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Sound Bites of the 1908 Presidential Candidates

roncosmos writes "Science News has up a feature on the first use of sound recording in a presidential campaign. In 1908, for the first time, presidential candidates recorded their voices on wax cylinders. Their voices could be brought into the home for 35 cents, equivalent to about $8 now. In that pre-radio era, this was the only way, short of hearing a speech at a whistle stop, that you could hear the candidates. The story includes audio recordings from the 1908 candidates, William Jennings Bryan and William Howard Taft. Bryan's speech, on bank failures, seems sadly prescient now. Taft's, on the progress of the Negro, sounds condescending to modern ears but was progressive at the time. There are great images from the campaign; lots of fun."

70 of 410 comments (clear)

  1. Sounds condescending to modern ears by Anonymous Coward · · Score: 4, Insightful

    sounds condescending to modern ears but was progressive at the time

    As opposed to the non-condescending progressives of today.

    1. Re:Sounds condescending to modern ears by afabbro · · Score: 2, Insightful

      Condescending progressives? Is there any other kind? If you'd like something topical, though, how about this gem from Senator Diane Feinstein explaining that while 93% of those contacting her office oppose the $700B bailout, she's voting for it because they just "don't understand it".

      --
      Advice: on VPS providers
    2. Re:Sounds condescending to modern ears by moderatorrater · · Score: 2, Insightful

      How can you forget Obama's famous quote about people clinging to guns and xenophobia out of bitterness over lost jobs? What about the post on Slashdot that Palin should stop using the word "betcha"? Have you seen the furor over Palin's belief in creationism? What about people who oppose all religion? All of these things show that they think they know better than the people that they're talking about.

      People think that conservatives are anti-intellectual, which isn't necessarily the case. It's that they're anti-elitism. The school district where I grew up put in a math program that was utterly and completely worthless. Math scores tanked, parents complained, and it was hard to believe that even 30% of the parents supported the new math program. However, the district stuck to their guns because some college professors thought it was the best thing in the world. Everyone who had children in the math program knew it was absolute shit, but some people with doctorates who'd never used it in the real world thought they knew better. That's not anti-intellectual, that's justified anger.

      When it comes down to it, there are people in this country and in the world who think that if you hold a certain belief, you are instantly a moron and someone who isn't to be given respect. That's the very definition of condescension, and you can see it every day in Richard Dawkins, Slashdot, or almost any tech site.

    3. Re:Sounds condescending to modern ears by spun · · Score: 2, Insightful

      DiFi is NOT a progressive, she's an (R) in (D) clothing, like Lieberman.

      --
      - None can love freedom heartily, but good men; the rest love not freedom, but license. -- John Milton
    4. Re:Sounds condescending to modern ears by Neeperando · · Score: 5, Insightful
      The examples you quote are good ones (and I won't try to defend Obama's comments), but there are just as many cases where this idea of "anti-elitism" is misused.

      It's come to a point where simply being elite is considered elitism. John Kerry was considered out of touch with the common man because he liked wind surfing and went to Yale.

      How many times during the last few years have you heard people say something along the lines of "Just because you're a respected (climatologist | biologist | economist | theologian | lawyer | diplomat) doesn't mean you know more than me (global warming | evolution | economics | religion | law | foreign affairs) than I do"?

      I don't approve of intellectuals being condescending, but it's just as bad when people dismiss an idea as "elitism" simply because they disagree with it and it came from someone with a PhD.

      --
      Being a computer scientist means you tell people how computers should work, not that you know how they actually work.
    5. Re:Sounds condescending to modern ears by mcgrew · · Score: 5, Insightful

      Today's conservatives conserve the values of yesterday's revolutionaries. Today's progressives fight for what tomorrow's conservatives will fight to conserve.

    6. Re:Sounds condescending to modern ears by retchdog · · Score: 2, Insightful

      Bullshit, William Buckley was an elitist motherfucker and he deserved to be in a few respects, even though he was really just a "personality" more than a real player. Do you think Paul Wolfowitz and Henry Kissinger aren't elitist? Why don't you call one of them up and ask if next time you're in Washington or around Harvard, maybe you could pick up a beer and chat about politics, maybe you could even offer, as an equal, some of your insights into military and economic strategies. (Here's a hint though, if you get your meeting with them: don't actually try to discuss creationism with them. It would be quite a gaffe.)

      Conservatives are not "anti-elitist" in any sense, except to the extent that it's an effective line for selling their agenda to the masses.

      In short, you're not a moron for being an elitist or anti-elitist. You're a moron for actually believing that conservatives are anti-elitist.

      New math was a disaster, but pinning it all on the liberals is a little bit circular reasoning which requires already your identification of elitist/anti-elitist on party lines.

      --
      "They were pure niggers." – Noam Chomsky
    7. Re:Sounds condescending to modern ears by badasscat · · Score: 4, Insightful

      Have you seen the furor over Palin's belief in creationism? What about people who oppose all religion? All of these things show that they think they know better than the people that they're talking about.

      People think that conservatives are anti-intellectual, which isn't necessarily the case. It's that they're anti-elitism.

      If you believe in creationism, then yes, you are anti-intellectual by definition. There is no reason guiding a belief in creationism; only faith.

      And "elite" means "above average" or "excellent". If you're anti-elite, then you're pro-mediocrity, and that's certainly not a quality I look for in a leader. But it is a belief that got us George Bush.

      I'm pro-elite and proud of it. We should be demanding more from our leaders, not less. If I want somebody I can drink a beer with, I'll call up a friend. That's not what I'm expecting from a President (or Vice President, for that matter).

      When it comes down to it, there are people in this country and in the world who think that if you hold a certain belief, you are instantly a moron and someone who isn't to be given respect.

      When your beliefs have been disproven by science many, many times in many, many ways, and those scientific results have been published in very public ways over a period of a century or more, then they're probably right to think that.

      Do you also believe the world is flat? And should I not think you a moron for that belief?

    8. Re:Sounds condescending to modern ears by SiriusRegalis · · Score: 2, Insightful

      I find it funny that both sides of the political spectrum make the same accusations about each other.

      Being really into party politics in America is like being a Chicago Baseball fan.

      (For those unfamiliar with Chicago Baseball, the city has both a American & National league team, I think that by law you have to like one and despise the other, there is no reason to any discussion about who is better, just devotion to one and revilement of the other)

    9. Re:Sounds condescending to modern ears by Kagura · · Score: 3, Funny

      ... Pro-Life, etc....

      I think pro-life is about as indefensible of a position as anyone can come up with. I'm anti-life. Kill 'em all, I say! ;)

    10. Re:Sounds condescending to modern ears by TheLostSamurai · · Score: 3, Insightful

      Well, as some guy (probably an elitist son of a bitch) once said, "Common sense is not all that common."

      --
      I am Jack's complete lack of surprise.
    11. Re:Sounds condescending to modern ears by Trespass · · Score: 2, Funny

      Care to share some examples of condescending progressives? I always thought the neo-cons were the most condescending. They only talk in sound bites, about pre-approved talking points. It is as if they think the American public are too stupid to understand real discussion about real issues.

      What a superb example.

  2. Can't listen, Flash only by smooth+wombat · · Score: 3, Interesting

    Had they put up some mp3, FLAC, WMA or similar files, it would be easy to listen to. However, they chose to use that insecure, and wholly inappropriate, Flash to distribute an audio file.

    It's a shame too, because I'm sure the recordings would be interesting to hear.

    It just goes to show why Flash must die.

    --
    We will bankrupt ourselves in the vain search for absolute security. -- Dwight D. Eisenhower
    1. Re:Can't listen, Flash only by Kratisto · · Score: 5, Funny

      Spoiled kids today. In MY day, we had to listen to presidential debates on wax cylinders! And it cost us the equivalent of eight dollars, too!

      --
      Conscience is the inner voice which warns us that someone may be looking.
    2. Re:Can't listen, Flash only by Hatta · · Score: 3, Insightful

      That's nice, but why the hell couldn't they just link to them directly? Why do they go out of their way to make their site completely unusable to those of us who don't use flash? It's so easy to do it right, why do so many places get it wrong?

      --
      Give me Classic Slashdot or give me death!
    3. Re:Can't listen, Flash only by Anonymous Coward · · Score: 5, Insightful

      Yes, and some day my "why can't all sites work the same without javascript" campaign will catch on, too.
       
        Why can't all sites work the same without javascript! I shouldn't have to use that trash!

    4. Re:Can't listen, Flash only by outZider · · Score: 2, Insightful

      Really? Flash is pretty easy to use, too. You just install the plugin, and bam, it works. Amazingly enough, this is relevant to Linux, Windows, and Mac OS X. Wow. Technology.

      It's amazing. A few years ago, people would whine about using RealAudio to distribute. Then they'd whine about WMA, because it wasn't cross platform. Then they'd whine about MP3 because of licensing. Now, sites are using a cross platform, semi open distribution method that is nearly ubiquitous, and now people want to make things up to whine about. Just install Flash.

      --
      - oZ
      // i am here.
    5. Re:Can't listen, Flash only by mcgrew · · Score: 3, Funny

      What are you talking 'bout, you young whippersnapper? Tarnation, in MY day we didn't have no dad blamed newfangled wax cylinders. We had to trudge hundreds of miles through the snow, uphill (both ways) to find a whistle stop where we could hear the varmints. Before shootin' at 'em, of course. Gotta make sure ya ain't shootin' at the wrong one. Then we'd tar and feather 'em and run 'em outta town on a rail.

      I'd tell ya to git offen my lawn, but we didn't even have no durned lawns back then.

    6. Re:Can't listen, Flash only by mcgrew · · Score: 3, Insightful

      why can't all sites work the same without javascript

      Because people don't know how to code. Some javascript is needed and useful, but 99% of it isn't. My old Quake site used javascript, but if you didn't have javascript it degraded gracefully. The Stroggs still danced, but mousing over the one on the right didn't have Sonic the Hedgehog running past and getting squished. With javascript the nav buttons were animated when you moused over them, without they just sat there with the arrow cursor turning into a hand pointer.

      "Dopey Smurf" was a medical student who had a rat he was dissecting wake up and bite him once. When he decided to close his site, I "sent him a box of invisible rats". Actually we set it up with a news item on his site that I'd sent a box of invisible rats, so whatever you do FOR GOD'S SAKE DON'T CLICK THIS LINK!!! or the invisible rats would escape and eat his site. If you clicked the link, invisible rats actually did come out and eat his site; there was a GIF animation of teeth marks, yellow rat shapes covering the page, which left it just like Joost Shuur's Slipgate Central after it closed. We didn't use a single line of javascript, just an HTML link and an animated GIF.

      You young folks missed it, the internet was lots of fun back then. Now it's all javascript, flash, and advertising.

    7. Re:Can't listen, Flash only by Overly+Critical+Guy · · Score: 2, Insightful

      Maybe because this is 2008, and they're not trying to cater to the teeny-tiny, incredibly miniscule number of Slashdot whiners who still live in the Dark Ages and refuse to use any Flash whatsoever even though it's the most popular cross-platform web solution for delivering multimedia content.

      --
      "Sufferin' succotash."
  3. banking by thermian · · Score: 4, Insightful

    Isn't the whole reason you got the greenback dollar because Lincoln didn't want to get the US govt into hock with the banks?

    I was under the impression that there was always a significant distrust of banks in the US, until recently that is. I am astonished that a country which refuses to pay for a national 'free at point of provision' health service, supported by taxes, yet they happily hand over the entire country's income tax to the banking system, and now 700 billion because they stayed greedy for a bit too long.

    That also puzzles me. Why not, just to throw a wild idea out, take a portion of the bad dept on for the people who are getting kicked out. I mean like buy 1/2 or 2/3 of the dept from the citizens affected, so they aren't evicted.

    Surely that would work just as well.

    --
    A learning experience is one of those things that say, 'You know that thing you just did? Don't do that.' - D. Adams
    1. Re:banking by Knara · · Score: 2, Insightful

      I was under the impression that there was always a significant distrust of banks in the US, until recently that is. I am astonished that a country which refuses to pay for a national 'free at point of provision' health service, supported by taxes, yet they happily hand over the entire country's income tax to the banking system, and now 700 billion because they stayed greedy for a bit too long.

      This is highly related to Cold War politics, namely a deep fear of anything that isn't straight-up laissez faire capitalism (even though we don't even have that). Conservative politicians routinely deem anything that isn't private industry-based to be "socialism", which to many Americans (who are, let's be honest, stupid, stupid people) is the same as Soviet-style communism and a harbinger of not only the fall of American democracy but most likely the End Times(tm)

      It doesn't help that many devotees of the two major political parties will stick to their party no matter what. This is most apparent in the Republican party, where "smaller government, lower taxes, stronger America" has been the refrain for 3 decades, while the politicians elected in said party have routinely governed towards larger government, same or higher taxes, and a dubiously stronger US (by virtue of overextended military capacity and very high national debt). Alas.

    2. Re:banking by rhsanborn · · Score: 4, Interesting

      It's been mentioned that for about 75 Billion the US Gov could give 100k to each of the households currently in foreclosure, which should stop that process. Unfortunately, the issue isn't necessarily the houses that ARE in foreclosure, as only between 1-2% (from figures I've heard) are in foreclosure. The issue, is that no one wants to buy the securities based on the possibility that more will go into foreclosure. The US Gov is offering to buy all the securities based on the sub-prime mortgages which would remove the concern about buying a mortgage backed security that might be poisoned with possible, future foreclosures.

      Unfortunately, either option seems silly. First, we're rewarding foolishness on the part of both the buyer and seller, which only encourages further such action in the future. Second, unemployment is still at reasonable levels, there may not be as much credit on the market, but the market is definitely not dry, and won't be as long as the fed keeps money available which it's done all along.

      It looks like fear mongering on behalf of wall street is about to put 700 billion dollars into the pockets of the upper 90% via stock increases as banks unload these securities which they should have never created in the first place.

    3. Re:banking by philspear · · Score: 5, Insightful

      which to many Americans (who are, let's be honest, people and therefore stupid)

      Fixed that minor point for you. It's not like the good people of the rest of the world are magically resistant to propaghanda or sufficiently knowledgeable about economic systems.

    4. Re:banking by superdave80 · · Score: 4, Insightful

      Why not, just to throw a wild idea out, take a portion of the bad dept on for the people who are getting kicked out. I mean like buy 1/2 or 2/3 of the dept from the citizens affected, so they aren't evicted.

      So, my taxes, that came out of my pocket, should pay off the loan of another person? Why stop there? Use my money to pay people's rent, utilities, etc.

      People seem to think that a person losing their home is the end of the world. Rent an apartment (people do it all the time), and make sure you save wisely enough to be able to pay for your house next time.

    5. Re:banking by BobMcD · · Score: 2, Interesting

      This overlooks the recent enemy shift, and while may have likely formed the personalities of the Americans making their decisions today, isn't the root of it anymore.

      If you're talking pre-fall-of-the-USSR, then 'Communism' is in fact the '-ism' that drives decisions.

      Today, however, one should only fear the Terrorist. Occasionally Communists are Terrorists as well, but often times they are not. All non-Terrorists are presently 'cool' with the United States...

      In short: 'sed -e "s/Communism/Terrorism/g"'

      So, the reason most Americans chafe at socialist programs today is primarily because they are EXPENSIVE, and we need that money to occupy Iraq, Afghanistan, etc.

    6. Re:banking by robertjw · · Score: 2, Insightful

      That also puzzles me. Why not, just to throw a wild idea out, take a portion of the bad dept on for the people who are getting kicked out. I mean like buy 1/2 or 2/3 of the dept from the citizens affected, so they aren't evicted.

      Surely that would work just as well.

      The best reason not to do that is because it would REALLY piss off those of us who are responsible and pay their mortgage. I'm not exactly getting rich here, but I didn't get an interest only loan with an adjustable rate, and I'm paying my mortgage every month. Why should we bail out a bunch of people who bought houses they shouldn't have, gambling on the idea that real estate would increase in value at a linear rate forever, and now can't pay for them.

      I have great compassion for people who have had circumstances (lost jobs, personal loss, etc...) who are losing their homes. If there was a reliable way to identify these people (and if would trust our government) I think that would be a great thing to do. I have no compassion for someone who didn't do their due diligence prior to signing the papers.

      FWIW I don't think we should be bailing out banks that took on too much risk with sub-prime mortgage funds either, but not bailing them out will impact the economy and all of us regardless of our personal decisions. From that standpoint it makes sense to prop up the economy.

    7. Re:banking by zulux · · Score: 2, Insightful

      There's a huge loss of freedom if government controls healthcare.

      The freedom to chose alternate, or non mainstream healthcare.
      The freedom to not buy healthcare so that your children can afford get the best care possible.
      The freedom to chose your treatments.
      The freedom to *not* have healthcare.*
      The freedom to keep the fruits of your labor.
      The freedom to not be part of a insurance-lottery.*
      The freedom to care for yourself.

      * some religions proscribe these freedoms - Christian Scientists and the Amish respectively.

      --

      Moneyed corporations, non-working 'poor' and criminal prisoners are turning productive citizens into tax-slaves.

    8. Re:banking by Miamicanes · · Score: 2, Insightful

      > There isn't anyone worth $35 million (or whatever it was) for 19 days of work.

      Weeeellllll... that's often (if not usually) true, but not *quite* 100%. People tend to forget that the most important job of a large corporation's CEO *ISN'T* running the company... it's finding people willing to lend large sums of money to the company, or buy lots of its stock (not just 100 shares). When a small business needs to buy a new computer, the owner probably puts it on a credit card he personally had to guarantee, or finances it through someone like Dell (also assuming a role as personal guarantor of the debt). Raising the funds to buy two hundred THOUSAND laptops or computers (or company cars, or square feet of floor tile, or just about *anything* for that matter) is several orders of magnitude more challenging. The CEO of McDonald's doesn't just walk into the bank's nearest branch to fill out a credit application for a $50 million loan... he has to personally go out and FIND people willing to invest the cash. Sometimes the role might be delegated to a Wall Street securities firm, but for really HUGE loans, the CEO better be pretty damn good at playing golf, and knowing how to tactfully let the prospective investor he's trying to woo win by a few strokes.

      Likewise, everyone likes to criticize "golden parachutes", but they have an important purpose, too. Think about it for a moment. If a company gets bought by another company, it's CEO is almost certainly going to be unemployed (or at least no longer CEO). It's not inconceivable that the best interests of the stockholders (who, through the President, hire the CEO to act in their best interests when managing the company) might collide with the personal best interests of the CEO (who, like anyone else, would probably prefer to remain employed as CEO rather than sign his own employment "death warrant"). During a prospective merger, NOBODY is in a better position to torpedo and sabotage it than the CEO. So... we have golden parachutes, made part of the CEO's employment contract to ensure that he'll walk away from a merger happy and satisfied, and will do everything he can to help facilitate such a merger. It's really not much different from "retention bonuses" offered to IT professionals when their positions are planned for elimination at some point in the future to encourage them to stick around until the end, instead of bolting for a new company at the first opportunity. Do some go overboard? Of course. But it's important to keep in mind that they DO have a purpose, and don't just exist to let wealthy CEOs live lives of luxury.

      As for CEO salaries... well... part of THAT is pure public relations. If you have $100 million to invest in a company, you're going to look for evidence that the company is doing well financially. Wal Mart can get away with the "po' country folk" act, because everyone on planet earth knows they're one of the world's most powerful retailers. JustAnother Co, Inc. doesn't quite have that option. Rhetoric aside, few big-time investors are genuinely impressed by threadbare & penny-pinching companies, because those type of companies might chug along for decades, but aren't likely to ever really strike it wildly rich. Big investors aren't interested in them. If they want safe, conservative investments, they'll buy more stock in Verizon, AT&T, Florida Power & Light, or some other utility that's practically a government-guaranteed investment with legislatively-mandated rate of return. The big investors are more interested in companies with a small risk of going broke, and a high chance of becoming wildly successful.

      So... getting back to the quote from the parent post... a CEO who does nothing but go to board meetings and leads the company to destruction is clearly not worth $35 million for ANY length of time. On the other hand, a CEO who uses those 19 days to raise $250 million in needed capital for the company by taking advantage of his personal connections is worth every penny of it, and more. Most of the REALLY egregious

    9. Re:banking by LunaticTippy · · Score: 2, Insightful

      Socializing health care makes no sense as a trade off - we allow the government make life and death choices over us for a marginal increase of benefit to our pocket books.

      Right now we allow private companies to make those same life-and-death choices, and they have upside-down incentives.

      Once you start collecting health problems you no longer have any choices for private insurance. If your insurance decides not to cover some necessary care there is no recourse. There is no way to shop for insurance since you don't know if various insurers will cover it if and when you need it.

      It seems crazy to me that I have paid into the private healthcare system for 30 years without getting much of anything back and it can all be taken away from me if there is a lapse in coverage, a mistake on an application, or the insurer just decides that my particular problem is not covered.

      --
      Man, you really need that seminar!
    10. Re:banking by robertjw · · Score: 3, Insightful
      The real problem here was the burst in the bubble of real estate prices. I thought (not completely sure of this) that we were likely through the worst of the foreclosures. Of course, this may depend on the economy. Problem is, home prices have dropped and many people owe more on their home than it is currently worth. This makes these mortgage notes extremely high risk. Forclosures aren't really a problem if the property values match up with the mortgages. This is why, traditionally, you had to have a certain percentage downpayment on a house. The mortgage companies have looked the other way on some of this, and now are looking at owning a bunch of overpriced houses.

      It is unclear to me if helping pay housing debt will fix the problem, and it would be incredibly expensive to give everyone in the country who is (currently) upside down in their mortgage enough money to make the notes they hold worth something - more expensive than helping the banks out.

      We have two suggestions on how to solve this:

      1. Government buys securities from banks, giving the banks a shot in the arm, and getting the "bad" securities out of the way so that investors will be more willing to purchase new ones.

      2. Government helps pay housing debt from individuals, preventing their foreclosure. Knowing that the foreclosure rate isn't going to spike up (because gov't is preventing exactly that), the securities start being purchased again (as they are no longer perceived to be a bad investment, since a massive foreclosure spike isn't on the horizon anymore). The difference is that a bunch of people get thrown out of their homes on option 1, and they likely have very different costs (not sure how different, offhand). It seems like either gets you to the same place in the end, however.

      No, the difference here, is that in solution 1 banks and other financial institutions that have made bad decisions get a pass. This is only acceptable because a failing bank, insurance company, brokerage firm, etc... impacts EVERYONE. This staves off another great depression.

      Solution 2 results in a bunch of individuals who made bad decisions getting a pass, plus a lot of profiteers jumping on the bandwagon (heck, if they passed something like this I might get real delinquent on my mortgage really fast). IMHO if you made a bad decision you should get thrown out of your home. One of my pet peeves in this whole situation is the 'thrown out of your home' argument. MOST people who are in trouble have only owned their home a few years. It's not like this property has been in the family for generations and now they are losing it. It's not like the kids grew up there. They purchased a home on a bad loan, couldn't afford it, and will have to move out. Most of them have no equity in the home (otherwise we wouldn't have a problem), so if the lender allows them to make a short sale, they really aren't out too much. It's not like we are going to have millions of people living under bridges - they just won't OWN their house anymore.

    11. Re:banking by Lincolnshire+Poacher · · Score: 2, Insightful

      > If a company though that a CEO or whoever was not worth $35 million they wouldn't pay them that much.

      Nonsense! The company doesn't set the CEO remuneration, the Board does.

      Every year I and 30,000 other shareholders vote against the remuneration package of my mortgagee and every year we are defeated by the Board's one million nominal votes. ONE MILLION.

      Why? Because members of the Board are themselves CEOs and Directors in other companies...

    12. Re:banking by hob42 · · Score: 2, Insightful

      Yeah, we should stand up and be proud and bold like we used to be. Let's stard by abolishing the FDA and CDC and disbanding every state medical and nursing board. We'll have so much freedom we won't know what to do with ourselves!

      Your argument might have made sense, oh, about 100 years ago. But we've had government regulated healthcare in this country of ours for quite some time already. Most current proposals are either a federal safety-net for those who don't have access to insurance, or basic universal insurance that can be supplemented with private insurance options. Yeah, I can see arguing these might affect your taxes, but not the rest of your so-called freedoms on that list.

    13. Re:banking by pete-classic · · Score: 2, Interesting

      It's people like you, who think you're smart enough to engineer a solution to every problem, who got us into this mess.

      Nobody is that smart. Nobody should have the power to manipulate the variables by fiat. Nobody should have the power to tell people what to do with their own company, their own money, their own property, their own skills, labor, or body. Nobody .

      Anyone who implies that he or she is that smart is full of shit no matter what letters they have after their names. (D), (R), and PhD included.

      Now, I'm not an anarchist. I think that we should band together and form governments to stop people from victimizing each other. But that's it. That's the good idea that has gone so horribly wrong all over the world.

      -Peter

    14. Re:banking by T.E.D. · · Score: 2, Insightful

      If everyone involved was being "foolish" on a massive scale, perhaps we should look at the possibility that the rules (or lack therof) of the game they were playing was encouraging foolish behavior, no?

      The real root cause of all this was the blind rush to deregulation that congress has engaged in over the last 30 years. A game with no rules isn't any fun for anyone.

    15. Re:banking by dbIII · · Score: 2, Interesting
      Apparently because the system could get into such a screwed up state that the bank that holds your mortgage has a chance of going under too. It looks like the proposed solution however is to go for a fast "shotgun' approach after a decade of ignoring the looming problem. This has bizzare effects such as an Australian Bank that is actually doing quite well now is likely to get some of your money due to a minor amount of dabbling in the dodgier bits of the US financial sector. I'm expecting to see a lot of corruption and other crime spring out of this since there will be a call to do it all quickly without any checks and balances - money will just vanish into pockets like a lot of the Iraq reconstruction money.

      Look at Argentina to see what would happen with a few more years of incompetants that can't keep the theives under control.

  4. Surprised, Am I by Nom+du+Keyboard · · Score: 4, Insightful

    35 cents, equivalent to about $8

    I'm surprised that the inflation rate is so low for what had to be cutting edge technology of the era. Considering that a modern music CD that costs literal pennies to press sells (or attempts to sell, considering recent sales figures) for up to twice that price I wonder what figure was used for the amount of inflation over the last century.

    --
    "It's the height of ridiculousness to say for those 9 lines you get hundreds of millions."
    1. Re:Surprised, Am I by Hatta · · Score: 2, Insightful

      I'd be willing to bet that 35 cents was pretty close to cost for these things. After all, it's an ad, they want you to listen.

      --
      Give me Classic Slashdot or give me death!
  5. Panic of 1873 by MrMunkey · · Score: 3, Interesting

    I just got done reading an article about the Economic Panic of 1873 and how that depression more closely resembles what's currently happening. This might explain why Bryan was talking about bank failures. It was still fresh in their minds.

    http://chronicle.com/temp/reprint.php?id=477k3d8mh2wmtpc4b6h07p4hy9z83x18

    1. Re:Panic of 1873 by goatpunch · · Score: 5, Funny

      People didn't have the same concept of time in the olden days, two events in the same century seemed practically simultaneous to them. They also walked very quickly, talked in funny voices, and could only see in black and white.

    2. Re:Panic of 1873 by Crazyswedishguy · · Score: 2, Informative

      I just got done reading an article about the Economic Panic of 1873 and how that depression more closely resembles what's currently happening. This might explain why Bryan was talking about bank failures. It was still fresh in their minds.

      More likely he was referring to the Panic of 1907.

      --
      This space up for sale.
  6. Todays Presidental Race by [cx] · · Score: 5, Funny

    McCain must be excited to hear his old wax cylinder recordings again.

  7. Prescient? by MikeRT · · Score: 2, Interesting

    The reason that a lot of the problems we're facing now happened is because of government regulation that coerced banks into giving loans to people who couldn't get them in a less regulated market. There's this asinine argument that goes like this: if the government doesn't make banks loan to minorities and the poor, then those racist bastards won't give anyone who isn't a good looking WASP male a mortgage.

    Was Wall Street to blame on its own end? Absolutely. However, the usual suspects in political activism and Congress are getting away with this. People like Congressman Barney Frank, who helped force the lowered standards, are getting to stand in front of the media and blame Bush for something that started in the early 1990s! As much as I hate Bush, his economic policies are largely just a continuation of Clinton's.

    And here's the irony about bank deposit insurance: by law the FDIC can never carry enough money to really bail out your bank account. It can only hold $50B in cash reserves at any one point in time. That means that they can prattle on and on about raising the limits from $100,000 to $250,000 but it's not even remotely economically feasible.

    1. Re:Prescient? by WamBam · · Score: 5, Insightful

      Your argument seems to be that the government forced companies to take on loans from 'minorities and the poor'. You didn't quite work yourself into a froth about liberalism, affirmative action or whatever else you think is wrong with left but it seems like you were heading in that direction.

      If you look at the people who are defaulting on mortgages it's not really minorities and the poor (I guess in your mind minority = poor?) but mostly middle class Americans who took out loans that they couldn't afford to pay back. Just look at where these defaulters live and you'll see that suburban middle class (white, black, hispanic, etc.) enclaves are most effected.

      I won't disagree with you that some of this crisis has it's roots during the Clinton era or that the government is partially to blame. I'd blame the government for not regulating the lending industry enough rather then accusing them of forcing risky loans on companies. These companies, as well as the housing industry, wanted to take on these loans because they saw green and more importantly, other institutions wanted the securities these loans were wrapped up in because they thought it would make them money.

      Please don't use this crisis as some sort of attack against the poor and/or minorities. It just makes you sound ignorant.

    2. Re:Prescient? by Herkum01 · · Score: 5, Interesting

      The government may have adjusted the rules to try and give people loans to poorer people, but you cannot say the bank was forced to give them loans. There is a lot of process that goes into getting a loan which includes checks and balances on whom is supposed to get approved. The fact of the matter is that too many people had in an interest in pushing loans, good or bad, because they got an immediate payoff and they could pass a bad loan to someone else. Think of all the people who get a cut when you sell a house,

      • Real Estate Agent
      • Property Assessor
      • Mortgage Broker
      • the Seller
      • Rating's Agencies
      • and the BANK!

      That's right, the bank got an immediate payoff for making the loan! Why? Because they turned around and sold the loan. Basically everyone could pass the buck onto someone else. Unless your were the final sucker who got caught holding the loan which ends up worthless. It was a game of hot-potato being played by financial experts who convinced themselves they knew better than someone else.

      As for politcal activism, that is a load of crap. It came down to businesses wanted to do business anyway they like without any oversight, it was only a matter of time before someone came up with this Ponzi scheme. If people had to actually hold onto the loans that they made none of this stuff would have happened. But you would have had rich financial analyst's screaming "this not a free market!"

  8. Re:Tag failures by Hatta · · Score: 3, Insightful

    There's a purpose to having tags?

    --
    Give me Classic Slashdot or give me death!
  9. Bit-torrenting like its 1908 by MosesJones · · Score: 4, Funny

    Of course what they don't tell you is that most people just ripped the wax cylinders into an oral history form and passed it on that way via a peer to peer approach.

    People complained that the problem with the P2P network was that you couldn't tell what was the original and what was either a bad copy or just some virus put in there by someone else to mislead people, but people in South Texas claimed it was the only way they could do it as the Wax cylinders were not available in their area due to them melting.

    --
    An Eye for an Eye will make the whole world blind - Gandhi
  10. Re:Can't listen, Flash only I didn't listen to it, by davidsyes · · Score: 2, Funny

    but...

    When i was waiting for my train, three people were coming down the escalator. I heard one kinda laughingly tell the other two, "Palin said, 'John McCain already *tapped me*'." There there was more laughter. I couldn't *help* but wonder what kind of "tapping" McCain did....

    --
    Previously: "Linux... Toward the Sunrise..." Now: "Linux... Toward the-- No, now, part of Every Sunrise"
  11. Banking and Democrat Change by Orne · · Score: 5, Informative

    The problem is that the people who were supposed to oversee Fannie Mae are the same people that are now supporting a certain Democrat candidate for president, and it would not be beneficial for the media to expose those relationships to the public-at-large until after the election.

    I don't understand how the Enron Trial is on the tip of everyone's tongue, but the media isn't calling to put these banking executive in jail for a fraud that is 10x worse!

    1. Re:Banking and Democrat Change by OSU+ChemE · · Score: 2

      Actually, it's not just Democrats that are/were in on it. It was a bi-partisan screw up.

    2. Re:Banking and Democrat Change by mathmathrevolution · · Score: 5, Informative

      You're so full of misinformation. Barney Frank was the one who passed regulations on Freddie & Fannie. In July 2007 Frank became chairman and he and the Democrats passed regulations within two months. These regulations had been blocked by the house Republicans since 1994.

      It's incredible that the Republicans claim the big mean Democrats prevented them from instituting a proper regulatory framework despite over a decade of Republican majorities in the House and Senate.

    3. Re:Banking and Democrat Change by mathmathrevolution · · Score: 2, Informative

      So? None of his links justify his claim that Barney Frank "stopped many legislation attempts to regulate Fannie Mae." That's an baseless argument he got from god-knows-where. Barney Frank did institute legislation. Here's your link

    4. Re:Banking and Democrat Change by Solandri · · Score: 2, Interesting

      You're so full of misinformation. Barney Frank was the one who passed regulations on Freddie & Fannie. In July 2007 Frank became chairman and he and the Democrats passed regulations within two months. These regulations had been blocked by the house Republicans since 1994.

      It's incredible that the Republicans claim the big mean Democrats prevented them from instituting a proper regulatory framework despite over a decade of Republican majorities in the House and Senate.

      You mean this Barney Frank?

      ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' - Barney Frank, 2003, speaking in opposition to a White House proposal to increase regulation of Fannie Mae and Freddie Mac

      Truth is both parties share blame for this. Republicans liked loosening credit for housing because they felt fewer regulations and more liquidity = good. Democrats liked it because they felt more houses for lower income people = good.

      By July 2007 (when the credit crunch first began) it was obvious housing was a bubble set to burst, so both sides were rapidly backtracking from their previous positions. Democrats were disavowing having ever advocated housing for those with less than mediocre credit. Republicans however couldn't disavow their core belief that less government regulation is better, so ended up taking most of the blame. I give Barney Frank credit for recognizing his mistake and acting to rectify it in 2007, but that does not absolve him of blame for having helped originally cause the problem in the first half of the decade.

    5. Re:Banking and Democrat Change by jcnnghm · · Score: 2, Informative

      Democrats blocked regulation in 2004, attacking the regulator, and defeated the Federal Housing Enterprise Regulatory Reform Act of 2005, cosponsored by John McCain. Barney Frank is in this neck deep, don't kid yourself. Democrats like Frank cried racism whenever the republicans suggested regulating Fannie Mae and Freddie Mac, and had control of the house financial services committee which oversees the GSEs.

      "I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a
      threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn't bail them out . But the more pressure there is there, then the less I think we see in terms of affordable housing."

      Rep. Barney Frank (D., Mass.)
      House Financial Services Committee hearing
      Sept. 10, 2003

      "I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They're not the best investments these days from the long- term standpoint going back. I think they are in good shape going forward. They're in a housing market. I do think their prospects going forward are very solid. And in fact, we're going to do some things that are going to improve them."

      Rep. Barney Frank (D., Mass.)
      July 14, 2008

      "I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

      I urge my colleagues to support swift action on this GSE reform legislation."

      John McCain
      May 26, 2006

      Here are some additional quotes from the Fannie/Freddie Fraud Investigation in 2004

      BAKER (R-LA): It is indeed a very troubling report, but it is a report of extraordinary importance not only to those who wish to own a home, but as to the taxpayers of this country who would pay the cost of the clean up of an enterprise failure.

      WATERS (D-CA): Through nearly a dozen hearings where, frankly, we were trying to fix something that wasn't broke, Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Mr. Frank Raines.

      MEEKS (D-NY): As well as the fact that I'm just pissed off at OFHEO, because if it wasn't for you, I don't think that we'd be here in the first place, and now the problem that we have and that we're faced with is: maybe some individuals who wanted to do away with GSEs in the first place, you've given them an excuse to try to have this forum so that we can talk about it and maybe change the, uh, the direction and the mission of what the GSEs had, which they've done a tremendous job. There's been nothing that was indicated that's wrong, you know, with Fannie Mae! Freddie Mac has come up on its own. And the question that then presents is the competence that -- that -- that -- that your agency uh, uh, with reference to, uh, uh, deciding and regulating these GSEs. Uh, and so, uh, I wish I could sit here and say that I'm not upset with you, but I am very upset because, you know, what you do is give -- you know, maybe giving any reason to, as Mr. Gonzales said, to give someone a heart surgery when they really don't need it.

      ROYCE (R-CA): In addition to our important oversight role in this committee, I hope that we will move swiftly to create a new regulatory structure for Fannie Mae, for Freddie Mac, and the federal home loan banks.

      CLAY (D-MO): This hearing is about the

      --
      You don't make the poor richer by making the rich poorer. - Winston Churchill
    6. Re:Banking and Democrat Change by Solandri · · Score: 2, Informative

      Frank proposed the FEDERAL HOUSING FINANCE REFORM ACT OF 2005 which was before the housing crisis had manifested.

      Are you sure that's the right bill? He's not on the list of sponsors (who are all Republicans), and he voted against it. While we're at it, McCain authored a similar regulation in the Senate in 2005, yet he's somehow being blamed for the lack of regulations that caused the mortgage failures.

      Furthermore, the housing crisis was largely a product of subprime lending. By law, F&F were prohibited from engaging in subprime lending. F&F didn't create the problem they fell victim to. F&F were engaging in legitimate lending, but they were not setup to be resilient against a national wide decline in home values.

      Were prohibited. A 1999 New York Times article states:

      I In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

      The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

      Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

      In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

      ''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

      Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

      In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

  12. Bryan's not exactly electifying, is he? by jfruhlinger · · Score: 2, Interesting

    Bryan was supposed to be the premier orator of his era -- his "Cross of Gold" speech brought the house down at the Democratic convention in 1896. But that recording is just a snoozefest -- admittedly, it's about banking, which is important but boring (which is no doubt one of the reasons we're in trouble today), but the rhythm is just stately and bland and blah. Maybe the experience of being in a studio rather than in front of a live, reacting crowd was so foreign that it didn't occur to him that he should be using the same oratorical techniques, and instead was just reading prepared remarks.

  13. Some things never change! by Drakkenmensch · · Score: 2, Funny

    "Mister Taft, what is your position on young whippersnappers using Edison's sound capturing device to obtain songs of popular performers and listening to it later, not paying music admission prices? Is this the end of Music Hall?"

  14. You must be able to see to hear this Flash audio by HTH+NE1 · · Score: 5, Insightful

    Really? Flash is pretty easy to use, too.

    How easy? Can you use it with your eyes closed? For sake of argument, I'll allow you to have a braille display.

    --
    Oh, say does that Star-Spangled Banner entwine / The myrtle of Venus with Bacchus's vine?
  15. My... How Times Change by Black-Man · · Score: 2, Informative

    William Jenning Bryan... a Democrat. Strong supporter of prohibition, fought darwinism and was a racist.

    Taft... a Republican. And the Republican Party of 1906 REMEMBERED ITS ROOTS! The party of the Abolitionists.

    I wish the Republican's would acknowledge their heritage. The heritage of abolition and the abolishment of slavery. They should be proud of Lincoln!

  16. Re:Can't listen, Flash only I didn't listen to it, by spun · · Score: 2, Informative

    Palin does a fine job of making herself look stupid, she doesn't need our help. Though surprisingly she did manage to use complete English sentences in the debate.

    I mean, those interviews were more than embarrassing, they were frightening. Doesn't read, or can't name specific publications. Can't name a single supreme court decision besides Roe v. Wade. Says McCain is for regulation, but can't name one specific instance. Thinks sharing a maritime border with the most desolate, uninhabited part of Russia gives her foreign affairs experience.

    --
    - None can love freedom heartily, but good men; the rest love not freedom, but license. -- John Milton
  17. What about the Community Reinvestment Act? by MikeRT · · Score: 2, Insightful

    Not nearly as ignorant as you would believe. Ever heard of the Community Reinvestment Act and its amendments? It played an important role in dropping the standards on accounting to make this problem possible. I admit that I came across as blaming only the poor and minorities in that first paragraph (such is the result of fast posting). The middle class certainly has its large share of the blame too for overspending on housing. However, let's not kid ourselves into thinking that this environment would have happened the way it did if banks didn't face the threat of legal action under the CRA if they denied someone a mortgage when that person could, *ahem*, theoretically make the payments on their current income.

  18. Re:You must be able to see to hear this Flash audi by outZider · · Score: 2, Informative

    It's ignorance on the part of flash developers, just like HTML designers who don't use ALT tags on images. Adobe provides the technology, developers just don't care.

    --
    - oZ
    // i am here.
  19. What CRA Whiners Aren't Telling You by Qzukk · · Score: 4, Insightful

    The CRA only applies to banks.

    Despite the fact that CRA appears to have increased bank and thrift lending in low- and moderate-income communities, such institutions are not the only ones operating in these areas. In fact, with new and lower-cost sources of funding available from the secondary market through securitization, and with advances in financial technology, subprime lending exploded in the late 1990s, reaching over $600 billion and 20% of all originations by 2005. More than half of subprime loans were made by independent mortgage companies not subject to comprehensive federal supervision

    http://www.house.gov/apps/list/hearing/financialsvcs_dem/barr021308.pdf

    The CRA is only at worst 50% responsible (an additional 30% of the subprime loans were made by "affiliates" of banks, and therefore partially covered by CRA, the remaining 20% of all loans were made directly by banks... and the worst case scenario is that the regulators were there twisting the banks' arms for every single loan). The other 50% of the mortgages were irrefutably made of the originators' free will.

    Secondly, the CRA doesn't call for Option ARMs or interest-only loans or giving people money with zero down or piggybacking another mortgage for the down payment or liar loans... those are entirely the invention of the banks and mortgage companies that offered them.

    --
    If I have been able to see further than others, it is because I bought a pair of binoculars.
  20. Feinstein's a conservative on economics by Trepidity · · Score: 2, Informative

    She's only really in the Democratic Party at all because she has liberal views on social issues (abortion, gay rights, etc.), but she's quite conservative on business/economic issues.

    She also happens to be married to Richard C. Blum, chairman of Blum Capital Partners, who as you might suspect rather like the idea of a financial-industry bailout.

  21. conservatives are anti-elitism? by Trepidity · · Score: 4, Insightful

    Like Phil Gramm, McCain's economic advisor, who calls people "whiners" if they think the economy is doing badly?

    Heck, conservatives are most of the elite---Bush beat Kerry by huge margins among people making $200k+, even in states that Kerry otherwise won handily (he won 64-35% among that demographic in California). Rich liberals are a fairly small subset of overall rich people---even in California, conservative aerospace/defense industry, real-estate, and import/export businessmen far outnumber Hollywood actors and tech bosses.

    1. Re:conservatives are anti-elitism? by operagost · · Score: 2, Insightful

      Heck, conservatives are most of the elite---Bush beat Kerry by huge margins among people making $200k+, even in states that Kerry otherwise won handily (he won 64-35% among that demographic in California).

      No, that's because Democrats always promise they will raise taxes on the "rich" and give services to the "poor" like bureaucratic Robin Hoods.

      --

      Gamingmuseum.com: Give your 3D accelerator a rest.
  22. Re:Can't listen, Flash only I didn't listen to it, by kencurry · · Score: 2, Insightful

    Biden does a fine job of making himself look stupid, he doesn't need our help. Though surprisingly he did manage to cry in the debate...

    He was speaking of his wife and daughter who were killed as I understand it.

    What sort of heartless fuck are you? Will you laugh when your family is killed, or will you just not care?"

    --
    sigs are for losers (except to point out that sigs are for losers)
  23. Re:Flamebait =censorship by mcgrew · · Score: 2, Informative

    No, it's not what you say, it's how you say it.

    Flamebait: "Hay, fatass, your fucking slip is showing, moron. Ain't you got a momma?"

    Discourse: "Pardon me, miss, but your slip is showing."

    Both say the same thing.

  24. Anti- by weston · · Score: 2, Interesting

    People think that conservatives are anti-intellectual, which isn't necessarily the case. It's that they're anti-elitism.

    That's fine as far as it goes, but the question is -- where does a lack of respect for real elite achievements begin?

    When you're going in for surgery, are you going to be anti-elite?

    The school district where I grew up put in a math program that was utterly and completely worthless. Math scores tanked, parents complained, and it was hard to believe that even 30% of the parents supported the new math program. However, the district stuck to their guns because some college professors thought it was the best thing in the world.

    Anybody who understand that practical results matter more than expert advice is exhibiting common sense. I don't think most people are going to argue otherwise. I get really, really nervous, however, when people start to question whether expertise is important at all -- or the idea that looking towards expertise is "elitism."

    Fortunately, there's signs that this isn't actually so much a conservative philosophy as it is a convenient tool for discarding expert advice that you don't want to believe, regardless of where you are on the political spectrum. And there's plenty of evidence that the accomplished and wealthy are happy to support conservative politics as well as liberal.