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Forbes and the "Self-Made" Label

by cactus

Forbes and the “Self-Made” Label

I’m kinda busy these days, but this topic is small pet peeve of mine: what the heck is up with Forbes and the “self-made” label? On occasion, I’ve gone through the Forbes 400 list of richest Americans and marveled at who Forbes manages to decide qualifies as self-made.

Case in point. Take Aubrey McClendon, head of Chesapeake Energy, the largest independent gas producer in the US. His great-uncle was a governor and a three-time senator, and also co-founded a large oil company. His father worked for the company for 35 years, and one imagines he wasn’t a janitor or nightwatchman.

McClenond himself will tell you:

I had some early financial advantages in life that probably let me take a chance or two that I wouldn’t have been able to

But to Forbes, McClendon is a self-made man.

A few spots up from McClendon is another self-made dude (according to Forbes), Paul Tudor Jones II. The “II” is not an automatic marker of wealth, but it should have been a tip-off to Forbes that perhaps it was worth visiting “teh google”, which would have been kind enough to guide them toward this interview:

I already had an appreciation for trading because my uncle, Billy Dunavant, was a very successful cotton trader. In 1976, after I finished college, I went to my uncle and asked him if he could help me get started as a trader. he sent me to Eli Tullis, a famous cotton trader, who lived in New Orleans. Eli is the best trader I know, he told me. I went down to see Eli and he offered me a job on the floor of the New York Cotton Exchange.

And the name “Dunavant” should have rung a bell to Forbes – after all, Forbes ranks Dunavant Enerprises as one of the 400 largest private firms in the US. Another thirty seconds of “research” would have told the folks at Forbes this:

His paternal grandfather, Colonel William P. Dunavant, was in the railroad business and created one of the main cotton transporting railroads of the time, a railroad that grew into the southern leg of the famous Frisco Railroad. Billy’s father, William Dunavant, began working for T. J. White and Company at the age of twenty-one. After White retired, the company was passed to William Dunavant; however, because of the untimely death of his father in 1961, Billy Dunavant took over the company at the age of twenty-nine.

I’ll concede that a stream of events where all this is true and Tudor Jones was none-the-less a penniless guy who pulled himself up by his bootstraps in a way that the rest of us were just too lazy to accomplish. It does seem unlikely, though. A more reasonable description of events is that this is another example (I’ve had a post or two on this in the past) that Forbes simply has a tendency label some very unlikely individuals as being self-made. And from what I can tell, this is a Forbes thing; most of the folks Forbes gives this label to that the rest of us might not don’t go around insisting they’re self-made. (I believe I recall one counter-example.) So what’s up with Forbes and the use of this label?
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by cactus

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Same labels, same old stuff

One Salient Oversight sends some thoughts from down under on recycling labels:

Think of the common labels thrown out against political opponents these
days. What sort of political thinking would be labelled in the following
way?

* The propagation of ideas like Darwinism, Marxism, the teachings of
Nietzche, Liberalism, Socialism, Communism and Anarchism.
* A focus on Utopianism that is actually unattainable because of the
underlying conspiracy within the group.
* A movement towards materialism.
* Supporting supranational entities notions such as World Government.
* A control of the media to promote these evil ideas, under the
guise of a “free press” (which is actually controlled by the conspiracy).
* Sexual licence.
* An opposition to Christianity and a promotion of secularism and
atheism – but with an actual evil religion under girding it.

All those descriptions can quite easily be seen as being directed by
conservatives against progressives. Consider the following:

* Conservatives often use progressive ideas as a pejorative, and
will quite easily label a progressive by a general term. Labelling them
as “communists”, for example, even though they don’t espouse Communism.
* An argument that progressive ideas are based upon a vision of a
“false utopia”.
* An argument that progressives cannot tolerate faith and are
inherently materialist.
* Complete opposition to any notion that supranational entities like
the United Nations and the European Union are useful. Such entities are
either threats to freedom or full of incompetents. Those who support
such entities are thus evil.
* That the “Mainstream Media” is inherently “liberal” and has an
agenda to promote a particular point of view under the guise of the
“free press”.
* That sexual licence promoted by progressives will end up leading
to the destruction of traditional marriage and enforced sexual
perversions (like paedophilia and bestiality).
* That a conspiracy of progressives is trying to destroy
Christianity and replace it with atheism, and that such a conspiracy
has, at its base, Satanic and pagan influences.

Sounds terrible doesn’t it? Or maybe it sounds true. Or maybe, just
maybe, someone came up with the same sort of thing during the late
nineteenth century (Protocols of the Elders of Zion) and directed it towards a societal group that they
thought was destroying the world?

In the case of the late nineteenth century, these beliefs were outright
lies that were fabricated with the intention of creating ill-will and
hatred towards their “enemy”. It therefore gives you an idea of how
these people – even those today – think.
——————–
This one by reader One Salient Oversight

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Mike sends a response to rdan on off-label drugs

It is evident that this will lead to less pressure on the Drug Companies
to get their drugs approved by the FDA. I would suggest that we consider
letting the market help. i.e.

1) If a drug is prescribed off-label, then the patient be permitted
to return it to the drug store for a full refund, no questions asked. —
Obviously many people might be helped, and others would not bother to try to
get a refund, but it would encourage the Drug Company to test the drug to be
able to sell it without the possibility of having ineffective drugs being
returned.

2) If a drug is being prescribed off-label, with the cooperation of
the Drug Company, then the patient can go to court and have a presumption
that the drug is the cause of any reasonable harm to the patient. Obviously
one would want a judge to eliminate unreasonable cases, but if it is
reasonable that the off-label use of the drug might have caused the damage,
then the encouraged off-label use would lead to an assumption of guilt until
proven by the preponderance of evidence otherwise.

Obviously the details of these can be adjusted to make them more
reasonable, but their purpose is to let the Drug Company have some reasons
for testing their drugs and for not encouraging their off-label use unless
they feel they are safe and effective.

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Off label drug pushers

FDA doesn’t just approve drugs, it approves drugs for specific uses. However, doctors can prescribe drugs for unapproved, or “off-label,” uses.

Under a law that expired in 2006, pharmaceutical reps were legally able to distribute journal articles touting the benefits of off-label uses. But, according to the Associated Press, FDA maintained some regulatory oversight: “Under the expired law, companies had to submit reprints of articles to the FDA before sending them to doctors. That way, the articles’ accuracy could be reviewed.”

If FDA chooses to finalize this policy, which it published today as “proposed guidance,” drug companies would be able to use journal articles to market off-label uses willy-nilly. The AP article continues, “Under the new proposal, drug companies don’t have to submit articles.”

Off-label use of drugs is big business. According to The Wall Street Journal, “[FDA] is stepping into a high-stakes business issue, because off-label uses of prescription drugs are a mainstay of the industry — an estimated 21% of drug use overall, according to a 2006 analysis published in the Archives of Internal Medicine.”

According to Merrill Goozner at the GoozNews blog, the pharmaceutical lobby pushed for FDA to go forward with the policy which will be a boon for the industry:

So what was in today’s proposed guidance? It pretty much gives industry everything it was looking for. It would allow drug salespersons to drop off article reprints as long as they came from a peer-reviewed journal that had a conflict-of-interest disclosure policy. Articles from industry-funded supplements would not be allowed…

Note what isn’t in the policy: It doesn’t say that the studies of unapproved uses must be from randomized controlled clinical trials, which is the gold standard of medical research.

Rep. Henry Waxman(D-CA) caught wind of this policy last November and asked FDA to refrain from going forward.

We probably will get exactly what we wish for, and then get blamed for the result. I call it sneered at..”Suckers!!”

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Thoughts on the War on Terror as a Label

I have a vague recollection of GW saying something to the effect that if we change our behavior or lifestyle, the terrorists have won. (Anyone have the quote?) As I was waiting, barefoot, for my carry-on, my flip-flops (the easiest thing to travel in these days), my laptop and my cell-phone to clear the X-ray machine, I looked over at the octogenarian lady standing next to me waiting for her belongings. Then I reflected on the fact that GW has not flown commercially since at least the year 2000.

Calling it a “War on Terror” means one day, when we win, we’ll be able to go back to the days when we weren’t fighting. Put another way… one day we’ll be able to go back to the days before our carry-on items were scrutinized this carefully. That day will never come, even if every last islamofascist is rounded up and GW has Osama’s testicles in a jar of formaldehyde sitting on the mantle. Calling it a “War on Terror” is just silly.

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NY Times Calculator Mislabels Salaries as Wealth

Dean Baker has a lot of praise for this calculator:

The NYT has a very nice feature in today’s paper, a calculator that allows you to see how wages have grown over the last four decades. You can make comparisons for a wide variety of demographic characteristics, occupations, and industries. You can even plus your own info in and see how you’re doing compared to your peers. This is nice, it’s giving people real information. That’s what newspapers are supposed to do.

I agree but I have one nitpick with the title which talks about “wealth” whereas the calculator graphs real salaries. Their instructions continue the error in terminology by calling this salary calculator a “wealth calculator”. Could someone let the New York Times know that stocks and flows are different concepts.

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Pork Barrel Spending Labeled “Fiscal Responsibility”

An AP story carried by CNN shows that the White House was paid many visits by “Republican activists Grover Norquist and Ralph Reed” over the past 6 years. White House spokeswoman Dana Perino had an odd way of excusing the visits by Mr. Norquist:

He is one of a number of individuals who worked to advance fiscal responsibility, which is one of the key aspects of the president’s agenda

I seriously doubt Mr. Norquist asked Karl Rove if the pork barrel spending for his clients could be reduced.

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Clinton Says Margaret Thatcher Wasn’t Part of Britain’s Establishment Because She Was a Woman

Okay, labeling-her-the-establishment-616552003606">what she actually said is that she can’t be part of the establishment, because she is a woman.  Because by definition, women aren’t part of the establishment.

Shucks! No one told all those corporate folks who paid her $225,000 to hear her reminisce to them about how stressful it was to advise President Obama on whether he should approve the raid on Osama bin Laden’s compound. (She revealed this tonight; this was what she told her audiences at those private audiences.) They paid good money to hear a future Democratic presidential nominee say this, thinking that she was a member of the establishment.  They deserve a refund.

To be precise, here’s what she said:

I’ve got to just jump in here, because, honestly, Senator Sanders is the only person who would characterize me—a woman running to be the first woman president—as exemplifying the establishment.

Honestly?  No, Senator Sanders is not the only person who would characterize her—a woman running to be the first woman president—as exemplifying the establishment. Trust me on that.

Also: Just wondering how many of you who watched the debate think Clinton’s hyper/filibuster performance tonight was appealing?

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No, Sanders is not trying to boot moderates out of the Democratic Party and erect a progressives-purity test. He just objects to Clinton’s misrepresenting herself as a progressive Democrat when she is, by her own fairly recent and proud description, a moderate Democrat.

I’ve been a fan of New Republic senior editor Brian Beutler dating back to his days as a Salon writer, but in a piece today called “Bernie Sanders Will Be Unelectable If He Keeps This Up” he misinterprets the essence of Sanders’s current criticism of Clinton as a fair-weather progressive in a way that I think needs quick rebuttal.

Clinton has been campaigning on the claim, which she makes repeatedly, that she’s a progressive, but one who wants to get things done.  Sanders pointed out, on twitter, that Clinton herself was until very recently characterizing herself as a moderate. Beutler writes:

The spat began two days ago, when Sanders said he thinks Clinton’s only a progressive “some days.” Clinton and her allies leapt to her defense, which in turn prompted Sanders to run through a litany of her heresies.

Here’s how he summed up his basic argument [in a twitter post]:

“You can be a moderate. You can be a progressive. But you cannot be a moderate and a progressive.”

Beutler interprets this as Sanders establishing a purity test, not for a candidate to represent herself to voters as a progressive but instead to run as a Democrat at all.  He thinks Sanders wants to establish a mirror image of Tea Party purity, forcing candidates and elected officials from the party itself if they don’t meet the issue-by-issue test and effectively repelling moderate voters by a message that they are not welcome within the Democratic Party.

But Clinton is, as she has proudly said of herself pre-Sanders-boom, a moderate.  Not on every issue, but certainly on most economic and regulatory issues.  A favorite slogan of hers is essentially a Republican one: she wants to increase incomes, not taxes.

By which she means, particularly, that she doesn’t think healthcare insurance premiums and out-of-pocket healthcare costs count in tallying up “incomes” as long as those payments are made to private insurers and private hospitals, physicians and medical labs.  Better to pay more (much more, if you have a large deductible and, say, also a large hospital bill) in such expenses to the private sector than to pay a set, regular rate for all or most healthcare costs if that set, regular rate is paid to the federal government and called a tax rather than a premium. Or called medical bills.

Clearly, you can be a moderate on one issue and a progressive on another; Sanders himself has been a moderate on gun-control issues.  His objection is to Clinton’s sudden repackaging of her general ideological label as progressive rather than moderate.  She is not, overall, a progressive.  She is, overall, a moderate.

He’s complaining about the false labeling, the false advertising.  He thinks voters are entitled to truth in advertising.  He does not think moderate candidates and elected officials should be booted from the party, or moderate Democrats made to feel unwelcome within it.

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Republican Policy Response to Increasing Income Inequality

“Labor Share is decreasing so lets cut tax on capital to zero”.

That is it. Literally. When you parse out Paul Ryan’s ‘Path to Prosperity’ or the net effects of Rubio’s tax plan that is what Republicans are pushing as the solution to everything. And pretty much always has been since “Rising Tide”.

Forget the rhetoric and labels about “Flat Tax” and “Fair Tax” and focus on the mechanism and it ALWAYS reduces to “Cut tax on capital”.

Period. End of story. (Unless of course someone wants to treat this as an Open Thread. Because Comments are Open.)

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