In the other cases, well, I’d point to hormones, undergrads facing job-like pressure for the first time or sheltered young women beginning to discover the world isn’t such a kindly place.

Still, I felt as flummoxed as Dugan did. Making girls cry is something only a true jerk would ever feel good about. This is so, even though a wiser colleague at Nebraska, veteran teacher and hard-boiled journalist Kathy Christensen, tells me tears come automatically with breasts. She shrugs them off.

Just under three semesters into my academic career, I don’t find the waterworks easy to dismiss. But, dear reader, you be the judge. Let me know if I blew it or could have handled these situations better:

Case No. 1 – I encourage an outstanding magazine-writing student to pursue an internship with Bloomberg Businessweek, my old employer. Before Bloomberg bought it, the mag had a tradition of taking on bright young interns, most of whom had no business training but who had lots of smarts. A colleague at the mag looks over her materials and says she’d be a wonderful recruit and he could use her skills in projects on business schools; he recommends her, as do I.

But, in myriad ways big and small, BW has changed. Bloomberg has her take a three-hour online test, parts of which are heavy on business knowledge (of which she has none, as everyone involved knows). She fails badly and folks there tell her she’s not a candidate. She comes into my office, crushed and weeping.

So I feel like a heel. I put her into a bad spot, after all, and she suffers for it. It also doesn’t help my credibility with the new BW regime.

Was I wrong? If students are willing to take a test and do badly, is it my fault? I warned her there would be business material on the test, even reviewed some general things with her. But I didn’t realize how much the game had changed. Seems to me I blew it. Did I?

Case No. 2 – As is my normal practice, I flash a student’s paper on the screen from a classroom projector. As a class, we criticize the work. I point out the positives and negatives of the piece, and suggest ways it could be improved. It’s pretty benign and no different from other critiques. We’ve had many such critiques that day. The class doesn’t say much one way or the other about it.

The student waits a bit after the lights come up, but then mutters to me, “you gave me a terrible grade on the paper, then humiliated me in front of everyone. I’m done. That’s it.” And she storms out, furious and in tears.

Her grade, a C+, was not on the screen, though her name was (regular practice in these editing and review sessions). Also, while rushing out, she informs me she will drop another class with me that she had signed up for the following semester and, later, she tops it all of by giving me a scathing evaluation at the end of the course.

Is it wrong to criticize students’ work publicly? The class involved peer-editing, so students criticized one another’s work in every assignment. And, in journalism don’t we face critics every time a reader opens a paper and curses about something he or she reads? In the end, I don’t fault myself for this one, but the drama did throw me.

Case No. 3 – A student has promised a colleague that she would deliver a finished video about a trip the colleague and I took with eight students to Kazakhstan in May. The students are no longer in our classes; some have even graduated, so we have no real sway over them.

The due-date comes and she hasn’t got the goods, but has several legit-sounding reasons. The colleague and I bemoan the fact that several students are behind – a hassle he has had in prior classes – and he gets a bit hot about the general problem. It’s a big thorn in the side for him.

The student, a smart and delightful videographer, breaks into tears. She then begins to apologize, explaining that it’s the time of the month for her (she really said that), she’s got problems with moving to a new city and she’s been working and traveling nonstop for weeks. My heart, frankly, goes out to her. I say, it’s not you that’s the problem here; it’s the general issue of how we can get students to comply with deadlines. I’m sure you will get your work done (which eventually she does, at least most of her work).

When I complain to my colleague later that we shouldn’t be making girls cry, he says, “They make themselves cry.” It’s not his problem, but theirs, he suggests.

So, was she being manipulative? Were we right to rant? Is a deadline a deadline?

Case No. 4 – A top student interviews with an internship recruiter. She says a couple silly things – including asking whether she needs to tell her soccer league that she can’t referee for a week during the internship – and strikes a tone the recruiter says is arrogant. In fact, he tells me afterward that he’s written “humility?” several times on his notes about her.

She comes by and I tell her I’m going to give her some no-holds-barred criticism about her interview. It won’t help her, I say, if I mince words, so I don’t. I tell her precisely what the interviewer had told me, and advise that appearing arrogant cannot help in such settings. You’ve got to seem humble, even it’s just for appearances. She breaks into tears, denies arrogance and says she was not asking for a week off for soccer. He misunderstood, she says, pleadingly.

This is one where tough-love was warranted, I believe. Still, the waterworks were troublesome. My own self-criticism: do mock interviews with students first from now on, giving them pointers that can spare them from making such mistakes. (By the way, she got the internship).

So dear reader, what say you? Are tears something teachers should slough off? Is it better that our kids shed them before they get into the workplace, where the consequences of mistakes can be far uglier? And how would you advise someone, still mystified by the half-adult psyches of undergrads, to deal with them? I’m thinking maybe I’ll just tell the kids that there is still no crying in baseball.

Luddites revisited — attacking high-frequency traders, speculators and assorted other market “vipers”

Andrew Jackson, the country’s seventh president, was famous for railing against the financiers of the early 1800s. They speculated on “the breadstuffs of the country,” he warned. “Should I let you go on, you will ruin 50,000 families and that will be my sin! You are a den of vipers and thieves. I intend to rout you out and by the eternal God, I will rout you out.”

The quote, a favorite of bloggers who fret about plots to establish a new world order and such, would be at home today in the superheated arguments over high-frequency trading. The latest diatribe, I’m sad to say, comes from a dear friend and former colleague at Bloomberg Businessweek. Peter Coy writes, “The bigger the financial sector, the more dangerous it becomes.” He bemoans the flood of smart people going into the business, noting that a quarter of Harvard’s brainiacs in the early 2000s were drawn into investment banking and like fields. And he complains about banks “cranking up their trading operations in a way that imperils the financial system once again.”

His indictment, based on the May 6 flash crash, is headlined “What’s the Rush?” And his subhed warns “The American financial system is erratic and voracious, and keeps score in milliseconds. Here’s how to rein in the beast.” Among his prescriptions: a transactions tax of a few cents per $100 to “throw sand into the gears of high-frequency trading,” higher margin and collateral requirements, and steps such as new taxes to reduce corporate debt (on the idea that we’re being assailed by waves of “debt-fueled speculation.”)

Oh, come now, Peter. Let’s dial it down a bit. First, while the Great Recession was in part the fault of Wall Street, it was not a high-frequency phenomenon. Rather, we can blame bad securitization practices, flawed housing policies in Washington, poor market oversight and a raft of other well-documented problems. Superfast trading may have helped stocks crater, but it was not the force that drove them down.

Yes, one must admit that May 6 was not a good day for the high-frequency set. No matter how short-lived, the $800 billion plunge in the value of U.S. stocks that day was worrisome. Stocks such as Accenture slipped to a penny from $40 (before bouncing back) in trading patches as short as eight seconds. Clearly, something was amiss in the superfast computers at the likes of Getco.

But let’s keep a few things in perspective. First, after going haywire the market did correct itself. Prices came back, in most cases rapidly. The Dow lost 1,138.69 points from its high in crazed intraday trading on May 6, but closed just 341.9 points down, and regained all that and then some by May 10. Erratic? No doubt. Voracious. Okay, but when have traders been anything but?

Let’s concede that there’s something bizarre about high-frequency trading. Its relationship to real value in stocks is remote at best. So, too, is its connection to fundamentals such as corporate strategy, earnings power, savvy management. All that good stuff that financial journalists, MBAs and CEOs – and maybe even the odd stockbroker — prize is a few solar systems away from the zippy stock-swapping at Hard Eight Futures, Quantlab Financial and such. Those guys, snapping to the beat of their own algorithms, don’t give a hoot about such things. It’s all numbers, bro.

Let’s concede, too, that the liquidity the HFT pack supposedly brings is an illusion. It is most likely gone when most needed. The simile Peter uses – “like a swimming pool that dries up just as you jump off the high dive” – is apt (hat’s off to his wordsmithing). It’s hard to see just what value the high-freqs bring to anyone but themselves.

But, so what? Speculators, those oft-reviled folks who put the zing in stock markets, have always been in the game for the gamble. They see Wall Street as a massive roulette wheel and believe that any way they can tilt the spin to their favor – legally – is fair play. In an odd way, they are cousins to technical analysts who have long played markets free of the burden of fundamentals. Are we to ban the technical folk because their charts are more like astrology than investment? They, too, are an odd subculture of market players whose powers over stock movements one could decry.

Surely, there needs to be policing to make sure high-freqs don’t misuse the power they have to move markets. They do swap millions of shares in ridiculously short periods of times, all but blind to fundamental values. At times, they account for disturbingly high amounts of volume. If they intentionally – or through glitches – knock stocks down to absurd levels to profiteer in some market-cornering way, they need to be rapped hard for that. Fines, perhaps, or suspensions of trading privileges could be used to rein them in.

But imposing transactions taxes or worse seems like overkill. Such steps would penalize all players for the perfidy of a few. Let’s use the scalpel instead of the meat-axe and target the bad boys, not just the folks looking for an edge of a few milliseconds on the next guy.

By the way, it’s passably ironic that Peter’s employer, Bloomberg, as well as Dow Jones and other data-providers are tripping over themselves to serve up market data ever more quickly to the high-freq bunch. Some go so far as to rent space to traders — at premium prices — so they can house their computers cheek-by-jowl with providers’ machines and save milliseconds of transmission time. What these providers know, just as traders do, is that timely information is still everything in this game.

Every technological advance that changes the playing field makes folks nervous. Luddism is a natural reaction. Moreover, the markets have long been the playground of innovators and, as a consequence, the targets of critics. In 1887 the head of the Chicago Board of Trade forcibly removed telegraph gear from the floor of the CBOT because he couldn’t abide the electronic links to notorious Chicago bucket shops, as recounted by Rutgers historian David Hochfelder. One NYSE broker in 1889 complained that the “indiscriminate distribution of stock quotations to every liquor-saloon and other places has done much to interfere with business.”

We may not like the high-speed folks. We may deride them as little more than turbocharged gamblers, as Rain Man-like idiot savants unfairly using their powers to enrich themselves while adding nothing to the game. But they will be players so long as there’s money to be made. We can take the profit out if they don’t play by the rules (and, by the way, maybe some of those smart Harvard types in finance can cook up better rules to keep market ripples from becoming tsunamis). Let’s not, however, make life onerous for everyone in the process.

Test Case: Capitalism’s Rise in Kazakhstan

Nineteen years after breaking free of the collapsed Soviet Union, Kazakhstan remains one of capitalism’s last frontiers. From its nascent stock exchange in the financial and commercial center of Almaty to the sprawling Abu Dhabi-like construction and institution-building under way in the capital city of Astana, the country continues to seek its footing economically. Its mixture of private enterprise and state direction, together with a benevolent strongman’s rule, would make the place a fascinating laboratory for an economist.

There’s no question that Kazakhstan is the economic powerhouse of Central Asia, the richest of the “stans” and the most politically stable. Its oil wealth in the Caspian Sea has already been staked out by China, Russia and the Western countries, especially the U.S. They covet its huge fields of reserves as strategically vital alternatives to Mideastern suppliers. About as big as Western Europe and far less populated, the country also boasts hefty supplies of uranium and just about every other mineral developed societies need.

And yet, it has a long way to go to be a fully formed modern capitalist state. For one thing, many residents still  live in crumbling Soviet-era concrete apartment blocks that can stink of sewage, and feature dark cement staircases with missing windows and poorly planned and maintained common areas. Our apartments in gleaming, modern Astana would be low-end by South Bronx standards. Lines of trash bins next to playgrounds invite vermin hard by spots where kids play. The play area, surrounded by our five-story apartment buildings, is a vivid demonstration of the tragedy of the commons – overgrown and decaying with apparently no one to maintain it or at least to maintain it well. Similar buildings linger in Almaty, as in this photo of one sprawling tower block. (Click on it to see detail).

But in Astana people live in Soviet-era blocks, spread across the old area of the city, because the apartments were given to them free in the Soviet days. Even now, many can’t afford the stunning new buildings still under construction in the newer parts of the city. That housing is being privately developed and sold. Instead, people borrow to buy pricey cars – Mercedes-Benzes, Lexuses, Range Rovers and others dominate the jammed roads here. One of our guides says Kazakh people like to “show off” and they often go deeply into debt to drive glitzy cars. They also crave glitzy western brand names, as Gucci stores in Almaty suggest.

Certainly, people will occupy those shiny new buildings over time, though. The country is developing a solid middle class of well-schooled professionals, managers and state bureaucrats who will take to the new residences once their resources allow it. If nothing else, supply and demand will drop the prices of the new condos, one would think. The construction, driven by a real estate bubble that popped a couple years ago, still lumbers along, albeit at a slower rate.

It’s hard to imagine, much less portray, the extent of new development, particularly in Astana. The city was rechristened as the nation’s capital only in 1997 by President Nazarbaev, and it has risen into a Disneyland-like sprawl of some of the most ingenious and playful architecture in the world. In the new city centre, as it is called, a glass and steel pyramid rises near towering office buildings shot through with arches and sporting clever overhangs or minarets. Bright pastels reflect the sun. Even amid the slowdown, building cranes still dominate the skyline behind billboards that hawk the luxury living promised by the novel structures. It’s as if the whole place is a World’s Fair.

We visited the Eurasian National University on Thursday. The gorgeous facilities, housing a museum that showcases ancient artifacts of the region’s earliest days and paintings of warrior heroes of old, are part of a university created by the president to train future leaders, many in the ways of the West. The president also set up a national scholarship program that sends young students to study abroad, so long as they return to help modernize Kazakhstan. Leaders in the journalism school at the university asked us if we could host students at UNL and develop an educational collaboration – something that I am sure our folks would be keen to do.

Our meeting was almost like an affair of state. We all gathered on one side of a table of microphones and the J School faculty gathered on the other. My name was printed on a card, as was that of the J School director opposite me. A small Kazakhstan flag stood before him on the table, and a small American flag stood before me. The session began with rather formal speeches of welcome, all run through a translator from the U.S. Embassy. (The embassy is a stunning new building, corner of America behind some tight security. Very welcoming folks there, too).

Soon enough at the J School, we got down to finding common ground. Since my colleague, Bruce Thorson, and I and the Kazakh faculty were all about the same age, we bemoaned the lack of reading by our Internet-driven students and fretted over the future of print. I got the feeling, however, that preparing students to deliver Net-ready material is not on their agenda here – yet. A meeting with a newspaper editor later confirmed this, as he complained of declining readership but also said he hoped the Net wouldn’t usurp print journalism until he was ready to retire. He, too, is ahem, of a certain age.

Yesterday, some of the students and I went to a stunning mosque with a helpful guide who counted herself as a far-too-unobservant Muslim. Men and women prayed together in the mosque, unlike the more traditional mosque we visited in Almaty. I was able to sit with the group as an imam led prayers. And, to the dismay and disgust of our hostess, some women walked in sporting short skirts. Islam light seems to prevail here.

Afterward, we went to the Lubavitch-run synagogue, Beit Rachel. The shul is in a beautiful building that features a gleaming Star of David on its roof, much like churches showcase crosses – and far more showy than most shuls in America. Nonetheless, it is fenced off, unlike mosques, and has a security guard in a booth at the entrance. Much as religious tolerance is the rule here, Jews have reason to be cautious, it seems. There is also a large Catholic church in town. At Beit Rachel, young Israelis urged me to lay tefillin, which I did. We all had imposed on them a bit, with a local TV crew running all about the building filming us as we did our photojournalism there.

On Saturday, I went to services where, sadly, there were just a yeshiva boker who spoke only Hebrew, a couple other guys who spoke Russian and one delightful fellow from Baku, who spoke English. I’m told more people come when the rabbi is in town, but he’s in Israel at the moment. Still, it was fun talking with the Azeri fellow and it was a delight to eat cholent, the first meat I’ve (knowingly) had in a few weeks. We had a pleasant time all around and got an Amidah or two in.

Further on the religious front, a group of us on Friday also visited a pyramid where all the world’s religions are celebrated. Conferences there periodically draw global religious leaders to talk about their differences and similarities. It’s part of the president’s vision for a harmonious world. I’m told the Pope is among major world religious leaders who have stopped by.

Religiously and financially, there’s a sense of freshness and newness about the country. It’s as if it is still discovering itself and its role in the world, even as it celebrates its ancient history. It also needs to carefully walk lines, balancing Russia, China and the U.S., as well as keep religious and ethnic differences from becoming problems. It is enjoying — but must be cautious about — the billions of dollars, renminbi and rubles that have poured into place in the last 15 years or so. Its institutions are hard-put to keep pace.

Perhaps the best example is the Kazakhstan Stock Exchange. Set up two days after the country’s currency, the Tenge, was introduced in 1993, KASE is the home bourse for 121 companies. Like markets the world over, these outfits have been roller-coasting in recent years. After soaring past $96 billion in 2008, the market capitalization of the exchange members plunged to about $25 billion last year before recovering to about $64 billion now. The volatility reflects how interlinked Kazakhstan’s economy is with the world’s. The market is still comparatively small and, though heavily electronic, maintains a cubicle-filled trading floor, as the photo here by Sarah Tenorio shows.

As one might expect, oil and mining companies dominate the exchange. But banking and finance is important, too. And all these outfits rise and fall based on global conditions. The finance sector here went into free fall, with lots of bank defaults, because banks here had borrowed heavily from global banks. Real estate, which boomed in U.S. fashion, collapsed amid overextension, leaving Almaty with lots of unfinished buildings. Luxury homes in a neighborhood called Luxor near the KASE offices were going for $4 million in 2008 and they have since fallen by half that.

Still, Kazakhstan’s mineral wealth should sustain the country as long as the world continues to need oil, uranium and other crucial materials. What’s more, the nation’s leaders are keen to diversify the economy to avoid overdependence on such resources. Tourism, for instance, is an area they would much like to expand. If they can improve their hotels and tourist infrastructure, there’s no reason they can’t make a go of it.

Over time, this country’s development will be fascinating to watch.

Kazakhstan — Underexposed by Design

Fearlessness is helpful in a journalist. For photojournalists – especially those working abroad – it is mandatory. This is becoming clearer every day here in Kazakhstan, a place where cameras seem as welcome as American robber-barons would have been in Moscow in 1917.

Our photojournalism students are having their mettle tested here. Repeatedly, as they try to shoot in seemingly public places, they are waved off. Scary-looking security guards pop out of buildings, flailing their arms and jabbering away in Russian or Kazakh to tell them “no pictures.” The other day, as all eight students and I approached an indoor market area, a guard radioed to a colleague perched on a rooftop high above us. Roofman formed X signs with his arms to make it clear that no snapping was allowed. And all we wanted was lunch!

Fortunately, the students are rising to the challenge. They are using friendly smiles, charm and a certain fearlessness to disarm reluctant subjects and persuade them they mean no harm. Yesterday, as Patrick Breen was shooting fortune-tellers near the Green Market he managed to stave off some character who was accusing him and Elizabeth Gamez of being from the FBI and somehow helping foment a Kyrgyzstan-style revolt. They also persuaded a fortune-teller to let Patrick photograph her (in a scarf above) even though many of her colleagues protested the attention. (Patrick’s fortune looks bright, by the way, she told him).

People do usually welcome our students once they understand what they’re up to. With the help of one of our guides, Travis Beck got one of the photos attached here at a “family home,” a kind of orphanage located in Talgar, 20 kilometers east of Almaty. Director Eskozhina Tuyak, smiling over the bread, was happy to tell him about the place – called “Nur,” Kazakh for sunlight – which houses some 66 college students, some married couples and others. Some 110 people aged 4-25 live at the place, which Tuyak started in 1998 by selling her personal apartment. She worked in the state’s ministry of education for 43 years.

This is a country of many contradictions. On the one hand, people could not be more hospitable. Our waitress in an Internet coffeeshop, for instance, went out of her way yesterday to help us get a ride to our next appointments, visits to the Internews press-advocacy group and the Kazakh Stock Exchange. And folks there, similarly gracious, helped us get back on an exchange bus. We wander about at will, with no one holding us back or shadowing us. Travis was also able to photograph a group of children at play, below.

On the other hand, it’s a place where security concerns loom large, often pointlessly so. The hostility to cameras, for example, is widespread. Signs in restaurants bar photography. People in cafes gesture “no” with their hands and shake their heads when our students point cameras at them. No photographs are permitted, we were told, during trading hours at the stock exchange – only shots of the empty trading floor after hours.

Theft is not uncommon, we’re told. Don’t hand your cameras over to anyone to shoot your picture because they’ll take a flier with your gear. And yet, the common way of getting around is taking what our kids call “random cabs,” standing in the street and holding your hand low until some random person picks you up and you negotiate a ride around the city – always under 500 tengey (about $3.25). It’s common for women to accept such rides well into the evenings, and we took a couple random cabs yesterday.

It’s as if there’s a blend of Central Asian tribal hospitality and Soviet-style state paranoia. Since the country was a part of the USSR until the early 1990s and remains heavily Russified, worries about security and a need for control seem to be woven into the cultural DNA. Why does our nearby indoor supermarket have three guards, one stationed near the entrance and two just outside the cash register area, even as one or two more stand sentry at the mall entrance? Why do buildings under construction need guards in their lobbies? Why do police cruise the streets at night, pulling people over for U turns on deserted stretches of road or checking IDs? And why is Google’s eblogger seemingly jammed?

Certainly, security worries are a big part of the American experience, especially since 9/11. Think about how guards now roam with abandon across all areas of American life and security has become a huge industry, going far beyond the airports. New Yorkers are considering putting virtually every street under surveillance. And plenty of American institutions, such as corporations and government bodies, bar press photography on their premises unless it’s under tight control. Here, though, it’s security on steroids, whether justified or not, and without the newest technology.

Another thing that has struck us is the lack of homeless people. This plague, rife in American and European cities alike, seems not to be an issue here in Almaty. We have seen none. Partly, we’re told, this is because people are family oriented here and take care of their own. Partly it may be because mentally incompetent people are confined by the state, as they once were in the U.S. There are a few scattered beggars – see Patrick’s photo of one unfortunate footless man – but no bedrolls in the parks or people pushing grocery carts. Poverty is an issue, to be sure, but its human face in the city seems less obvious.

So I must admire our student photographers. They are managing through these challenges, finding fresh ways to show life in this fascinating society. Our work, of course, should be helpful to the place, as we tell readers about how ordinary Kazakhs go about their days – whether they run apple orchards and brokerage operations or pray in the mosque or, as in Patrick’s photo below, play with pigeons.

As they rove around, cameras in hand, the students are surmounting all sorts of obstacles. Language difficulties, transportation challenges and persuasion of reluctant sources. It all demands a bit of nerve, and they are summoning it in spades.

Kazakhstan: The Tale Begins

So today, the adventure begins. We head off to Kazakhstan. E-tickets in hand, bags packed, passports in our secret waistband pouches (designed to never leave our bodies to stave off pickpockets and such). This will be a once-in-a-lifetime trip for eight high-energy journalism students from the University of Nebraska-Lincoln, a colleague here and me.

But what a headache getting to this point. First there was that nasty business in Kyrgyzstan. Even though we had read up on the country, listed stories we planned to tell and developed contacts for them, mapped out a detailed travel plan, etc., the folks there decided to go and have a revolution. It’s that “hopey, changey thing,” I guess, since the economy there was in the Dumpster and corruption reigned. Bottom line for us: fascinating stories there, sure, but it’s a no-go on safety grounds.

So, we’re going next door. We’ll pop in on a country akin in size to Western Europe, a place of forbidding desolation on the steppe and remarkable beauty, in places such as the Red Canyon of the Charyn River. Ah, doesn’t that sound like something out of a fantasy! Just check out the image of Lake Kaindy on the top of this post. Much of the country, in fact, sounds like something out of “Lord of the Rings.” One imagines traveling the countryside like Hobbits on a crucial mission. Certainly, Kazakhstan sounds nothing like the place Sacha Baron Cohen satirized in “Borat,” an image Kazakhs are understandably keen to erase.

We’ve moved fast to get up to the speed on the country. Replicating our Kyrgyzstan research, we’ve reached out to contacts in the last couple weeks, developed tentative story lines and done our best to nail down an itinerary. There will be much to tell: unlike Kyrgyzstan, Kazakhstan is relatively well-off, enriched by natural resources including oil and uranium. It has modern cities in Almaty, the financial capital hard by China, and in Astana, the political capital, more centrally located. Urban wealth and rural poverty should make for intriguing contrasts.

There’s also a ton of history there that influences the place today. As a longtime Soviet Union member, until independence in the early 1990s, the place was a favorite dumping ground for Stalin. The remnants of Gulags endure not far from Astana and Russian survivors of the exile camps and their descendants still live in the area. A bit further from Astana is Semey, a place where the Russians tested nuclear weapons, leaving a population that to this day exhibits the genetic problems and deformities spawned by radioactive contamination. It’s the reason Kazakhstan has renounced nuclear weapons, selling its uranium for peaceful uses, it says.

Politically, the country is run by a former Soviet Kazakh leader who remains remarkably popular. Nursultan Nazarbayev, we’re told, has brought economic stability and a general level of comfort that has some folks calling Almaty the Singapore of Central Asia. While not as free a place as many countries in the West – with restrictions on the press and little political debate– it is nonetheless a thriving state-directed capitalist economy that seems to do right by most of its citizens. It has a stock exchange that I’m hoping to visit in Almaty and its capital, Astana, rose Brasilia-like by design at the instigation of the national leader.

Religiously, it sounds like a fascinating place, too. As far as I can tell, the people follow a modernized version of Islam. We intend to visit Saudi-funded mosques to test this theory. I suspect the radicalism that infects other stans, notably Uzbekistan, is missing from Kazakhstan. It sounds something like Turkey.

We’re not as well-prepared as I’d like to be, though, given the short prep time we’ve had, we’re better off than we might be. We have apartments reserved in Almaty, have made contacts there and in other cities we intend to visit and have a general itinerary. But we will make a lot of decisions on the fly, based on the guidance of folks we meet. Essentially, we will ask where the most intriguing stories are and pursue them. This will be a journalism of discovery.

My colleague, Bruce Thorson, is nonplussed by the lack of a detailed roadmap. His experience in South Africa and Kosovo, on prior reporting trips, involved thorough preparation and then the need to toss it all out once on the ground. As in wars, battle plans prove useless once the fracas begins. We’ll meet folks in Almaty and Astana, he says, who will lead us where the news is. And, indeed, we both have reached out to a good number of folks who are amenable to helping.

So, unless the volcano in Iceland gets in the way – a lingering cloud, ahem, on our route through Germany — we’re off shortly to Omaha, Chicago, Frankfurt and Almaty. We leave in the early afternoon today and arrive a bit after midnight Almaty time on Wednesday. United and Lufthansa will carry us literally half-way round the world from Nebraska. Should be a great ride.

The Debut

This blogging business is all new to me. But then so much in my life now is all new, as well. New house, new town, new job. That’s why this effort at an Internet journal could be intriguing. Certainly, it will be novel.

In August, I left the world of working journalism for the world of the academy. After 22 years at BUSINESS WEEK and 13 years at other pubs, I put in my last day as a paid reporter — as chief of correspondents for that wonderful pub in the end — and joined the University of Nebraska as an associate professor. As I left Chicago for Lincoln, I took up the art of teaching journalism to fresh-faced undergrads. I did so all too well aware that my field is undergoing some of its most wrenching change ever.

I’ve learned a lot in just one semester already. For one thing, I’ve come to take a longer view, as academics are supposed to. That means seeing that change is actually the norm in journalism. All the Internet-driven and recession-pained ferment of late seems to many to be something terribly new (and terrible, in fact). And yet, newspapers and magazines have been rising and falling for decades, if one takes in the long sweep.

Evidence of that? Time was, not so long ago, when cities such as NYC and Chicago had a half-dozen dailies ferociously competing for readers. Along came radio and TV, and the numbers shrank. As for magazines, remember Look and Life? They soared and flamed out, like so many other pubs. Journalism, in fact, has been a field in tumult ever since print was put on paper and sounds and pictures thrust into the air.

Now, does the Internet change things even more? Well, it certainly accelerates change. I can’t recall a more unsettling year in the history of newspapers as this past one, for instance. So many gone. The change is certainly horrendous for people thrown out of work, as over 100 of my colleagues at BW were when Bloomberg bought the magazine a few weeks ago.

But, taking the long view, what the Net has wrought is not unprecedented. To cast things in a personal light, of the four media organizations I worked for since my college days, two were sold and continue to publish — The Home News in New Brunswick, N.J., now a Gannett newspaper, and BW. Two others died — Dun’s Business Month, which perished years ago, long before the Net, and, as of this year, the Rocky Mountain News. I personally have seen both Net-induced ruin and change that has nothing to do with the medium.

The Net seems to be doing for media (and information generally) what the printing press did when it debuted. Does the term “sea-change” get at it a bit? And yet, Gutenberg opened vast new opportunities. So, too, will the Net.

Over their careers, my students will be writing for both new and old media. My job now is to prepare them for that world, an already-fascinating realm and one that is rich in creativity. Over time, I believe, this world will prove at least as lucrative as print journalism was (never so much as other fields, but not bad. The compensation has always been such intangibles as access to all tiers of society and a heck of a lot of fun, adventure and, for some, even danger. The latter prospect is the kind of thing that gets a young person’s juices going; strange thing, isn’t it?)

So my purpose in this blog is to chart the changes I see. Along the way, I will share stories from my new life as an academic. For an ink-stained wretch, the world of leather elbow pads and chalkboards is wholly new and intriguing. (Actually, it’s more like a realm of rumpled sweaters, computer-aided visual displays with overhead projectors, and whiteboards). I aim to share this new world with whoever out there may stumble upon this space.

I hope this effort proves as entertaining and informative to readers as I expect it will prove to me.

JW