links for 2008-11-13

“Look,” Rosenbaum concludes, “there’s nothing wrong with Jarvis doing all this thinking and decreeing.” Gosh, thanks, Ron. But if you question my authority to discuss the future of journalism, I wonder who made you the DMV of the discussion.

"Internet advertising is by no means immune. Advocates of the internet claim that the sector is both more mature than it was during the last downturn; and it's more "measurable" than other media. They hope to avoid a repeat of the 27% decline in 2000-2002. Good luck with that. The sector's maturity also means that its underlying growth is more sluggish than it was in the late 1990s. In 2001, internet advertising swung to a 13% decline from 78% growth the previous year; this time the sector starts from a growth rate of 27%; I would hate to see what a swing as violent as the dotcom burst would look like. As for the measurability of internet media: sure, marketers and their agencies can track engagement and clicks in great detail online; but it's still only television advertising that can demonstrate a correlation between spending and a boost to a marketer's sales."

"He was hired as a junior equity analyst, a helpmate who didn’t actually offer his opinions. That changed in December 1991, less than a year into his new job, when a subprime mortgage lender called Ames Financial went public and no one at Oppenheimer particularly cared to express an opinion about it. One of Oppenheimer’s investment bankers stomped around the research department looking for anyone who knew anything about the mortgage business. Recalls Eisman: “I’m a junior analyst and just trying to figure out which end is up, but I told him that as a lawyer I’d worked on a deal for the Money Store.” He was promptly appointed the lead analyst for Ames Financial. “What I didn’t tell him was that my job had been to proofread the ­documents and that I hadn’t understood a word of the fucking things.”"