from the world's big
Economic Crisis, Meet the Press
David Wessel is economics editor for The Wall Street Journal and writes the Capital column, a weekly look at the economy and forces shaping living standards around the world. He is responsible for overseeing coverage of the Fed and the Journal’s daily coverage of the macro economy, global trade and economic trends. He appears frequently on National Public Radio.
His book, “In Fed We Trust: Ben Bernanke’s War on the Great Panic,” was published August 4, 2009.
Previously, Mr. Wessel was deputy bureau chief of The Wall Street Journal's Washington bureau. David joined The Wall Street Journal in 1984 in Boston, and moved to Washington in 1987. In 1999 and 2000, he served as the newspaper’s Berlin bureau chief.
He previously worked for the Boston Globe, the Hartford (Conn.) Courant and Middletown (Conn.) Press. A 1975 graduate of Haverford College, he was Knight Bagehot Fellow in Business & Economics Journalism at Columbia University in 1980-81.
David has shared two Pulitzer Prizes, one for Boston Globe stories in 1983 on the persistence of racism in Boston and the other for stories in The Wall Street Journal in 2002 on corporate wrong-doing. He is the co-author, with Wall Street Journal reporter Bob Davis, of Prosperity, a 1998 book on the American middle class.
Question: MARK THOMA, ECONOMIST’S VIEW: How do the editorial and news divisions of the Wall Street Journal influence coverage?
David Wessel: Most newspapers have a wall between the news side and the editorial side. What makes the Wall Street Journal different is that our wall is very high and it has barbed wire on the top. I long ago came to terms with the fact that the edit page has its views and sometimes its own facts, and they’re different from the facts that I see. I don’t worry about it. I do my best to explain to our sources in Washington that we do our thing and they do theirs and the fact that we’ve been successful in covering Presidents with views as different as Ronald Reagan and Bill Clinton suggest to me that here in Washington, people get it. It’s a bigger problem overseas because the editorial views of newspapers tend to affect their news sides more; papers are more partisan, so sometimes that is hard to explain to foreigners. One thing I will say is that a lot has changed at the Wall Street Journal since Rupert Murdock bought the company, but that thing hasn’t. I don’t care what the edit page says, and I don’t think they care what I say and there’s very little interchange of ideas between us. We see each other in the men’s room or on the basketball court, sometimes we sit down with the same policy maker to have a conversation, but I just don’t worry about it and I think the readers are lucky. They get two newspapers for the price of one.
The Wall Street Journal has many constituencies. There are a set of people who buy the Wall Street Journal because they like the editorial page and they like to read what the editorial page has to say about the issues of the day. There’s a constituency of people who are in business and who want to know what’s happening to their competition, what’s happening to their economy, the dry cleaner in Peoria who wants a sense of how’s business. But I think more, and more, there are people who read the Wall Street Journal because they want a good well-rounded newspaper and other newspapers have been forced to shrink more than we have so that we always had strong political coverage. We covered the civil rights crisis in the ‘60’s, with unusual vigor. And in the years since then, the paper has become broader, not narrower.
The first section of the paper now is largely general news, not business and finance. So, I think like any successful newspaper, we have to accept that we have many constituencies, some of them reading us only online or on their Blackberry’s, and our only way to survive as a viable institution is to do enough for each of them so they buy the paper and then they get the rest of the stuff that they don’t want.
Question: What are some of the really important economic blogs?
David Wessel: I look at Calculated Risk. I look at Greg Mankiw's blog. I look at Brad DeLong's blog. I look at Paul Krugman's blog for the stuff that's not in the New York Times when he puts online. Simon Johnson and his friend do one called Baseline Scenario that's good. I've learned a lot to rely on Twitter in a way because what Twitter does is someone notices something interesting on a blog that I don't normally read but it's on the subject that I like to know something about. So I don't have an RSS feed so I don't like look at 50 things a day but those are the ones that I do and then we have our own, Realtime Economics, and I spend substantial time making sure that we have some interesting stuff up there.
I think the danger here is very real though, that blogs and cable TV become a way for people to get their prejudices confirmed. If you believe that John Kerry really won the presidential election, you can find some blog that says oh yeah that's what happened and it had to do with faulty voting machines. And if you believe that Barack Obama was really born in Kenya you can find a blog to say that. What I worry about is if people go to the Internet and get their prejudices confirmed that the role of people like reporters at the Wall Street Journal who are trying to check out the rumor before they print it or post it gets diminished and in the worst case the profits go to people at the extremes, to MSNBC on one side and Fox on the other and there are fewer profits for people in the middle who are trying to do what used to be called fair and balance journalism.
I don't think it so much restrains a better part of valor, it's that if you put something on your website or in your newspaper you ought to have reason to believe it's true. And it's very hard for us when people complain, "You didn't report this thing that I read on XYZ Website." We can say, "Actually we did look into it. We found out it wasn't true, so we didn't put it on our site." In the old days, that would meant that no one heard about it except the people who are on the inside. Today, it's like everybody knows it. Everybody knows things that are not true because they can read it on the Internet.
I hope that what will happen is that there will be so much information overload that people will once again realize that some sites are more credible than others and they will turn to those to be mediators between themselves and the whole flood of news. I mean, most of us do not need the news media to tell us about the things that we do every day; I don't need to read my local newspaper to discover that a tree fell in front of my house, but what I rely on the media to do is to tell me the things that I need to know that I didn't see myself. People tend to be very critical when there's a story written in the newspaper about a meeting they were at or a subject they know well and they say, "I was at that meeting..." or "I know that subject and this reporter doesn't get it." That then challenges the credibility of everything else they read in that publication.
Well I'm hoping that works in reverse. That when they read for the fifteenth time on some website something about Barack Obama that isn't true, that they'll begin to think, "Well this is entertaining but it's not true and I'd rather go to some mainstream media site or some credible new stream media site to give me the truth." But we're not at that point yet, so it's a little bit frightening.
Question: To what degree did economics bloggers influence coverage of the crisis?
David Wessel: I think there’s a long term trend here that people who work for traditional media, like the Wall Street Journal, are both blogging themselves and reading blogs to get new and different ideas, or net and different takes, or smart analysis on what’s going on. I think actually, that became more important during the crisis than to the run up. But it does provide an important monitor and check on the mainstream press willing to go with the flow.
I think one of the lessons I learned is that if things are going fine and 9 out of 10 experts say that everything’s going to be okay, and one says that we’re cruising for a bruising that our coverage should not be 90% positive and 10% negative. We really have to listen harder to that 10%. And sometimes the way you find those 10%, the way you get a critical read on their views, is to read what they’re blogging and what other bloggers say on them. So, I think it played a role and I think it well play a much bigger role in the future.
Recorded on November 20, 2009
The media’s coverage of the financial meltdown is often cited as irresponsible and biased. David Wessel weighs in on the balance between editorial and news during a time of chaos. This series was made possible by the Charles G. Koch Charitable Foundation.
Sallie Krawcheck and Bob Kulhan will be talking money, jobs, and how the pandemic will disproportionally affect women's finances.
Want help raising your kids? Spend more time at church, says new study.
- Religious people tend to have more children than secular people, but why remains unknown.
- A new study suggests that the social circles provided by regular church going make raising kids easier.
- Conversely, having a large secular social group made women less likely to have children.
Be fruitful and multiply<p>Scientists in the United Kingdom collected data on more than 13,000 mothers and their children. Most of them were religious, but 12 percent were not. The data included information on their church habits, social networks, number of children, and the scores those children achieved on a standardized test.</p><p>In line with previous findings that religious women have more children than secular women in industrialized countries, a connection between at least monthly church attendance and fertility was confirmed. However, religious parents showed they could avoid the pitfalls that having more children can bring. </p><p>Typically, more children in a family leads to reduced cognitive ability and height in each <a href="https://academic.oup.com/ije/article/37/6/1408/729795" target="_blank">child</a>. Some studies find that children do less well in school for each <a href="https://link.springer.com/article/10.1007/s13524-016-0471-0" target="_blank">additional sibling they have</a>. This makes a kind of intuitive sense, as parents with more children would have to divide their time, energy, and resources among more people as families expand. One would expect that the larger families would also lead to things like lower test scores. </p><p>Despite the expectation, the children of religious parents didn't have lower scores on standardized tests. There were small positive relationships between the size of the mother's social network, the number of co-religionists helping out, and the children's test scores. However, this association was small, didn't show up in all of the testings, and was unrelated to other variables. </p> These effects might be explained by the size and helpfulness of the social networks around the more religious. Women who went to church at least once a month had more extensive social networks than those who never go or who attend yearly. These social networks of co-religious people mean that there are more people to turn to for help with child-rearing, a point also demonstrated in the data. The amount of aid women got from their fellow churchgoers was also associated with a higher fertility rate. <br> <br> Conversely, an extensive social network was associated with fewer children for secular women. This finding is in line with <a href="https://journals.sagepub.com/doi/10.1207/s15327957pspr0904_5" target="_blank">previous studies</a> and suggests that the social networks comprised of co-religious individuals differ from those found elsewhere.
So, how quickly should I join a local religious group?<div class="rm-shortcode" data-media_id="6RrmYM8M" data-player_id="FvQKszTI" data-rm-shortcode-id="9eb4740a7d1e10108a75fd2ed627a90f"> <div id="botr_6RrmYM8M_FvQKszTI_div" class="jwplayer-media" data-jwplayer-video-src="https://content.jwplatform.com/players/6RrmYM8M-FvQKszTI.js"> <img src="https://cdn.jwplayer.com/thumbs/6RrmYM8M-1920.jpg" class="jwplayer-media-preview" /> </div> <script src="https://content.jwplatform.com/players/6RrmYM8M-FvQKszTI.js"></script> </div> <p>The study is not without its faults, and more investigations into the relationship between fertility, childcare, ritual, and social networks are needed.</p><p>These findings all show correlation, not causation. Though it might be said the results point towards causation, various alternative interpretations of the data are apparent. The authors note that most religions are explicitly pro-natal. It is possible that religious women have internalized these values and simply choose to have more children than secular women do.</p><p>This idea is similar to a potential interpretation of why large social networks have the opposite effect for secular women. The authors suggest that, in some cases, these more extensive social networks are associated with work and exert an anti-natal influence. Again, the people who build such networks may be people unlikely to have large families under any circumstances.</p><p>However, the researchers' hypothesis endured. The help religious women get from their church-based social networks allows them to have larger families than those who lack these support systems. In some instances, these support systems also prevent the adverse effects of larger families. </p>
The community religion offers<p>As we've mentioned <a href="https://bigthink.com/culture-religion/what-is-secular-humanism" target="_blank">before</a>, religion offers a community, and a community provides social capital. As religion continues to decline in the West, the social bonds of faith communities that used to tie social communities together begin to decay. However, as has been noted by a variety of observers for the last few decades, fewer and fewer new organizations appear ready to replace religion as a source of community in our lives.</p><p>While many different organizations might offer social support that religion once provided the whole of western society, this study shows that different social circles can differently affect the people in them. This finding must be considered by those trying to find new communities to join or the authors of future research. </p><p>The community offered by religious groups provides real benefits to those who join them. As this study shows, having the support network religious community offers allows some parents to avoid pitfalls that bedevil those lacking similar support. It suggests that previous studies demonstrating that group ritual offers benefits like increased amounts of <a href="https://journals.sagepub.com/doi/10.1177/0956797612472910" target="_blank">group trust</a> and <a href="https://journals.sagepub.com/doi/10.1177/1069397103037002003" target="_blank">cooperation</a> are onto something and that those benefits have a variety of applications. </p><p>While this study is not without its blind spots, it offers a strong starting point for further investigations into the nature of ritual in our modern lives and how local support networks remain vital in our increasingly globalized world. </p>
Health officials in China reported that a man was infected with bubonic plague, the infectious disease that caused the Black Death.
- The case was reported in the city of Bayannur, which has issued a level-three plague prevention warning.
- Modern antibiotics can effectively treat bubonic plague, which spreads mainly by fleas.
- Chinese health officials are also monitoring a newly discovered type of swine flu that has the potential to develop into a pandemic virus.
Bacteria under microscope
needpix.com<p>Today, bubonic plague can be treated effectively with antibiotics.</p><p style="margin-left: 20px;">"Unlike in the 14th century, we now have an understanding of how this disease is transmitted," Dr. Shanthi Kappagoda, an infectious disease physician at Stanford Health Care, told <a href="https://www.healthline.com/health-news/seriously-dont-worry-about-the-plague#Heres-how-the-plague-spreads" target="_blank">Healthline</a>. "We know how to prevent it — avoid handling sick or dead animals in areas where there is transmission. We are also able to treat patients who are infected with effective antibiotics, and can give antibiotics to people who may have been exposed to the bacteria [and] prevent them [from] getting sick."</p>
This plague patient is displaying a swollen, ruptured inguinal lymph node, or buboe.
Centers for Disease Control and Prevention<p>Still, hundreds of people develop bubonic plague every year. In the U.S., a handful of cases occur annually, particularly in New Mexico, Arizona and Colorado, <a href="https://www.cdc.gov/plague/faq/index.html" target="_blank">where habitats allow the bacteria to spread more easily among wild rodent populations</a>. But these cases are very rare, mainly because you need to be in close contact with rodents in order to get infected. And though plague can spread from human to human, this <a href="https://www.healthline.com/health-news/seriously-dont-worry-about-the-plague#Heres-how-the-plague-spreads" target="_blank">only occurs with pneumonic plague</a>, and transmission is also rare.</p>
A new swine flu in China<p>Last week, researchers in China also reported another public health concern: a new virus that has "all the essential hallmarks" of a pandemic virus.<br></p><p>In a paper published in the <a href="https://www.pnas.org/content/early/2020/06/23/1921186117" target="_blank">Proceedings of the National Academy of Sciences</a>, researchers say the virus was discovered in pigs in China, and it descended from the H1N1 virus, commonly called "swine flu." That virus was able to transmit from human to human, and it killed an estimated 151,700 to 575,400 people worldwide from 2009 to 2010, according to the Centers for Disease Control and Prevention.</p>There's no evidence showing that the new virus can spread from person to person. But the researchers did find that 10 percent of swine workers had been infected by the virus, called G4 reassortant EA H1N1. This level of infectivity raises concerns, because it "greatly enhances the opportunity for virus adaptation in humans and raises concerns for the possible generation of pandemic viruses," the researchers wrote.
A neuroscientist argues that da Vinci shared a disorder with Picasso and Rembrandt.
- A neuroscientist at the City University of London proposes that Leonardo da Vinci may have had exotropia, allowing him to see the world with impaired depth perception.
- If true, it means that Da Vinci would have been able to see the images he wanted to paint as they would have appeared on a flat surface.
- The finding reminds us that sometimes looking at the world in a different way can have fantastic results.
The study<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8xODc3Mjc2NS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1MTA4MDg2NH0.T-98YvLjS9mUCQkgqHyV43Q7h_JIiubrev-Fp_0j4Pg/img.jpg?width=1245&coordinates=0%2C38%2C0%2C579&height=700" id="58346" class="rm-shortcode" data-rm-shortcode-id="674799ba34e115a2e9a3e94c366bfc26" data-rm-shortcode-name="rebelmouse-image" />
The Virtuvian Man. Christopher Tyler suggests that Da Vinci used his own image as a template for the face in the drawing.
Vitruvian Man, by Leonardo da Vinci created c. 1480–1490<p><a href="https://www.city.ac.uk/people/academics/christopher-tyler" target="_blank">Professor Christopher Tyler</a> of the City University of London's optometry division analyzed six pieces of Renaissance art by or held to be images of Da Vinci, including the famous <em>Vitruvian Man. </em>By looking at the paintings, drawings, and statues and applying the same techniques optometrists use on patients, Tyler was able to conclude that the eyes of the men depicted were misaligned.</p><p> He concluded that, if the images he analyzed were truly reflective of how Da Vinci looked, that the great artist had a mild case of exotropia. </p>
How would this have helped him paint?<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="b221010aa7688734d4d6a41f0df5933f"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/j6F-sHhmfrY?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p><a href="https://shileyeye.ucsd.edu/faculty/shira-robbins" target="_blank">Shira Robbins</a>, a professor of ophthalmology at the University of California at San Diego, who was not involved with the project, explained to <em><a href="https://www.washingtonpost.com/news/morning-mix/wp/2018/10/19/leonardo-da-vincis-genius-may-be-rooted-in-a-common-eye-disorder-new-study-says/?utm_term=.d3f44ed91c16" target="_blank">The Washington Post</a> </em>how individuals with exotropia often turn to additional information to help understand the world around them:</p><blockquote>"What happens in some people is when they're only using one eye . . . they develop other cues besides traditional depth perception to understand where things are in space, looking at color and shadow in a way that most of us who use both eyes at a time don't really appreciate." </blockquote><p>Dr. Robbins agrees that, if the artworks analyzed accurately depict Da Vinci, then he probably had exotropia.</p><p>If Da Vinci did have a mild form of the condition, which would allow him to focus with both eyes when concentrating and with one when relaxed, Tyler asserts that the famed artist could have viewed the world in two or three dimensions at will, showing him the world exactly as he would need to recreate it on a flat surface. Quite the superpower for an artist.</p>
Does this mean Da Vinci would have been a hack if he had normal eyesight?<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8xODc3MjY5NS9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYyMjYwOTgxOH0.eSu3YBpCuaDj59-4lzSeZ1WgwtV2ETGiWHqczzW3how/img.png?width=980" id="9c323" class="rm-shortcode" data-rm-shortcode-id="edd4e9e9d9c1156a53242df6288d7cc0" data-rm-shortcode-name="rebelmouse-image" />
A graph showing the difference in where each eye is focused for each painting, drawing, and statue used in the study. The larger the difference, the more pronounced the exotropia is in the image.<p>Not at all. What Dr. Tyler is suggesting is that the tendency of people who have exotropia to rely on using one eye to see the world and thereby lose some depth perception allowed Da Vinci to understand better how the three-dimensional objects in the world could be translated into a two-dimensional image on a canvas. This could account for some of Da Vinci's skill in depicting shadow and subtle changes in color, since he would have relied on these details to understand the world. <br><br>His polymathic brilliance extended far beyond art, and nobody is claiming that his ideas for flying machines, tanks, or <a href="http://www.da-vinci-inventions.com/davinci-inventions.aspx" target="_blank">other inventions </a>were at all influenced by a vision problem.</p>
How can we know this? He has been dead for five hundred years.<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="c26fc51b0aebbcd6905593015fec79e5"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/LRAptNtN9-A?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>There are reasons to be cautious anytime we make claims about people who are long dead. In this case, we have the bonus problem that we aren't 100 percent sure that the images used are supposed to look like Da Vinci. </p><p> That is the major caveat of the idea; all of the images used as evidence of his condition are assumed to look like him. While some of the images, like the <a href="https://en.wikipedia.org/wiki/David_(Verrocchio)" target="_blank"><em>David</em> by Andrea del Verrocchio</a>, are generally agreed to be based on Leonardo the other pictures are claimed to be reflective of him based only on his statement that "[The soul] guides the painter's arm and makes him reproduce himself, since it appears to the soul that this is the best way to represent a human being." </p><p>Tyler also argues that the portraits he claims are based on Da Vinci share similarities with the images generally accepted to be portraits of him; including similar hair and facial features. This lends weight to the idea that the artist incorporated his own traits into his artwork, including his vision problem. </p><p>Leonardo da Vinci was undoubtedly one of the greatest geniuses of all time. If he had exotropia, then it was merely a minor addition to his artistic skills. It does, however, give us a literal example of how people who look at the world differently can use that vantage point to their advantage to create things we all can appreciate. </p>
The word "learning" opens up space for more people, places, and ideas.
- The terms 'education' and 'learning' are often used interchangeably, but there is a cultural connotation to the former that can be limiting. Education naturally links to schooling, which is only one form of learning.
- Gregg Behr, founder and co-chair of Remake Learning, believes that this small word shift opens up the possibilities in terms of how and where learning can happen. It also becomes a more inclusive practice, welcoming in a larger, more diverse group of thinkers.
- Post-COVID, the way we think about what learning looks like will inevitably change, so it's crucial to adjust and begin building the necessary support systems today.