Media Navel Gaze: April 15, 2013
The Week Unpeeled
President Obama proposed a fiscal budget that includes $3.8 billion in spending and actually put some “comprising” cuts on Social Security and Medicare on the table. Now that these sacred endowments have entered the discussion, battles have started from both sides, which will surely dominate headlines especially as we near the midterm elections. Just in time for tax day. (Maybe we should use bitcoins in the budget . . . They seem to be appreciating bubble-like.)
Elsewhere:
- Margaret Thatcher, the Iron Lady, died, amid heaps of coverage and commentary from compatriots and detractors (And amid lots of controversy, BBC radio did play “Ding, Dong, the Witch…”);
- J.C. Penney CEO of Apple retail fame was ousted as the retailer struggled to recover any brand image;
- North Korean situation remained on high alert;
- The Fed accidentally released its minutes early (by some 19 hours) to Wall Street firms, among other concerns, raising more talk on embargoes and the whole pre-release process;
- Gold continue to lose its luster, sinking into bear-market territory and seemingly ending its 12-year bull run (more reason for bitcoins);
- The Dow ended virtually flat on Friday at 14,865 but strong for the week, hitting new highs again with several other barometers;
- Annette Funicello, the original Mouseketeer (WAY before Brittany) died; and
Way notable obit: a Wednesday obituary in The New York Times is worth a read: McCandlish Phillips a former NYT journalist who exposed a Jewish Klansman was called a “tenacious reporter and lyrical scribe” (a rare combo). Phillips “refrained from smoking, drinking, cursing and gambling, each of which had been refined to a high exuberant art in the Times newsroom.” NO surprise, he retired from print to the pulpit. 