<![CDATA[Gawker: financial times]]> http://tags.gawker.com/assets/base/img/thumbs140x140/gawker.com.png <![CDATA[Gawker: financial times]]> http://gawker.com/tag/financialtimes http://gawker.com/tag/financialtimes <![CDATA[The Spitzer Files: How TV Talking Heads Get Their Cues from Flacks]]> In our third installment from the Spitzer Filesour collection of e-mails between Eliot Spitzer's flack and reporters at the height of his hooker scandal—we congratulate the reporters who actually try to learn things before they go on TV.

On March 10, 2008, the New York Times broke the story of former New York Gov. Eliot Spitzer's hooker habit, and cable news went insane. One of the gratifying things we found in the 1,300 pages of e-mail correspondence between Spitzer's flacks and reporters (which we obtained under New York's public records law) was that some reporters who were booked as talking heads actually made an effort to know what they were talking about before they went on TV. Of course, it's hard to get too much information at the last minute — which is one reason no one on cable television knows what they are talking about — and often the natural impulse of reporters is to check in with a flack for guidance.

The day after the Spitzer news broke, as speculation over his future was at a fever pitch, Financial Times reporter Brooke Masters, who wrote a book in 2006 about Spitzer's rise to power, was booked to appear on CNN. She sent a frantic e-mail to Spitzer's communications director Christine Anderson ten minutes before she was scheduled to go on, asking, "what tone should I take when asked if he will resign?" She signed off with, "Help."

Anderson responded that no announcement would be coming that day, but that Masters' "tone should probably be that the options aren't good." On CNN that night, in a taped segment for Anderson Cooper 360, Masters said, "Unless he can completely reinvent himself, his old method of dealing with the world and his old attraction as a politician is gone."

When we let Masters know that we were publishing the exchange, she wrote in an e-mail that "I knew I was going to be asked what Mr Spitzer would do, and I am a reporter not a pundit so I was trying to gather the facts." Which we commend her for. Still, it's worth remembering the next time you see a reporter analyzing a story on cable somewhere, that — at least for the ones who did their homework — the facts, and the tone, sometimes come unattributed and off the record from people who are paid to manage reporters.

Another reporter who checked in with Anderson before going on TV was them-Time magazine deputy managing editor Adi Ignatius, who now edits the Harvard Business Review. Oddly, Ignatius — who had covered and profiled Spitzer for Time — was booked on ABC News and NBC News as a supporter of Spitzer's, to balance out the detractors offering gleeful quotes on his self-immolation.

On March 10, a few hours after the story broke, Ignatius e-mailed Spitzer's chief of staff Marlene Turner asking if he could speak to Spitzer or anyone else in his office about the governor's state of mind before going on ABC News's World News Tonight. Turner referred him to Anderson. World News didn't use any of Ignatius' tape, but the next day, NBC Nightly News invited him to speak as "someone who knows and likes Eliot," and he asked Anderson for access to Spitzer or anybody else who might know his thinking. Anderson responded that she'd be happy to talk to him.

That night, Ignatius was identified on a Nightly News segment as a Spitzer "supporter," and he told correspondent Mike Taibbi that "it's going to be very, very, very difficult for him to stay in office."

Ignatius and Masters were right to find out as much as they could before being presented to television audiences as informed analysts (or in Ignatius' case, a partisan). But it's interesting, to us at least, to see laid bare the role that flacks can play behind the scenes in managing the tone and direction of talking-head coverage during a PR disaster.

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<![CDATA[Fake FT Shows Strong Future For Newspapers — As Novelties]]> A group of British volunteers distributed a very slick-looking fake Financial Times in London today in a stunt expressly modeled on that fake New York Times put out by the Yes Men last year.

A scan of the contents (PDF) reveals a fairly dry collection of fake stories about the detrimental effects of capitalism on the environment, along with fake ads and fake sections correct right down to the back-page Lex column.

Unlike the Yes Men, these pranksters, led by blogger Raoul Djukanovic, aren't making any mystery of their identities. In a press release (see below), they said they collected donations through the internet and printed "tens of thousands of copies... almost as many as the FT sells here daily." Volunteers then fanned out to distribute the 12-page paper in London (the printed paper can be seen in the videos here).

Whether the paper will strike a meaningful blow against unbridled capitalism is up for debate. But that so much money was spent printing it suggests that the Web won't rout dead trees from every last news niche: There appears to be no substitute for paper as a vessel for emotional watersheds, be it an activist group's proselytizing (resonant to the group if no one else), a racially and politically momentous inauguration or the rise of a dreaded enemy.

In other words, the newspaper will remain as a powerful cultural icon long after it ceases to have much point as a communications medium. Good look making much money off that, though, unless you sell one last gullible billionaire on living his childhood publishing dream.

Press release:

FOR IMMEDIATE RELEASE

27 MARCH 2009

Fake FT wakes up London to radical action

Concerned Londoners today handed out copies of a spoof Financial Times, urging journalists and big business to make the future possible by putting people first.

Set in 2020, the 12-page paper revealed how action in 2009 reined in climate change, saving billions from extinction. Carbon rationing didn't kill us, it explained, despite the inconvenience to multinational companies. But we couldn't have endless growth with finite resources. Editors even apologised for suggesting otherwise.

"We live on financial crimes," the paper confessed in a front-page advert, which satirised a recent Financial Times billboard. "In a world of cold harsh truths," it said, beside a panting St Bernard atop a mountain, "we rescue stories from the facts."

Launched at dawn from behind Waterloo station, this coup was aimed at everyone's excuses for apathy. Unless we change the way we live radically, we'll make our world uninhabitable within decades. It's time for drastic action, and if governments won't take it, we have to do something ourselves.

"Journalists frame public debate, and the City frames public policy," said Raoul Djukanovic, who edited today's fake FT. "If they reframed their thinking, they could help build a different world instead of conning us with lifestyle porn and bubbles."

The paper was a full-colour replica of the iconic pink ‘un, including news from Britain and abroad, and editorials and comment, poking fun at FT columnists. It was funded by donations on the Internet, and given away for free by volunteers. Tens of thousands of copies were printed – almost as many as the FT sells here daily.

Why bother, some commuters asked. "Newspapers won't change the world, but they do spread words that can make people think," said Marcos Marcuse, who handed out papers near London Bridge. "What are we going to tell our children? That we thought about trying to save ourselves, but it wasn't ‘good business' or ‘objective reporting'?"


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<![CDATA[Twitter, the Whiner's Best Friend!]]> Want to complain about someone? Media people who love to whine, from L.A. to Austin to Washington, all turn to Twitter to air their beefs. Gripes from a Ryan Seacrest wordsmith and others today:

Vanity Fair online editor Mike Hogan complained about the food at South By Southwest.

Washington Times columnist complained about a cell-phone using idiot at a White House press conference, whom she later identified as John Gizzi of Human Events.

Salon.com correspondent Mike Madden engaged in conversation with his readers.

Natalie Eshaya, a writer for Ryan Seacrest, outed her boss's drinking problem.

Chris Nuttall of the Financial Times experienced a moment of sheer geek panic.

See something worth noting on Twitter? Please email us your favorite tweets — or send us more Twitter usernames.

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<![CDATA[It Is Always Funny When British People Say 'Fags']]> What was comely Web-video starlet Veronica Belmont thinking about today? How about Chris Nuttall of the Financial Times? VentureBeat blogger Eric Eldon? Cats, fags, gadgets, and Facebook preoccupied the Twitterati.

Mancunian editrix Louise Bolotin recounted her cat's lepidoptivorous habits.

Chris Nuttall of the Financial Times was so on vacation that he couldn't even type "holiday."

Geek videoblogger Veronica Belmont came up with a great new business model for Facebook.

British journalist Debbie James was grateful for fags, by which we think she meant "cigarettes."

VentureBeat editor Eric Eldon mindlessly fondled a gadget. Oh, is that what the kids are calling it?

Anyone else's tweets we should keep an eye on? Send us more Twitter usernames, please.

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<![CDATA[Financial Times in bloggy redesign]]> At a time when some blogs are trying to reinvent themselves as news websites, the Financial Times, a U.K.-based rival to the Wall Street Journal, is considering a redesign adapted from blogs' reverse-chronological-order presentation of stories. [Silicon Alley Insider]

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<![CDATA[How Obama's Literary Agent Controls the World]]> Although Barack Obama can count on one hand the number of houses he and his wife own, the candidate's first real financial security was derived from his success in the publishing world with his memoir Dreams from My Father. The powerful agent who helped turn Obama into a literary franchise is lawyer Bob Barnett, who gets profiled in today's Financial Times. The mysterious Barnett also boasts the Clintons, the Cheneys, and most of Bush's cabinet as loyal clients. How exactly did he become the guy behind the guy?

Locking Obama up before he even arrived in Washington turned into a brilliant steal for publisher Crown, but at the time the income from Obama's three book deal was crucial for the senator's rising star. Barnett made it happen for the young pol, and he did it far cheaper than most agents. Indeed, much of Barnett's success in attracted big-time clients can be traced back to his unusual practice of forgoing the usual commission on a book, and just billing his clients hourly for their time.

Barnett's influence doesn't end in the publishing world, as last decade he was given the unenviable task of informing Hillary Clinton about her husband's indiscretions with Monica Lewinsky. Despite being employed by friends on both side of the aisle, Barnett isn't universally admired. His first big sale was Geraldine Ferraro's autobiography Ferraro: My Story, and literary agent Esther Newberg doesn't recall Barnett having an impressive debut or career:

Esther Newberg is thanked for her contribution “above and beyond that of literary agent”. Newberg, whose clients include Thomas Friedman (currently number three on The New York Times non-fiction bestseller list) and Patricia Cornwell (number three on the mass-market fiction list), doesn’t agree with Barnett’s account of the Ferraro negotiations. “He didn’t work with me. He did the contracts later. I sold the book in an auction. He watched."

In part, it's Barnett's willingness to represent Republicans including Karl Rove, Paul Wolfowitz and Lynne Cheney that bothers Newberg.

She adds that "three-quarters of the people he [Barnett] represents are morally repugnant to me". Apprised of Newberg’s comments via e-mail, Barnett replied: “[She] taught me a lot, but seems to have regretted it – and been jealous about it – ever since.”

Indeed, Barnett's connections are so extensive that he's a fixture on The L Word chart:

image from Muckety

The Washington Insider Who Made Obama Rich [FT]

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<![CDATA["If You Have The Guts To Invest In This Market Because Of Negative Headlines, Go Ahead, I'm Not Following You"]]> Breaking new media crush alert! The Financial Times columnist Francesco Guerrera went on CNBC this morning for a segment on how the financial crisis is so bad even newspapers read by stupid poor people are writing about it. Ooooh look it's on the cover of a Spanish paper and everyone knows Spanish speakers never met a dollar they didn't need to envia back to nineteen impoverished half-hermanos back in Santo Domingo! This, CNBC believes, is a signal for the superior intellects viewing CNBC to stop panic-selling all those stocks RIGHT NOW. Well, Francesco does not buy this logic.* Even when total idiot tool Dennis Kneale presents him with this turd of wisdom: "Come on, Francesco, you're young! You can make it back!" You know what? I'm not even going to get started on that. We'll have plenty of time to vilify him and his whole awful fact-resistant generation of denial dogmatists while we continuing not investing our nonexistent savings in the market.

*Because it is sort of overpowered by the logic of "CNBC cannot tell everyone to put their money in Yen because the Bank Of Japan is not going to buy all their advertising slots duh." Actually, if they did tell their viewers to put all their money in Yen the Bank Of Japan might pay them just to stop, but that is a whole nother story.

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<![CDATA[Nintendo makes more per employee than Google or Goldman]]> Damn it feels good to be a gamer: The Financial Times has calculated that Nintendo will make $1.6 million per employee in 2008. That beats Goldman Sach's 2007 record — impressive when you consider Goldman's average salary was $660,000 per year, versus only $90,900 for Nintendo. (Photo by Geek on Stun)

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<![CDATA[WSJ Misidentifies Canada. Twice.]]> This is what happens when you let an Australian-born media mogul buy an American newspaper and import his chief editor from Britain: Suddenly no one on staff can correctly identify the country to the north (for the record, it's "Canada" — just "Canada"). And to think we actually believed Robert Thomson would make the Wall Street Journal more globalist! [WSJ]

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<![CDATA[Good Morning, Your Money Is On Fire]]> The morning news is terrifying even before the ominous opening of U.S. markets today, and was also scary hours ago before overseas markets opened and U.S. stock futures fell sharply. The bankruptcy at Lehman Brothers, the takeover of Merrill Lynch and the plea by insurance giant AIG for $40 billion in federal aid made for scary front pages (pictured, click for larger image) and heated chatter on CNBC. And no one wasted any time telling everyone how bad things really are. The "American financial system was shaken to its core," the Wall Street Journal said, warning of a "crisis on Wall Street." Other media outlets were scarcely more comforting:

  • The Financial Times wrote of "financial chaos ... high drama ... [that] could lead to one of the most radical reshapings in Wall Street history.... [and has produced] increasingly desperate talks over the... state of the financial sector."
  • The Journal added that "Lehman's collapse will send deep and painful ripple effects across the markets."
  • The Times: "One of the most dramatic days in Wall Street history.... humbling moves which reshape the landscape of American finance."
  • Andy Lynch, a fund manager at Schroder Investment Management in London, in the Times: "Today is the day historians will be writing about in years to come... The only thing that this comes near to during my career is Russia defaulting in 1989. But that was much shorter in time and the world economy was in a healthier state."
  • Times reporter Andrew Ross Sorkin on CNBC: Said he's running on two hours sleep. Also, while today's events might seem "horrific," "you'll look back and this will be a good thing," this consolidation.
  • Someone else on CNBC: There are only two large investment banks standing.
  • Another CNBC talking head: "I don't see us emerging from this anytime soon."
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<![CDATA[Financial Times Googlephone story to spark conspiracy theories]]> The Financial Times's has published an article on T-Mobile's soon-to-be-released Googlephone. It paints an accurate picture, if not a pretty one: "When the first of Google’s long-anticipated Android mobile phones hit the stores in a matter of weeks, they will land with a fizzle rather than a bang." We can just imagine the lunchtime whispers at the Googleplex about it. Readymade for lunchtime consumption, here are the paranoid programmers' talking points on the anti-Google media conspiracy:

  • The article says, "T-Mobile did not return calls for comment." You know what that means. When a company won't talk, reporters craft a hitpiece.
  • Says who? Vague unquoted anonymous sources include "Internet developers and mobile industry executives" and just three named ones — an analyst, music site Pandora's CTO, and an executive at T-Mobile rival Hutchison Whampoa.

These two facets of the story will give Googlers plenty of reason to dismiss the story. The notion that Googler groupthink won't allow them to process: That the article's right in all its particulars, anonymous sources or no. Oh, and have you ever heard a Googler complain when one of their executives is quoted spouting company talking points anonymously to the New York Times or the Wall Street Journal?

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<![CDATA[Microsoft's new Google killer is a photo site that doesn't work]]> In an articled headlined "Microsoft unveils fruits of online shake-up," the Financial Times set me up for something big, trumpeting Microsoft's "new development intended to boost the pace of innovation in its online services group as it tries to close the gap with Google." But then I read the rest of the article.

Doing so, I learned that three years after Microsoft poached him from his role as head of research at Yahoo, a guy named Gary Flake and his 150-person Live Labs team have come up with a product called Photosynth, which stitches images together to create larger images. But as you can tell by the above image — results for a search on "Mission District, San Franciso"— its search function doesn't really work. Also, none of it works on a Mac.

Disappointing. Not Microsoft's product, which is about what we'd expect from the software giant. No, I'm chastened by the FT. On New York's subway system, the pink paper it's printed on is supposed to signify that one looks down from high even on the guy holding the WSJ to your left. But being seen reading articles like this make one a laughingstock even to Murdoch's masses.

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<![CDATA[Financial Times giving $400 subscriptions to Facebook users for free]]> ft-com.gifThe Financial Times is offering a free 12-month subscription to its website (worth $109), renewable for up to four years, to any college student that adds its Facebook application. The FT says the deal is "part of the general trend to making [FT.com] free — but in a segmented way." Why don't they just pay college students to read the paper? That seems easier. [PaidContent]

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<![CDATA[Financial Times Charges Execs $4000 To Get Harassed On A Social Network]]> stairsfail.jpgTrying to keep the Poors out of its exclusive social network, the Financial Times is charging £2000 for an annual membership in the "FT Media and Technology Executive Membership Forum." This includes discounts on FT conferences, where all the real networking is done anyway. Really, can you imagine joining this site and messaging another exec because you don't have enough pull to e-mail them? I can, and that's why this is such a terrible idea for anyone with valuable time.

The tech and media business world, like any world, is full of people figuring out their relative worth. I mean more than pecking order; I mean that my time is worth much less than my boss's, and his time is worth much less than Rupert Murdoch's. The important measure is whether I'm worth five minutes, an hour, or a weekend of Murdoch's time. That way I know whether to approach him at a conference, ask him to lunch, or take him to Tahoe. The real answer is "none of the above," so I know that if I want anything from him, I'd better wait until I have an excuse.

Social networks flatten this relative value. On Facebook, if I'm your friend and you're Dame Judi Dench's friend, I might try to broker an introduction. I won't know that I'm worth an hour of your time each day and you're worth five minutes of hers each year.

Silicon Valley execs don't seem to get this, or any other simple principle about not wasting people's time. So they get their companies to finance every sort of conference and group membership (seriously I went to one all about making money from Facebook apps) where they can harass their superiors in the industry. Of course they'll come to a social network that supposedly makes everyone available!

Business plans in the Valley are bogglingly stupid. I met a likable but naive man who's building software that lets your car radio read blogs out loud to you. There's an entire funded company built around putting little "If you liked this, you'd also like..." notifications on blogs. Now imagine paying $4000 a year to get bothered by these people.

The only good networking is the kind that requires more than money.

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<![CDATA[Financial Times sets its articles free]]> Financial Times Newspaper BoxThe Financial Times has seen the writing on the wall — the pay wall, that is. That's the term bloggers use for the barrier newspapers like the FT and the Wall Street Journal put up around their content, preventing nonsubscribers from reading it. With the Journal, one of the few success stories in charging for content, contemplating getting rid of its pay wall, it's no surprise that the FT would follow suit. But the British financial daily is taking a surprisingly clever tack in doing so.


FT is making the site mostly free, except for the heaviest of readers. Newspaper officials say they did "research" — imagine that, research! — and now will allow readers to view 30 articles a month before having to cough up some change.

Hardcore readers — likely current subscribers — will not see much change, since they'll have to pay to keep up with all of the coverage. But bloggers will be free to link to FT articles knowing their viewers can click through without trouble. This could be a happy medium between pay and content models. Time will tell. Meanwhile, we're giving the FT the award for worst self-referential headline ever: "FT.com pioneers change to charging." The newspaper ought to pay you for clicking through and reading that one. (Photo by jimwinstead)

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<![CDATA[News Corp. President Peter Chernin on the...]]> News Corp. President Peter Chernin on the Financial Times, a rival to the company's newly acquired Wall Street Journal: "We don't want to buy the FT. News Corp will crush it." [Scotsman]

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<![CDATA[Larry Silverstein Wins]]> This weekend's Financial Times contained an absolutely mammoth article about Larry Silverstein, and the developer, who took over a 99-year lease on the Twin Towers a scant two months before they were brought down, could not have hoped for a more glowing profile.

He is simultaneously developing three of the five skyscrapers at Ground Zero, and his trio of eminent architects - Norman Foster, Richard Rogers and Fumihiko Maki - are working at a blistering pace to meet his tight deadlines. His position as the World Trade Center's main developer is at last secure, after an extraordinary six years in which he fought some of the world's largest insurance companies, the New York Police Department, the Port Authority of New York and New Jersey, the governor of New York, City Hall, headstrong architects and widespread public doubts about his motivations.

He fought hard, and he won. And now he's not wasting time.

There's a whole lot of stuff in here, most of it about real estate and the internecine squabbling that occurred between various architects (remember Danny Libeskind?) and politicians (remember George Pataki?) in the wake of the attacks. We asked Philip Nobel—author of Sixteen Acres: Architecture and the Outrageous Struggle for the Future of Ground Zero—to assess the assessment. Philip says via email:
Silverstein has fought like hell for years to prove what a lot of people knew/feared from the beginning: that his lease, 580 pages of double-spaced 12-point Times Roman, was more durable than his buildings. So it's great to see the stubborn developer getting the pop-hero treatment he's earned, complete with mentions of shirt choice, footwear and skin care. His "let's get on with it" (the article's last line) should be the "let's roll" of 2007. Where's Pataki? Danny who? Larry won.

(Okay. Now do I get to take a spin on the "Silver Shalis"?)

Well, someone's probably been taken for a ride.

Cometh the tower, cometh the man [FT]
[Image: A.P.]

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<![CDATA[Dysfunctional Bancroft Family Took One Last Bite At Dow Jones Apple]]> newyorkerupe.jpgThe best piece of the weekend concerning Rupert Murdoch's takeover of Dow Jones came from former Journal employee Joseph Nocera, who wrote (behind the TimesSelect wall, naturally) about how the takeover happened through the lens of a disgruntled Bancroft family member and Murdoch himself. Essentially, the Bancrofts were too divided and dysfunctional to ever stand a chance against the rapacious Rupert. "I just didn't realize that they were so disorganized," says Murdoch, who promises not to fiddle about too much with the paper ("I won't meddle any more than Arthur Sulzberger does."). Nocera buys it. But oh yes there is more!

  • Ad Age: How Murdoch will change the Journal.
  • "Just prior to the Ban croft family's approval of selling Dow Jones to News Corp., the family doubled the dividend it takes from the company, filings said. Instead of its usual 25-cent per share quarterly dividend, the board voted to boost it to 50 cents, doubling its latest quarterly cash dividend to $10.3 million."
  • Former Managing Editor Paul Steiger: "Conflicted but hopeful." Also rich.
  • Who has the most to lose from the takeover? In Europe, the Financial Times, in the states, the New York Times. The FT claims to be unafraid, but maybe they should be: "Mr Murdoch will soak up losses for years to beat off competition. The FT can't do that. It has to deliver to [parent company] Pearson's bottom line."
  • David Carr: Will Paul Gigot be able to keep the editorial pages independent? Sure, he's got it written on paper, but we know how valuable that is. (Nice dig: Carr refers to the WSJ staffers as the "crazy cousins" of WSJ reporters.)
  • Alexander Cockburn, same topic: "The only reason why Murdoch might respect the Journal's independence, at least in the opinion pages, is that the views expressed there are even more rabid than his own, and perhaps Murdoch savors the possibility that one day he might call up Paul Gigot, the editorial page editor, and hint that he might moderate his tone."
  • Interesting Times op-ed from Alistair Campbell, former spinner for British Prime Minister Tony Blair, claiming that Murdoch doesn't have some sinister political agenda, he only really cares about how things will affect his business interests. (Campbell uses the example of Murdoch changing his long-standing preference from the British Conservative party to the Labour party when it became clear that Labour was going to win, the better to curry favor with Blair.) So, uh, no worries!
  • The New Yorker boo hoo hoos the whole thing.

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    <![CDATA[Let A Frown Be Your Umbrella]]> At the end of last week the Financial Times ran an amusing "Dear Economist..." column. The premise of the feature is that it's a tongue-in-cheek advice piece from an economic perspective. Anyway, a gentlemen wrote that, as an immigrant in London, he always carries an umbrella with him, though the natives do not. When he offers to share space under the cover, "Foreigners always accept. Indeed, one New Yorker actually links her arm with mine as we walk. But those whose families have lived here for generations prefer getting soaked." Why, he wondered, is that the case?

    Columnist Tim Harford replied:

    [W]e disapprove of umbrellas, viewing them as befitting only Bulgarian assassins. What, after all, is an umbrella but a way of redirecting rain on to other people? The rim of spikes, too, went out with Queen Boudicca. London is a busy place; it would simply be unsupportable if the British behaved as you do. Until recently, a strong cultural norm dealt with this problem.
    We thought about this during yesterday's deluge. We do not carry an umbrella, finding it inconsiderate for all the same reasons Harford elucidates: There is not enough goddamn space on the streets for everyone to use one. Hey, New Yorkers, sack the hell up, okay? You are not going to melt. Sure, you'll get a little wet, and maybe your expensive blowout might be temporarily ruined, but give us all a break, okay? It is rain. Enough with the fucking umbrellas already. Leave them to the elderly and those with small children. While we have you here we'd also like to bitch about those idiots who stop directly in front of the subway entrance to finish their vitally important cell phone conversations, but, you know, baby steps. In summary: Next time there's a little drop of precipitation, cover your head with a goddamn Metro like the rest of us, okay? Or just get a little wet. You're just a bloody primate, you know. Thanks.

    Dear Economist... [FT]

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