Spitzer, News of the World and The Tree of Life

I just saw the Terrence Malick opus “The Tree of Life,” the 139-minute meditation on God, evil, love, death, evolution and a tortured upbringing in the 1950s. No date movie this, but it certainly gives a viewer something to chew on. Kind of like “2001” meets a dark, dark version of the Hardy Boys. It does have a ring of truth to it, despite its grand self-importance and distinct lack of humor.

The peculiar thing is it puts me in mind of two unsettling developments in the news business this week, the cancellation of Eliot Spitzer’s effort at redemption, “In The Arena,” and the shutdown of the News of the World. The connection may seem remote – chalk and cheese — but bear with me, dear reader.

First off, both these deaths of journalistic enterprises were sad but perhaps inevitable, much like the death at the center of the movie. The movie revolves around the loss, at 19, of a young man whose problem seems to be his innocence, sensitivity and talent in a life that values such things too little. The boy’s passing was crucial to explore the movie’s central tension – the question of whether life is about grace and wonder or torment and struggle. Are we all doomed to life as a matter of “nature red in tooth and claw” or is there a divine force that brings love and justice to the chaos?

To bring this idea round to the end of the Spitzer program and the British tabloid, the question is, were these journalistic deaths just? Further, what do they say about the nature of the world of journalism today? What do they say about the torments and struggles of individuals and enterprises? And what do they say about the evolution of our media?

In Spitzer’s case, the cancellation at base was a matter of ratings and viewership. The show was just pulling too small of a viewership for CNN, which is struggling to compete with the ideologically driven appeal of Fox News, as well as the glut of “content” that afflicts all media in the Internet age. On one level, the show’s fall is yet another example of the evolution of journalism, with the inevitable deaths of outmoded approaches this brings.

A guy sitting at desk commenting on the news of the day, with interviews – especially of other CNN pundits – just doesn’t cut it these days. Viewers need more or they’ll turn away and troll for news and information on the Net or elsewhere on the tube. This is part of the reason that conventional TV news is struggling. Such is true also of print news operations.

But Spitzer’s fall was more than that. Spitzer is a tragic figure, someone every bit as tormented and driven as the character Brad Pitt plays in “The Tree of Life.” The Pitt figure longs to be a musician but instead is a would-be entrepreneur stuck in a deadend factory executive role. He’s tortured and in turn torments those around him, including his wife and sons, as he wrestles with a life where he sees only deception and money as the driving forces. He’s cold and distant, an angry and intense figure, a sad archetype of a certain kind of 1950s father.

Spitzer, it seems to me, is every bit as cold, and someone constantly at war with inner demons. By some accounts, during his tenure as Attorney General in New York he bullied defendants, especially corporate executives. He beat them into submission, often by going outside the rules of the courtroom. He likewise brought an intensity to “In The Arena” that reflected no humor, no grace, only a penetrating and cold intellect. He’s a smart guy and a relentless questioner, but every night was a painful struggle with issues of political venality and ideology.

How much of that can an audience take? It proved too much for most viewers, it would seem. Indeed, “The Tree of Life,” with its relentless intensity, is likewise too much at times. It has all the subtlety of a sledgehammer.

More than that, Spitzer lacked something indispensable to journalism. He had no innocence, something crucial in a news person. He carried far too much baggage as a disgraced former governor whose dalliances with prostitutes may never be forgotten. His demons made him fascinating in a way, as one could imagine the torment that underlay his aggressive questioning of guests. But it ultimately distracted from the core mission of a journalist – to be a reporter or analyst of the news, not a center of attention oneself but rather someone focusing the limelight.

Spitzer, much like the Brad Pitt character, is akin to a figure in classic Greek tragedy. Spitzer was done in by his own grand flaws in the end. He rose to great heights only to fall, twice. The Pitt character is more the tortured victim of outside forces, but his personal flaws figure into his failed home life.

Tragedy is too grand a word, however, for the News of the World case. Certainly it is discomfiting for the people tossed out of work there. And it’s a disappointment, perhaps, for the hundreds of thousands who bought the paper each week, however trashy it was. The world will be poorer, perhaps, for the silencing of yet another once-powerful journalistic voice. But by most accounts the paper was garbage. Its voice was shrill and vengeful and no exemplar of quality in the field. The loss is hardly worth grieving over.

It may be that News of the World demonstrates that there can be justice in the world. It was killed for its journalistic sins, its inability to draw lines about what newsgathering approaches are appropriate and what are not. Paying off cops and hacking into phone mail, as alleged of the paper, is just not right. Fleet Street in general should learn from this sorry case and one hopes that Rupert Murdoch’s commitment to quality papers, such as The Times, Sunday Times and The Wall Street Journal, will only be deepened by this. Maybe it could even make Fox News less shrill.

Sometimes, deaths are appropriate. That was not true in “The Tree of Life.” It may be so for “In The Arena” and the News of the World, sorry cases whose passing will help journalism evolve.

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.

Economic Slowdown: Ideology at Work

To the Obama-haters at the Wall Street Journal, the stubborn economic slowdown reflects business’ fear of looming tax hikes. The Administration-friendly folks at the New York Times, by contrast, blame the lackluster economy on political stalemate in Washington. Meantime, over at Bloomberg Businessweek, they tell us it’s all a matter of us having our cake and eating it, too — loving both the Bush-era low taxes and Obama-era high spending and failing to choose between the two.

The inability of our economy to surge back consistently from the Great Recession has become a Rorschach test for pundits. They look at the ugly blot and discern a pattern, one that – not surprisingly – reflects their biases. Love small government and Bush-era tax cuts? Obama’s overreaching is to blame for our woes. Never met a problem that more money from Washington couldn’t solve? It’s the shortfall in such largesse that is making that blot so skinny. And if they can’t make up their minds, they blame both Bush-era “wisdom and folly” – whatever that fence-straddling phrase means.

For my money, the reality is more a matter of the Depression-era notion of pushing on a string. Our policymakers can’t find the levers that will kickstart the economy, that will ignite the animal spirits of our business leaders, and that will drive down the pathologically high unemployment rate. Nothing seems to work, though the folks at the Fed aim to keep pushing whatever buttons they can. Their newest tack, revealed on Aug. 10: buying up more Treasury debt to keep interest rates low.

In the end, the problem may be that the hole we put ourselves into in the Great Recession is just depressingly deep. It took years to dig. And it could take years, sadly, for us to find our way out. To take just one measure, U.S. employment plunged by more than six percent in the recession that began in 2007, the steepest fall of any of the 11 recessions we’ve suffered through since World War II. To take another measure, these downturns lasted from six to 16 months, and our latest slide – believed to have ended in 2009, though the National Bureau of Economic Research has yet to date it – will almost certainly prove to be longer than any of them. (For policy wonks, the Minneapolis Fed puts all these comparisons into perspective here.)

If history proves anything, however, it’s that economies do claw their way back. Sometimes, they do so with the help of Washington. Sometimes, they move on despite government meddling, however well-intentioned. Even today, economists don’t agree on whether D.C. pulled us out of the Depression or prolonged it – making that bout of global misery our first and biggest political and economic Rorschach test.

It’s no comfort to people who have been out of work for months or even years at this point. It’s also small comfort to investors or people considering whether to deploy capital, especially since they are still sussing out Washington’s new regulatory reach. And, if this downturn proves at all similar to earlier ones, whole industries will emerge reshaped as a result of it (think Detroit), not to mention companies (think GM). We will come out of this as a far different economy with areas like Internet-related industries taking a dominant place over the manufacturing icons of the past. (How is it that people still have enough money for iPads?)

Following every twist and turn in this uneven recovery is enough to generate serious palpitations. For players in the capital markets – or anyone, for that matter — it’s healthier to set aside the dire headlines of the moment and keep your eyes on the horizon, however distant it seems. Bet on a long slow ride up, with lots of dips. Keynes famously said that in the long run, we are all dead. But at the moment, the promise of the long run is the only thing we have to hang onto.