Category Archives: Media Criticism

Culinary, Media Criticism, Science And Society

Paula Deen

41 Comments

You’ll be as shocked as I was to learn that she has Type 2 diabetes:

There’s no doubt that fans would be upset to learn that Deen had been keeping such a major disease, and a major consequence of heavy eating, from their knowledge. It would certainly cast an alarming pall over the reckless abandon with which she endorses delicacies like turducken. And it would lend support to rival Anthony Bourdain’s much-ballyhooed critique of Deen’s culinary style.

It’s worth noting, though, that in the past nine months, Deen has diversified her activities away from her old monomaniacal focus on fatty foods.

Nutritional ignorance. You don’t get diabetes from fatty foods, or the Inuit, who traditionally lived on whale blubber and seal fat, would all be diabetic. Well, actually they are now, but they never were until they started eating flour and sugar, which is the problem with Paula Deen’s cooking as well.

Media Criticism, Political Commentary, War Commentary

Correcting The Progressive Spin

6 Comments

…”on my defense of the Marines.”

They’re not anti-war, they just hate our military.

Oh, and if anyone is curious as to what I think, I think that it was almost criminally stupid (the same thing I thought about the morons at Abu Ghraib), but I didn’t think that George Bush was responsible for that, and I don’t think that Barack Obama is responsible for this. Sometimes, in war time, (and in peace time) people do stupid things. And like Dana, I’ll take the leftists’ outrage seriously when they show some concern about the real atrocities that the enemy (with whom we’re negotiating to surrender to) commits.

[Update a few minutes later]

An open letter to the armed forces, from Andrea Harris.

[Late morning update]

Allan West: “Shut your mouth. War is hell.”

Business, Economics, Media Criticism, Political Commentary

Private Equity

3 Comments

…and creative destruction:

Want to see what America would look like without private equity? Move to Detroit and contemplate the ruins of a city ruined by the placid conformity of auto industry executives. The economic impact of the corporate takeover business can’t be measured by the outcome of takeovers as such. Private equity transformed the way American business thought about the world. If managers did a lousy job, outside investors could raise money (a lot of it from trade union pension funds as well as university endowments) and kick them out.

Newt Gingrich and Rick Perry should be ashamed of themselves for bean-counting Bain Capital’s record on job creation. Any investment firm operating over decades of rapid employment growth will be able to show that the companies it bought added jobs over time. That’s what the academic studies on private equity show in any event, as Jordan Weissmann reports at The Atlantic. More relevant is the alternative. We’ve been there, done that, and don’t want to do it again. Corporate America in the 1950s and 1960s coasted on the postwar monopoly enjoyed by American companies after the destruction of European and Japanese industries. Detroit in the late 1960s had African-American neighborhoods stretching for miles with well-kept single-family homes and manicured lawns; by the end of the 1970s it had turned into a moonscape. The rust belt still hasn’t recovered from the laziness of American capital a generation ago.

Private equity takes money from institutional investors who otherwise would passively invest in public securities, and gives them the chance to exercise direct ownership of companies whose management fails to exploit their potential. It creates competition where no competition existed before. As in every business, there are ten wannabees for every visionary. A lot of the success of private equity derives from the fact that equity values rose steadily from1983 through 2000, and anyone who had a chance to own equity with borrowed money did exceptionally well. One can argue that many of the players who got rich during the boom years simply rode the big wave. (Bain Capital, though, was one of the first in, and throughout one of the smartest, and one of the least reckless about using excess leverage.)

You don’t create long-lasting jobs, or wealth by continually misallocating resources.