Kinsley On Journalism, Not The Economy

COLUMNIST HAS HARSH WORDS FOR OWNER OF CHICAGO TRIBUNE

You really could not expect two journalism lions like Michael Kinsley and Phil Bronstein to not talk about the state of newspapers, could you?

Kinsley, the purveyor of nearly every medium of journalism, spoke to The Commonwealth Club Tuesday about the demise of newspapers while finding optimism in journalism's future online, in a conversation moderated by the editor-at-large of the San Francisco Chronicle.

With fresh news that Kinsley's old boss during his stint on the editorial pages at the Los Angeles Times filed for bankruptcy, the topic was on the minds of both.

Kinsley's contentious stay at the L.A. Times occurred among infighting with the new owner, the Tribune Company, and a radical and unsuccessful idea to allow readers to make additions to editorials using technology made famous by Wikipedia. In his conversation with Bronstein, Kinsley did not mask his anger towards Zell, who purchased the Tribune media empire two years after Kinsley left the Los Angeles Times.

“I was prepared until today to think that Sam Zell wasn't totally evil,” said Kinsley before adding, “I think Zell should be taken out and shot.”

Kinsley criticized the Tribune's decision to put ownership of the company under employee stock holders, while noting many of the former employees offered buyouts are now unsecured creditors since the bankruptcy.

Some of the more thought-provoking moments of the hour-long program were Kinsley's view of the future of his craft. He does not believe that newspaper companies will die, but newspapers will, and he thinks the key to the future may be discovered by a no-name.

“It will probably be a company that nobody has heard of. Somebody is going to crack this nut,” said Kinsley. He believes whichever successful model that arises will ultimately be replicated or bought by a larger company like the New York Times.

It might be wise to heed Kinsley's advice when it comes to imagining the future of journalism and the internet; Kinsley is about the closest person to a sage of cyberspace. In 1996, he founded Slate, the web's first online news magazine. He did note that some of his ideas were a bit conventional in hindsight.

Initially, he conceived the site's content to be printed weekly similar to a magazine, even including page numbers.

“The conventions of print have been in place for centuries and to the point that you don't even think about,” said Kinsley, “The internet is starting to develop some conventions like that, so that you don't have to be Gutenberg to start a publication.”

At one point, in reference to a recent Time column where he wondered whether there were too many blogs, one audience member jokingly asked whether he was also against the printing press. He said he was not and said the piece was a bad attempt at humor and reiterated his belief in the future of blogging.

“Something like that is where this whole thing is going to end up,” said Kinsley, “It's probably going to evolve in some ways to the whole blogging world where amateurs sitting in their boxer shorts opining. It might not be so terrible.”

When the discussion turned to economic matters, of which Kinsley was expected to speak, he said “I don't think anything that has happened certainly so far really threatens capitalism. Capitalism is here to stay.”

With Congress immersed in talk of bailing out the automotive industry, Kinsley wondered why until the bankruptcy of the Tribune Company no one has called for assistance of the newspaper industry, and he ridiculed cable news talking heads (of which he was one once, as the liberal side of CNN's Crossfire) who are clueless on the financial crisis.

I think it is very funny to watch all these shows during our current financial crisis and you'll find some funny stuff there,” said Kinsley, “They don't have any idea and I don't either, and to hear them, you would think, they were masters of derivatives and how the auto industry works.”

Fighting Deflation By Printing More Money

Investors in Treasury bills today did the equivalent of betting on the thoroughbred running at even money in every race.

The interest rate in T-bills fell to -.01 percent and the government came away with a no-interest $30 billion loan.

Aaron Pressman at BusinessWeek says that T-bills, regardless of their worth, are still the safest bet in these chaotic financial times, yet the reason for the seemingly poor investments is the padding of year-end quarterly reports.

It implies that investors are so worried about the safety and possible decline in value of most investments that they’re willing to lend merely on the assurance of getting their principal back intact. While some analysts fear runaway inflation from all the government bailouts and borrowing, the T-bill market at least is giving a pretty clear signal that’s not what is on big investors’ minds. They’re worried about the opposite, widespread deflation from the ongoing credit crisis, like the falling prices that occurred during the Great Depression.

The specter of deflation, the reduction of the money supply and credit, is forcing some to urge the U.S. Treasury to alter its monetary policies to deliberately jolt the prices, namely by simply printing more money.

Michael Kinsley, who spoke tonight at The Commonwealth Club of California, espouses this idea in the current issue of Time, though it rests on former Fed chair and Obama adviser Paul Volcker reversing course on the idea of tamping down inflation.

It would seem one of the problems with merely stoking the economy with new money in addition to a robust stimulus package is the issue of timing, along with pinpointing how much is enough. As many economists believe, adding too much money just as the economy begins to heal could lead to inflation when the economic caffeine of the stimulus finally kicks in. Conversely, not enough of a stimulus could further prolong the doldrums.

Conservative voices on the issue understandably believe in a more hands-off way of fixing the economy. John McManus at the New American faults Obama for choosing Tim Geithner and Lawrence Summers for this economic team, writing, "Each strongly supports another stimulus package that will have government print or borrow some more money to dispense to the American people. Each will seek to manage the economy when what is clearly needed is for government to get out of the way."

Thomas Mayer, writing in the notoriously conservative opinion pages of the Wall Street Journal, is denying that deflation is around the corner but says little to assuage feelings that a deep recession is likely.

Economics is a tricky, multi-headed Hydra where the monster could easily be slain by one method at one time, while utterly invincible later to the same plan. If that's true, some critics may worry that so many of our economic leaders are wedded to the textbook response to fighting deflation that they may overlooking something better.

In Defense of Blogs; They're Not Taking Writer's Jobs

Will newspapers exist five years from now? Will bloggers overrun newsrooms? And what to do with legions of out-of-work career journalists unable to shift to the Brave New World of the Internet?

One of web journalism's pioneers, Michael Kinsley believes cyberspace is critically inundated with blogs, as he writes in his Dec. 1 article in Time.

Kinsley, who founded the web magazine Slate in 1996, would seem to be the one journalist able to see into the journalism's tangled future. Instead, like many long-time scribes, the ability to condemn blogging as a craft unlike any other form of writing seems easier than describing its possible benefits.

In a article for The Atlantic, long-time blogger Andrew Sullivan writes what may become the manifesto for the true meaning of blogging. In the current issue of the magazine, Sullivan describes blogging as an elusive middle ground between dialogue and writing. Because of the immediacy and unfiltered aspect of the blogging, he argues, a writer delivers crisp, unfiltered information.

Kinsley's article laments the sheer number of blogs that "need" to be read. Jason Linkins writing at The Huffington Post thinks this coming "blogopocalyse" is a bit of hyperbole with a simple solution.

I just don't recognize the human beings suffering from blog overload in the way Kinsley describes it, as creatures I have met in Real Life. Blog readers are not all mindless, passive drones on a Sarah Palin-esque quest to read "all of them." The simplest solution to the problem Kinsley cites, it seems to me, is for sentient beings, capable of making choices, to exist.

Beyond this, Kinsley veers back to a common dig at the bloggers perpetuated by print journalists. The key is to ridicule them as Kinsley wrote in a 2006 column for Time, asking, "So are we doomed to get our news from some acned 12-year-old in his parents' basement recycling rumors from the Internet echo chamber?"

One could argue that the underlying argument against the blog levied by journalists is buried beneath human nature – jealousy and spite – for the most part. In my own experience, I have two 25-year-vets of the San Francisco Chronicle as journalism lecturers. Both despise the activity and openly mock the craft. To them, being a reporter is about pounding the pavement and getting the story before the other guy. As Kinsley writes, "while an article a day used to be a typical reporter's quota (or in the leisurely precincts of newsmagazines, an article a week), reporters are now expected to blog 24/7 as well."

The bulk of the perception regarding the end of newspapers may actually be a related to the experience of professional journalists who pushed their way through J-school, worked the dreaded city council beat and forged a solid reputation for honesty, reporting and excellent writing and now see the younger generation have it way too easy.

Change is difficult no matter occupation you're in. The influx of computers in the office space during the 1980s surely made older employees nervous about doing jobs that once involved pencils, paper and giant accounting ledgers.

The other point of ridicule is to propagate the image of a slacker recycling the news, or as Kinsley said two years ago:

Meanwhile, there is the blog terror: people are getting their understanding of the world from random lunatics riffing in their underwear, rather than professional journalists with standards and passports.

Scott Rosenberg, one of the founder of the web 'zine, Salon, answers the question of blogging's legitimacy succinctly in an article for The Guardian last year. It is not about the ability of anyone on the planet to broadcast their thoughts and ideas according to the media, but what that power will do to their jobs.

Most journalists' understanding of the nature of blogging has been circumscribed by a focus on how it might affect our profession. We write articles about whether blogging can be journalism, we worry about whether bloggers can or will replace journalists, and we miss the real stories.

The real story is the democratization of thought that worries journalists who bash bloggers. The keys to the kingdom of information no longer sit in the locked offices of the publisher, but on simple, free blogging sites readily available on the web. In some ways the rise of blogs is similar to the decline of adult film studios and the availability of VCR's and video tape. Adult studios quickly ran out of business. Actors and actresses were no longer needed. Anybody could produce these videos and a glut of "entertainment" followed.

If you follow Kinsley's logic that every single blog must be read instead of making informed choices on the integrity and newsworthiness of each, then hordes of teenage boys would have never left their homes.

When it comes to the quality of blogging, it is compelling to think of John Milton's concept of the "marketplace of ideas." There are surely millions of worthless blogs, but like any good newspaper or book, the good one's can rise to the top, leaving the scum at the bottom of the cyberspace tank inconsequential and without significant page views.

"We're not going to run out of web space." writes Rosenberg, "and each of us still decides how to spend our time. What price is the world paying for the existence of blogging's universal soapbox? Unless someone has figured out how to make you read a blog when you don't want to, I don't see one."

The blog as most of us knows it is not the Wild West of writing that journalists will have you think, but a place well-known to the those same writers – The New York Times is of far greater gravitas than your free weekly tabloid dropped on your driveway in the same way The Huffington Post is of greater importance than the slacker posting in his underwear that Kinsley describes.

Unless you own stock in The New York Times Co., it is best not to lament the fall of newspapers. For every journalists out of work, a thousand citizen journalists will rise to take their place making society stronger with the power of truth and knowledge.

Michael Kinsley will be speaking Dec. 9 at The Commonwealth Club of California at 6 p.m. For tickets click here. Kinsley will give his thoughts on the current U.S. financial system and the politics involved.