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Felix Salmon defends Taibbi in "Fernholz vs. Taibbi" article from Reuters

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KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 09:16 AM
Original message
Felix Salmon defends Taibbi in "Fernholz vs. Taibbi" article from Reuters
Fernholz vs Taibbi

by Felix Salmon


Dec 11, 2009 17:39 EST

Tim Fernholzs intemperate attack on Matt Taibbi and his latest article is getting a lot of attention in the Twittersphere. It turns out that a lot of journalists dont like Taibbi, and love it when he gets taken down a peg.

But Fernholzs attack is weaker than it looks at first glance; a lot of it is simply a matter of slant and opinion. For instance:

In the end, Frank not only agreed to exempt some 8,000 of the nations 8,200 banks from oversight by the castrated-in-advance agency, leaving most consumers unprotected. The CFPA, while somewhat compromised, remains a strong agency that will protect consumers. In particular, all the banks in the country will be subject to the CFPAs rules, and they will be able to inspect any bank they identify as problematic. You can also ask Elizabeth Warren, who came up with the idea, what she thinks of Franks proposal. Oh, I did.

Actually, Tim, the CFPA is not a strong agency that will protect consumers. In fact, it doesnt even exist. And I clicked through; you didnt ask Elizabeth Warren what she thinks of exempting 8,000 banks from CFPA oversight. And in any case theres no doubt that if and when the CFPA does finally become reality, it will be smaller and weaker than when it was first proposed, especially now that it cant mandate that banks offer plain-vanilla products.

As Taibbi writes:

Franks last-minute reversal made in consultation with Geithner was such a transparent giveaway to the banks that even an economics writer for Reuters, hardly a far-left source, called it the beginning of the end of meaningful regulatory reform.

Um, thanks for making me sound respectable?

In any case, I feel that Fernholz is a bit like Heidi Moore: hes missed the point of Taibbis polemical style. Taibbi is not interested in an writing an even-handed examination of Obamas economic policies: hes interested in writing an enjoyable screed which jumps off the page and which describes Alan Greenspan as a staggeringly incompetent economic forecaster who was worshipped by four decades of politicians because he once dated Barbara Walters. This stuff isnt meant to be taken nearly as literally as Fernholz is taking it but in any case, Fernholzs game of gotcha comes up with precious little of real substance.

more at..........

http://blogs.reuters.com/felix-salmon/2009/12/11/fernho...
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spiritual_gunfighter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 12:34 PM
Response to Original message
1. Thank you for posting this
Edited on Sat Dec-12-09 12:35 PM by spiritual_gunfighter
I was getting lit up by the apologists for posting the Taibbi article. Who were using the Fernholz article as their gold standard.
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chimpymustgo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 01:09 PM
Response to Reply #1
2. Greenwald has Taibbi's back, too. It's in an update at the end of the piece your posted re the Nobel
speech.
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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 02:36 PM
Response to Original message
3. K & R and thanks.
Shouldn't we start a running list?
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KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 09:45 PM
Response to Reply #3
11. I know....what you say..
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NashVegas Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 02:41 PM
Response to Original message
4. Unfortunately
Taibbi's anti-Clinton histrionics of 1-2 years ago and subsequent role of Obama-propping don't leave him with all that much credibility, IMO.
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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 02:58 PM
Response to Original message
5. Felix Salmon..
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spiritual_gunfighter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 03:11 PM
Response to Reply #5
6. Those that wish to defend Obama's economic policies
Edited on Sat Dec-12-09 03:12 PM by spiritual_gunfighter
want to frame the naysayers as a partisan issue when it most certainly is not as your examples bear out. Why are they doing that?
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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 03:41 PM
Response to Reply #6
8. I don't even really see any serious defense of the policies
Edited on Sat Dec-12-09 04:09 PM by chill_wind
and choices skewered by Taibbi and in all reality-- so many other journalists and economics experts-- since last February. I see, as always, lots of anger at the negative exposure, the dot connecting and the look at the consequences.

What about the journalism at ProPublica, Bloomberg, guys like Mark Pittman? Policy critics like Dean Baker, Stiglitz, Galbraith, Krugman and others? It goes no where always with the same protective angry few.. This outrage isn't new and once again we see it isn't about defending policy.

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IrateCitizen Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 06:29 PM
Response to Reply #8
10. It's the difference between those looking through a partisan lens...
.. and those trying to view events with a clear eye. People don't want to have their belief in the infallibility of Obama shattered, so they naturally strike out at those who challenge that belief system -- just as most people do when they're defending a belief system.
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KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-13-09 09:46 PM
Response to Reply #10
12. Thanks...this post keeps disappearing from editorials..even though there are replies..
:shrug: Only way I can find it is to hit "My DU"...weird.
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spiritual_gunfighter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 03:13 PM
Response to Reply #5
7. Taibbi's counter to the American Spectator article.
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Overseas Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-12-09 05:38 PM
Response to Original message
9. K&R. //nt
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