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	<title>the knackered hack &#187; what knackered the hack?</title>
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	<description>the curious study of broken things</description>
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		<title>desert island disservice</title>
		<link>http://knackeredhack.com/2009/06/10/desert-island-disservice/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=desert-island-disservice</link>
		<comments>http://knackeredhack.com/2009/06/10/desert-island-disservice/#comments</comments>
		<pubDate>Wed, 10 Jun 2009 11:29:58 +0000</pubDate>
		<dc:creator>knackeredhack</dc:creator>
				<category><![CDATA[behaviour]]></category>
		<category><![CDATA[celebrities]]></category>
		<category><![CDATA[diversity]]></category>
		<category><![CDATA[failure]]></category>
		<category><![CDATA[journalism]]></category>
		<category><![CDATA[life the universe and everything]]></category>
		<category><![CDATA[music]]></category>
		<category><![CDATA[what hacks off the hack?]]></category>
		<category><![CDATA[what knackered the hack?]]></category>
		<category><![CDATA[America's Got Talent]]></category>
		<category><![CDATA[BBC]]></category>
		<category><![CDATA[Bob Geldof]]></category>
		<category><![CDATA[Britain's Got Talent]]></category>
		<category><![CDATA[Desert-Island-Discs]]></category>
		<category><![CDATA[diverse perspectives]]></category>
		<category><![CDATA[Haydn]]></category>
		<category><![CDATA[Insane et Vanae Curae]]></category>
		<category><![CDATA[mixtape]]></category>
		<category><![CDATA[Piers Morgan]]></category>
		<category><![CDATA[public service broadcasting]]></category>
		<category><![CDATA[Trinity Mirror]]></category>

		<guid isPermaLink="false">http://knackeredhack.com/?p=662</guid>
		<description><![CDATA[One of the most unanswerable questions you&#8217;re likely to be asked in a job interview is &#8220;Do you think you&#8217;re tough enough to stand up to Piers Morgan?&#8221; Unfortunately I&#8217;ve had that question put to me. Several years ago, by dint of having the two words &#8220;managing&#8221; and &#8220;editor&#8221; next to one another on my [...]<h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2008/11/20/public-disservice-broadcasting/" rel="bookmark">public disservice broadcasting</a><!-- (9.2)--></li>
		<li><a href="http://knackeredhack.com/2008/11/10/bovine-scatology/" rel="bookmark">bovine scatology</a><!-- (8)--></li>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (7)--></li>
	</ol>
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<p>One of the most unanswerable questions you&#8217;re likely to be asked in a job interview is &#8220;<strong>Do you think you&#8217;re tough enough to stand up to Piers Morgan</strong>?&#8221; Unfortunately I&#8217;ve had that question put to me.</p>
<p>Several years ago, by dint of having the two words &#8220;managing&#8221; and &#8220;editor&#8221; next to one another on my CV, <strong>Trinity Mirror</strong> called me in to see them in the possibly mistaken belief that I could help dig them out of a very big hole. I was pretty sure I could help in some way, but I think we had a different view of what type of hole they were dealing with. Given <a id="aptureLink_rued5TEnCq" href="http://en.wikipedia.org/wiki/Piers%20Morgan">Piers Morgan</a>&#8216;s inexorable rise on two continents as the <a id="aptureLink_zVbC0dH8rA" href="http://en.wikipedia.org/wiki/Britain%27s%20Got%20Talent">mean-spirited arbiter of folksy talent</a>, might I humbly propose that this <em>is </em>the mother of all interview posers? Top it if you can.</p>
<p>To be sure, I was in the wrong place at the wrong time, as usual. There was a small coda to this interview conversation which involved another legendary Fleet Street figure: an experience which finally persuaded me it was time to <a id="aptureLink_arbUmkzlXx" href="http://en.wikipedia.org/wiki/Man%20overboard%20rescue%20turn">steer a reciprocal course</a> to the one Fleet Street was headed down and, boat-hook in hand, retrieve my bedraggled dignity. As <strong>tabloid journalists</strong> allegedly say in potentially compromising situations: &#8220;I made my excuses and left.&#8221;</p>
<p>Rightly or wrongly, and with rare exceptions, my approach to news management had been unusually low-key: a function of personality combined with the demands of real-time, I think.  I was always more interested in process than result. That&#8217;s what I offered in that interview, and I suspect that it was mistaken for weakness and (worse still) inexperience, whereas for them it should have represented a <strong>diverse perspective</strong>. My interviewer, I could tell, was not convinced.</p>
<p>Mercifully one of us escaped. I think it was probably me, though maybe it was Piers. So, in my <strong><em><a id="aptureLink_S2JP0Fj31o" href="http://en.wikipedia.org/wiki/Sotto%20voce">sotto voce</a></em></strong> way, this  knackered hack is finally taking a hyper-linked opportunity to stand up to Piers Morgan: something that in real life only a handful of people seem ever to have done, and the <a id="aptureLink_Eqs7uYfM32" href="http://en.wikipedia.org/wiki/Moirae">Fates</a> denied me the opportunity to chance my arm at.</p>
<p>Morgan was honoured this week with a slot on the BBC radio show <strong><em><a id="aptureLink_XXNHenVS1z" href="http://en.wikipedia.org/wiki/Desert%20Island%20Discs">Desert Island Discs</a></em></strong>: the longest-running music programme in the history of radio. It is the mama of all <a id="aptureLink_t7uXCqVw0R" href="http://en.wikipedia.org/wiki/Mix%20tape">mixtapes</a>: you get to choose the records that define your experience and broadcast them to the nation. Although <a id="aptureLink_FuHHGXHRTS" href="http://en.wikipedia.org/wiki/Bob%20Geldof">Bob Geldof</a> famously said that it is <em>only</em> a radio show, I reckon an invitation to appear is greeted by most in the same way as being tapped by Buckingham Palace for the Queen&#8217;s birthday honours.<em> </em></p>
<p>Piers Morgan&#8217;s life is a catalogue of rather ghastly errors, none of which seems to have been a setback to his advances to fame and fortune: a modern day <a id="aptureLink_cfJ3MliN3y" href="http://en.wikipedia.org/wiki/Bel-Ami">Bel Ami</a>, perhaps?  So it seems like a category error for our public service broadcaster to accord him such high-quality attention. But hey, there goes the neighbourhood. For those who want to see if theirs is a match for his musical taste, this <a id="aptureLink_ce1Y6pDDnR" href="http://www.bbc.co.uk/programmes/b00krkct">link</a> should do it. Me, I&#8217;m averting my eyes.</p>
<p>In at least one of those counter-factual universes of infinite mathematical possibility, the Knackered Hack has himself been granted the honour of discussing his own desert island discs before an eager nation. In this same universe, Piers Morgan blogs and nobody reads.</p>
<p>Here&#8217;s a small taste of what my list contains. Until a few weeks ago Haydn would not have been on my modest mixtape.  For undisclosable reasons he has now hopped in.  The words, courtesy of the <a title="ChoralWiki" href="http://www.cpdl.org/wiki/index.php/Insanae_et_vanae_curae_(Franz_Joseph_Haydn)" target="_blank">ChoralWiki</a>, are below.  And for those who read me for stuff on decision-making, Haydn seems to have been on to <a id="aptureLink_1jVGZQOWz6" href="http://en.wikipedia.org/wiki/Heuristics">heuristics and biases</a> long before any of us.  You may have to think about this one a little bit.</p>
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<blockquote><p>Insanae et vanae curae invadunt mentes nostras,<br />
saepe furore replent corda, privata spe,<br />
Quid prodest O mortalis conari pro mundanis,<br />
si coelos negligas,<br />
Sunt fausta tibi cuncta, si Deus est pro te.</p>
<p>Vain and raging cares invade our minds,<br />
Madness often fills the heart, robbed of hope,<br />
O mortal man, what does it profit to endeavour at worldly things,<br />
if you should neglect the heavens?<br />
If God is for you, all things are favorable for you.</p></blockquote>
<p class="buymebeer"><form action="https://www.paypal.com/cgi-bin/webscr" target="paypal" method="post"><input type="hidden" name="cmd" value="_xclick" /><input type="hidden" name="business" value="tim@knackeredhack.com" /><input type="hidden" name="return" value="Thank you so much!  You've made a knackered hack a little less knackered." /><input type="hidden" name="item_name" value="Buy me a Fender for desert island disservice" /><input type="hidden" name="currency_code" value="" /><input type="hidden" name="amount" value="" /><input type="image" src="http://knackeredhack.com/wp-content/plugins/buy-me-beer/icon_beer.gif" align="left" alt="KH Fender re-purchase program" title="KH Fender re-purchase program" hspace="3" /></form><a href="https://www.paypal.com/cgi-bin/webscr?cmd=_xclick&amp;business=tim@knackeredhack.com&amp;currency_code=&amp;amount=&amp;return=Thank you so much!  You've made a knackered hack a little less knackered.&amp;item_name=Buy+me+a+Fender+for+desert+island+disservice" target="paypal">Donate and help me buy back my Fender ('About' tells you why)</a></p><h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2008/11/20/public-disservice-broadcasting/" rel="bookmark">public disservice broadcasting</a><!-- (9.2)--></li>
		<li><a href="http://knackeredhack.com/2008/11/10/bovine-scatology/" rel="bookmark">bovine scatology</a><!-- (8)--></li>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (7)--></li>
	</ol>

	Tags: <a href="http://knackeredhack.com/tag/americas-got-talent/" title="America&#039;s Got Talent" rel="tag">America&#039;s Got Talent</a>, <a href="http://knackeredhack.com/tag/bbc/" title="BBC" rel="tag">BBC</a>, <a href="http://knackeredhack.com/tag/bob-geldof/" title="Bob Geldof" rel="tag">Bob Geldof</a>, <a href="http://knackeredhack.com/tag/britains-got-talent/" title="Britain&#039;s Got Talent" rel="tag">Britain&#039;s Got Talent</a>, <a href="http://knackeredhack.com/tag/desert-island-discs/" title="Desert-Island-Discs" rel="tag">Desert-Island-Discs</a>, <a href="http://knackeredhack.com/tag/diverse-perspectives/" title="diverse perspectives" rel="tag">diverse perspectives</a>, <a href="http://knackeredhack.com/tag/haydn/" title="Haydn" rel="tag">Haydn</a>, <a href="http://knackeredhack.com/tag/insane-et-vanae-curae/" title="Insane et Vanae Curae" rel="tag">Insane et Vanae Curae</a>, <a href="http://knackeredhack.com/tag/mixtape/" title="mixtape" rel="tag">mixtape</a>, <a href="http://knackeredhack.com/tag/piers-morgan/" title="Piers Morgan" rel="tag">Piers Morgan</a>, <a href="http://knackeredhack.com/tag/public-service-broadcasting/" title="public service broadcasting" rel="tag">public service broadcasting</a>, <a href="http://knackeredhack.com/tag/trinity-mirror/" title="Trinity Mirror" rel="tag">Trinity Mirror</a><br />
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		<title>pure genius?</title>
		<link>http://knackeredhack.com/2009/06/04/pure-genius/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=pure-genius</link>
		<comments>http://knackeredhack.com/2009/06/04/pure-genius/#comments</comments>
		<pubDate>Thu, 04 Jun 2009 12:31:41 +0000</pubDate>
		<dc:creator>knackeredhack</dc:creator>
				<category><![CDATA[behaviour]]></category>
		<category><![CDATA[black swans]]></category>
		<category><![CDATA[business, finance and markets]]></category>
		<category><![CDATA[competition and performance]]></category>
		<category><![CDATA[creativity]]></category>
		<category><![CDATA[failure]]></category>
		<category><![CDATA[journalism]]></category>
		<category><![CDATA[life the universe and everything]]></category>
		<category><![CDATA[recovery]]></category>
		<category><![CDATA[what hacks off the hack?]]></category>
		<category><![CDATA[what knackered the hack?]]></category>
		<category><![CDATA[breaking ranks]]></category>
		<category><![CDATA[Chapter 11]]></category>
		<category><![CDATA[entrepreneurship]]></category>
		<category><![CDATA[Fleet Street]]></category>
		<category><![CDATA[Guinness]]></category>
		<category><![CDATA[Reuters]]></category>
		<category><![CDATA[Rutger Hauer]]></category>
		<category><![CDATA[Tipperary]]></category>
		<category><![CDATA[tragedy_farce heuristic]]></category>
		<category><![CDATA[Yahoo!]]></category>

		<guid isPermaLink="false">http://knackeredhack.com/?p=608</guid>
		<description><![CDATA[In the middle of that 2001 Chapter 11 process, I was being primed for information in the Tipperary pub in Fleet Street. The &#8220;Tip&#8221; is the oldest Irish pub in England and the first ever to sell Guinness here, or so the free information on the internet tells me today. I did not know that [...]<h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (10.3)--></li>
		<li><a href="http://knackeredhack.com/2009/06/02/the-11th-chapter-of-napoleonic-hubris/" rel="bookmark">the 11th chapter of napoleonic hubris</a><!-- (10.3)--></li>
		<li><a href="http://knackeredhack.com/2007/10/19/it-was-20-years-ago-today/" rel="bookmark">it was 20 years ago today&#8230;</a><!-- (10.2)--></li>
	</ol>
]]></description>
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<p>In the middle of <a title="It was 20 years ago today" href="http://knackeredhack.com/2007/10/19/it-was-20-years-ago-today/" target="_blank">that 2001 <strong>Chapter 11</strong> process</a>, I was being primed for information in the <a id="aptureLink_gk23iBMmbM" href="http://www.citypubs.co.uk/pubs/imgs/thetipperary.jpg">Tipperary</a> pub in Fleet Street. The &#8220;Tip&#8221; is the oldest Irish pub in England and the first ever to sell <strong>Guinness</strong> here, or so the free information on the internet tells me today. I did not know that then. There was plenty of free information available in 2001 despite a relative shortage of comprehensive pub histories. All the same,  you still had to pay for the Guinness. And that&#8217;s invariably the case today.</p>
<p><img src="http://farm1.static.flickr.com/38/113627344_d9387de281.jpg" alt="Guinness" /></p>
<p>I was with a very senior colleague who was plying me with the black stuff; I think he&#8217;d been asked to keep an eye on me and my <strong>rank-breaking</strong> entrepreneurship. I said to him that I thought part of the problem for even highly specialized <strong>subscription content businesses</strong>, like the one we were proposing to launch out of the bankruptcy, was that so much generic news was then free on the internet. This factor perhaps had already tipped investor sentiment away from the concept of proprietary news content. I suggested that one of the principal reasons for this may have been the example set by our competitor, the news agency <strong>Reuters</strong>, in selling its news feed to search engine/portal <strong>Yahoo!</strong>, without obvious limitations on what could be published.</p>
<p>&#8220;Oh, I did that deal!&#8221; said the executive. Imagine the Knackered Hack coughing into his artisan-poured pint, spraying his &#8220;mentor&#8221; with white foam. [For sure, that's not what happened exactly, but I'm not a factual journalist any more; I don't carry an NUJ card these days and even my poetic licence is provisional.]</p>
<p>Some of us had known for a long while that the value proposition of unbundled real-time news was not what it once was. It wasn&#8217;t a good time to be giving so much of it away. Reuters seem to have wised up a couple of years ago because they no longer operate that Yahoo! deal.</p>
<p>But I still wonder, in my counter-factual way, if such a vast organization as Reuters had not taken that fork in the road so prominently would other news media have felt so compelled to provide so much stuff for nothing? And thence <strong><a id="aptureLink_qUd8F0QVYI" href="http://news.google.com/intl/en_us/about_google_news.html">GoogleNews</a></strong>. Would a viable subscription model not have been built by now to get the more innovative news organizations [oxymoron warning] cleanly out of the ink-on-dead-trees business? Perhaps not.</p>
<p>There may be more lessons from the real-time news industry of the ‘80s and ‘90s for today&#8217;s media to illustrate the <a id="aptureLink_5L4ztZHjbQ" href="../2009/06/02/the-11th-chapter-of-napoleonic-hubris/">tragedy/farce heuristic</a>. Anyone interested in another chapter on that soon?</p>
<object width="425" height="350"><param name="movie" value="hDrDGDB-WXE"></param><param name="wmode" value="transparent" ></param><embed src="http://www.youtube.com/v/hDrDGDB-WXE" type="application/x-shockwave-flash" wmode="transparent" width="425" height="350"></embed></object>
<p>Photo credit <a title="tricky at Flickr" href="http://www.flickr.com/photos/sovietuk/113627344/" target="_blank">tricky</a></p>
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<ol>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (10.3)--></li>
		<li><a href="http://knackeredhack.com/2009/06/02/the-11th-chapter-of-napoleonic-hubris/" rel="bookmark">the 11th chapter of napoleonic hubris</a><!-- (10.3)--></li>
		<li><a href="http://knackeredhack.com/2007/10/19/it-was-20-years-ago-today/" rel="bookmark">it was 20 years ago today&#8230;</a><!-- (10.2)--></li>
	</ol>

	Tags: <a href="http://knackeredhack.com/tag/breaking-ranks/" title="breaking ranks" rel="tag">breaking ranks</a>, <a href="http://knackeredhack.com/tag/chapter-11/" title="Chapter 11" rel="tag">Chapter 11</a>, <a href="http://knackeredhack.com/tag/entrepreneurship/" title="entrepreneurship" rel="tag">entrepreneurship</a>, <a href="http://knackeredhack.com/tag/fleet-street/" title="Fleet Street" rel="tag">Fleet Street</a>, <a href="http://knackeredhack.com/tag/guinness/" title="Guinness" rel="tag">Guinness</a>, <a href="http://knackeredhack.com/tag/reuters/" title="Reuters" rel="tag">Reuters</a>, <a href="http://knackeredhack.com/tag/rutger-hauer/" title="Rutger Hauer" rel="tag">Rutger Hauer</a>, <a href="http://knackeredhack.com/tag/tipperary/" title="Tipperary" rel="tag">Tipperary</a>, <a href="http://knackeredhack.com/tag/tragedy_farce-heuristic/" title="tragedy_farce heuristic" rel="tag">tragedy_farce heuristic</a>, <a href="http://knackeredhack.com/tag/yahoo/" title="Yahoo!" rel="tag">Yahoo!</a><br />
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		<item>
		<title>the 11th chapter of napoleonic hubris</title>
		<link>http://knackeredhack.com/2009/06/02/the-11th-chapter-of-napoleonic-hubris/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=the-11th-chapter-of-napoleonic-hubris</link>
		<comments>http://knackeredhack.com/2009/06/02/the-11th-chapter-of-napoleonic-hubris/#comments</comments>
		<pubDate>Tue, 02 Jun 2009 16:36:50 +0000</pubDate>
		<dc:creator>knackeredhack</dc:creator>
				<category><![CDATA[behaviour]]></category>
		<category><![CDATA[black swans]]></category>
		<category><![CDATA[business, finance and markets]]></category>
		<category><![CDATA[competition and performance]]></category>
		<category><![CDATA[diversity]]></category>
		<category><![CDATA[failure]]></category>
		<category><![CDATA[fractals]]></category>
		<category><![CDATA[journalism]]></category>
		<category><![CDATA[life the universe and everything]]></category>
		<category><![CDATA[what hacks off the hack?]]></category>
		<category><![CDATA[what knackered the hack?]]></category>
		<category><![CDATA[Chapter 11]]></category>
		<category><![CDATA[Chevy Tahoe]]></category>
		<category><![CDATA[Eighteenth Brumaire]]></category>
		<category><![CDATA[General Motors]]></category>
		<category><![CDATA[Karl-Marx]]></category>

		<guid isPermaLink="false">http://knackeredhack.com/?p=571</guid>
		<description><![CDATA[As heuristics go, just as the most expensive wine on the wine list is not to be trusted, writers should be given a wide berth if they quote the first lines of books, especially if they are quoting Marx paraphrasing Hegel. At the start of The Eighteenth Brumaire of Louis Napoleon, a book which I [...]<h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2009/06/04/pure-genius/" rel="bookmark">pure genius?</a><!-- (10.6)--></li>
		<li><a href="http://knackeredhack.com/2009/02/12/toxic-waste/" rel="bookmark">toxic waste</a><!-- (9.5)--></li>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (9)--></li>
	</ol>
]]></description>
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<p>As heuristics go, just as the most expensive wine on the wine list is not to be trusted, writers should be given a wide berth if they quote the first lines of books, especially if they are quoting Marx paraphrasing Hegel.</p>
<p style="text-align: justify;"><a title="Chapter 1 18th Brumaire of Louis Napoleon" href="http://www.marxists.org/archive/marx/works/1852/18th-brumaire/ch01.htm" target="_blank">At the start of <em>The Eighteenth Brumaire of Louis Napoleon</em></a>, a book which I probably have read in its entirety (but don&#8217;t quote me), the bearded one says this:-</p>
<blockquote><p>Hegel remarks somewhere<sup class="enote"><a href="http://www.marxists.org/glossary/terms/h/i.htm#history-repeats">[*]</a></sup> that all great world-historic facts and personages appear, so to speak, twice. He forgot to add: the first time as tragedy, the second time as farce.</p></blockquote>
<p><img src="http://farm1.static.flickr.com/40/87633739_a833528499.jpg" alt="IMG_2592.JPG" /></p>
<p><span style="color: #800080;"><em>Chevy Tahoe, first a gas-guzzler, then a hybrid?</em></span></p>
<p>I risk getting into even deeper water with the mathematicians for suggesting there is something of the <a title="Self Similarity at Wikipedia" href="http://en.wikipedia.org/wiki/Self-similarity" target="_blank">self-similar</a> in Marx&#8217;s statement, and then with historians for invoking the idea that history repeats itself.  Perhaps I&#8217;d be safe with Yogi Berra: &#8220;It&#8217;s like déjà vu all over again&#8221;.</p>
<p>Yesterday <strong><a title="General Motors at Wikipedia" href="http://en.wikipedia.org/wiki/General_motors" target="_blank">General Motors</a></strong> announced it had <a title="GM Files for Chapter 11 at FT.com" href="http://www.ft.com/cms/s/0/431feb02-4ea4-11de-8c10-00144feabdc0.html" target="_blank">filed</a> for <a title="Chapter 11 Bankruptcy at wikipedia" href="http://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code" target="_blank">Chapter 11 bankruptcy</a>.  This is on a grand, publicly-listed, credit-fuelled scale (GMs&#8217; annual revenue was $149 billion last year, and it&#8217;s lost more than $80 billion in the past four years, its market capitalization collapsing from a surprising $26 billion in October 2007, when the credit crisis was well underway, to next to nothing.)  The German and US governments have intervened to save jobs.</p>
<p>My own experience of Chapter 11 in 2001 was a less remarked upon affair (less than $1billion in revenue).  But at their respective times, within their respective universes, the two Chapter 11 incidents share significance: the words &#8220;too big to fail&#8221; were uttered in both instances.</p>
<p>There is no shortage of <a title="Robert Shiller's Basket Cases" href="http://knackeredhack.com/2009/05/21/robert-shillers-basket-cases/" target="_blank">animal spirits</a> evident in either, some interesting uses of expenses, and for those observing closely (perhaps that&#8217;s just me in my <a id="aptureLink_AfrJ1yrTD7" href="http://www.youtube.com/watch?v=U5PtSJEfajw">Chief Brody</a> hat <img src='http://knackeredhack.com/wp-includes/images/smilies/icon_wink.gif' alt=';-)' class='wp-smiley' /> ) the one may have heralded the other. Did the one in fact scale into the other?  GM is now perhaps the most iconic victim of the credit crunch, which through my <a title="Path Dependence at Wikipedia" href="http://en.wikipedia.org/wiki/Path_dependent" target="_blank">long-path-dependent</a>-tinted spectacles was hinted at way back when, in the perennial struggle between debt and equity.</p>
<p>The Chapter 11 that dissolved the news organization I worked for merited very little press comment; ironic  given that 600 global journalism jobs disappeared more or less overnight. Almost without exception those jobs were engaged in purely factual reporting: the scrutinizing of financial markets, banking and economic and monetary policy.  Instructive perhaps, given the current collapse of news businesses the world over, that they were entirely online, publishing by corporate subscription, and over internet protocol for several years already.  They could not be saved because the consensus then was that this market was already oversupplied.  News was a commodity, and only so much was necessary to lubricate the inner workings of global financial markets.</p>
<p>I&#8217;ve long since given up the conceit that the factual information output of my professional career met some fundamental human need (except the feeding of my family).  This was a way that I used to comfort myself: as a journalistic form, economic and financial newswire reporting could legitimately claim a <a title="Fourth Estate at Wikipedia" href="http://en.wikipedia.org/wiki/Fourth_estate" target="_blank">fourth-estate </a>function of representing important facts about the world, even if it was bounded in its day-to-day ability to call policy-makers and financiers <em>fully</em> to account.  It was not the sharpest instrument, but it was probably a lot sharper than print journalism which in effect fed off some of its by-products.</p>
<p>I&#8217;ve already described how, in my own attempts to refinance this organization &#8212; as I moulted my middle-management plumage and temporarily tried on the peacock feathers of the imagined future CEO &#8212; I submitted with my colleagues a restructuring that would focus news reporting resources on the growing and mostly under-reported market in credit derivatives.  That market was the one that made sense to my diverse rescue task force: whether their personal focus was Whitehall, currencies, commodities or companies, Essex-boy, anarchist or Etonian.  In retrospect, it is clear that transparency and scrutiny of those complex markets would have been useful in the post-9/11 world.  But in the summer of 2001, investors came there none.  The lesson, as ever, seems to be: if you&#8217;re going to fail, fail big. Don&#8217;t pin your hopes for rescue on a knackered hack, but a newly minted Barack.</p>
<p>This takes us back to Robert Shiller and George Akerlof&#8217;s qualification of capitalism: &#8220;It does not automatically produce what people really need; it produces what they think they need, and are willing to pay for.&#8221;  Since 2001, it is clear that a great many people, and at the same time too few, thought they needed GM&#8217;s Chevy Tahoe SUV.  President Obama agrees that they need more.  Me? I&#8217;m not so sure.</p>
<p>Photo credit Chevy Tahoe: <a title="Anthonares at Flickr" href="http://www.flickr.com/photos/anthonares/87633739/" target="_blank">anthonares</a></p>
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<ol>
		<li><a href="http://knackeredhack.com/2009/06/04/pure-genius/" rel="bookmark">pure genius?</a><!-- (10.6)--></li>
		<li><a href="http://knackeredhack.com/2009/02/12/toxic-waste/" rel="bookmark">toxic waste</a><!-- (9.5)--></li>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (9)--></li>
	</ol>

	Tags: <a href="http://knackeredhack.com/tag/chapter-11/" title="Chapter 11" rel="tag">Chapter 11</a>, <a href="http://knackeredhack.com/tag/chevy-tahoe/" title="Chevy Tahoe" rel="tag">Chevy Tahoe</a>, <a href="http://knackeredhack.com/tag/eighteenth-brumaire/" title="Eighteenth Brumaire" rel="tag">Eighteenth Brumaire</a>, <a href="http://knackeredhack.com/tag/general-motors/" title="General Motors" rel="tag">General Motors</a>, <a href="http://knackeredhack.com/tag/karl-marx/" title="Karl-Marx" rel="tag">Karl-Marx</a><br />
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		<title>feynman&#8217;s bananas</title>
		<link>http://knackeredhack.com/2009/05/22/feynmans-bananas/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=feynmans-bananas</link>
		<comments>http://knackeredhack.com/2009/05/22/feynmans-bananas/#comments</comments>
		<pubDate>Fri, 22 May 2009 14:08:03 +0000</pubDate>
		<dc:creator>knackeredhack</dc:creator>
				<category><![CDATA[behaviour]]></category>
		<category><![CDATA[coaching and teaching]]></category>
		<category><![CDATA[creativity]]></category>
		<category><![CDATA[endurance]]></category>
		<category><![CDATA[failure]]></category>
		<category><![CDATA[latent talent]]></category>
		<category><![CDATA[life the universe and everything]]></category>
		<category><![CDATA[mood]]></category>
		<category><![CDATA[music]]></category>
		<category><![CDATA[stress]]></category>
		<category><![CDATA[what knackered the hack?]]></category>
		<category><![CDATA[bounded rationality]]></category>
		<category><![CDATA[Christopher Sykes]]></category>
		<category><![CDATA[confusion]]></category>
		<category><![CDATA[curiosity]]></category>
		<category><![CDATA[physics]]></category>
		<category><![CDATA[quantum entanglement]]></category>
		<category><![CDATA[Richard Feynman]]></category>
		<category><![CDATA[spooky action at a distance]]></category>

		<guid isPermaLink="false">http://knackeredhack.com/?p=492</guid>
		<description><![CDATA[Down in the comments of an earlier music post I dug up a seminal BBC documentary about Richard Feynman.  I must have seen it when it first came out.  I recommend you plug your computer into the TV, sit down and watch it with any children, grandchildren, nephews, nieces or godchildren; there may be no [...]<h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2008/03/14/something-to-read-when-the-sport-is-on/" rel="bookmark">something to read when the sport is on</a><!-- (10)--></li>
		<li><a href="http://knackeredhack.com/2008/05/28/reasons-to-cheer-the-underdog/" rel="bookmark">reasons to cheer the underdog</a><!-- (10)--></li>
		<li><a href="http://knackeredhack.com/2008/02/19/bringing-the-banana-forward/" rel="bookmark">bringing the banana forward</a><!-- (9.1)--></li>
	</ol>
]]></description>
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<p>Down in the comments of <a title="Nothing compares" href="http://knackeredhack.com/2009/02/08/nothing-compares/" target="_blank">an earlier music post</a> I dug up a seminal <strong>BBC </strong>documentary about <a title="Richard Feynman at Wikipedia" href="http://en.wikipedia.org/wiki/Richard_feynman" target="_blank"><strong>Richard Feynman</strong></a>.  I must have seen it when it first came out.  I recommend you plug your computer into the TV, sit down and watch it with any children, grandchildren, nephews, nieces or godchildren; there may be no greater gift.  A few minutes in he says this:</p>
<blockquote><p>When you are thinking about something that you don&#8217;t understand you have a terrible, uncomfortable feeling called &#8216;confusion&#8217;. It&#8217;s a very difficult and unhappy business.  So, most of the time you are rather unhappy, actually, with this confusion.  You can&#8217;t penetrate this thing.  Now, is the confusion&#8230; is it because we are all some kind of apes that are kind of stupid working against this? Trying to figure out to put the two sticks together to reach the banana and we can&#8217;t quite make it? &#8230;the idea ? And I get that feeling all the time: that I am an ape trying to put two sticks together.  So I always feel stupid. Once in a while, though, everything &#8212; the sticks &#8212; go together on me and I reach the banana.&#8221;</p></blockquote>
<p><object classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" width="500" height="375" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0"><param name="src" value="http://video.google.com/googleplayer.swf?docid=3164300309410618119&amp;hl=en&amp;fs=true" /><embed type="application/x-shockwave-flash" width="500" height="375" src="http://video.google.com/googleplayer.swf?docid=3164300309410618119&amp;hl=en&amp;fs=true"></embed></object></p>
<p><a href="http://video.google.com/videoplay?docid=3164300309410618119&amp;ei=8mkWSpDMJJej-Aa6mbTUBA&amp;q=richard+feynman">Last Journey of a Genius</a></p>
<p>When it came to deciding on a business card for the blog, there must have been <a title="Quantum Entanglement at Wikipedia" href="http://en.wikipedia.org/wiki/Spooky_action_at_a_distance" target="_blank">some spooky action operating at a distance</a>, for this is what we came up with.</p>
<p><img src="http://farm4.static.flickr.com/3027/2645370087_6280ae5b22.jpg" alt="Knackered Hack" width="500" height="318" /></p>
<p>Long-time readers will remember my own <a title="Bringing the banana forward" href="http://knackeredhack.com/2008/02/19/bringing-the-banana-forward/" target="_blank">grappling with bananas</a> only to find that, as usual, I was thwarted. Parce que&#8230;</p>
<p><img src="http://farm2.static.flickr.com/1364/588667816_e748a8a99f.jpg" alt="it is not a banana" /></p>
<p>banana photo credit <a title="-eko- at flickr" href="http://www.flickr.com/photos/ekosystem/588667816/" target="_blank">-eko-</a></p>
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<ol>
		<li><a href="http://knackeredhack.com/2008/03/14/something-to-read-when-the-sport-is-on/" rel="bookmark">something to read when the sport is on</a><!-- (10)--></li>
		<li><a href="http://knackeredhack.com/2008/05/28/reasons-to-cheer-the-underdog/" rel="bookmark">reasons to cheer the underdog</a><!-- (10)--></li>
		<li><a href="http://knackeredhack.com/2008/02/19/bringing-the-banana-forward/" rel="bookmark">bringing the banana forward</a><!-- (9.1)--></li>
	</ol>

	Tags: <a href="http://knackeredhack.com/tag/bounded-rationality/" title="bounded rationality" rel="tag">bounded rationality</a>, <a href="http://knackeredhack.com/tag/christopher-sykes/" title="Christopher Sykes" rel="tag">Christopher Sykes</a>, <a href="http://knackeredhack.com/tag/confusion/" title="confusion" rel="tag">confusion</a>, <a href="http://knackeredhack.com/tag/curiosity/" title="curiosity" rel="tag">curiosity</a>, <a href="http://knackeredhack.com/tag/physics/" title="physics" rel="tag">physics</a>, <a href="http://knackeredhack.com/tag/quantum-entanglement/" title="quantum entanglement" rel="tag">quantum entanglement</a>, <a href="http://knackeredhack.com/tag/richard-feynman/" title="Richard Feynman" rel="tag">Richard Feynman</a>, <a href="http://knackeredhack.com/tag/spooky-action-at-a-distance/" title="spooky action at a distance" rel="tag">spooky action at a distance</a><br />
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		<item>
		<title>everything is jumpin&#8217;</title>
		<link>http://knackeredhack.com/2009/05/19/everything-is-jumpin/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=everything-is-jumpin</link>
		<comments>http://knackeredhack.com/2009/05/19/everything-is-jumpin/#comments</comments>
		<pubDate>Tue, 19 May 2009 14:06:18 +0000</pubDate>
		<dc:creator>knackeredhack</dc:creator>
				<category><![CDATA[black swans]]></category>
		<category><![CDATA[celebrities]]></category>
		<category><![CDATA[competition and performance]]></category>
		<category><![CDATA[creativity]]></category>
		<category><![CDATA[endurance]]></category>
		<category><![CDATA[failure]]></category>
		<category><![CDATA[fractals]]></category>
		<category><![CDATA[life the universe and everything]]></category>
		<category><![CDATA[mood]]></category>
		<category><![CDATA[music]]></category>
		<category><![CDATA[recovery]]></category>
		<category><![CDATA[what knackered the hack?]]></category>
		<category><![CDATA[work-life balance]]></category>
		<category><![CDATA[Artie Shaw]]></category>
		<category><![CDATA[heavy-tailed distribution]]></category>
		<category><![CDATA[Jackson Pollock]]></category>
		<category><![CDATA[Levy flight]]></category>

		<guid isPermaLink="false">http://knackeredhack.com/?p=495</guid>
		<description><![CDATA[I don&#8217;t know much about Lévy flights, and I don&#8217;t know much about Artie Shaw.  While I don&#8217;t have any Artie Shaw recordings (yet) he is a little bit of a hero of mine. The standard biographical narrative of Shaw was that his performing career &#8212; which experienced some of the highest peaks in 20th [...]<h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2005/03/03/artie-shaw-the-need-to-retreat-from-success-and-keeping-the-customer-satisfied/" rel="bookmark">Artie Shaw, the need to retreat from success, and keeping the customer satisfied</a><!-- (10.4)--></li>
		<li><a href="http://knackeredhack.com/2008/03/14/something-to-read-when-the-sport-is-on/" rel="bookmark">something to read when the sport is on</a><!-- (9)--></li>
		<li><a href="http://knackeredhack.com/2008/05/28/reasons-to-cheer-the-underdog/" rel="bookmark">reasons to cheer the underdog</a><!-- (9)--></li>
	</ol>
]]></description>
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<p>I don&#8217;t know much about <a title="Levy Flights at Wikipedia" href="http://en.wikipedia.org/wiki/Levy_flights" target="_blank">Lévy flights</a>, and I don&#8217;t know much about <a title="Artie Shaw on Wikipedia" href="http://en.wikipedia.org/wiki/Artie_Shaw" target="_blank"><strong>Artie Shaw</strong></a>.  While I don&#8217;t have any Artie Shaw recordings (yet) he is a little bit of a hero of mine.</p>
<p>The standard biographical narrative of Shaw was that his performing career &#8212; which experienced some of the highest peaks in 20th century commercial musical achievement &#8212; was punctuated by periods of creative and physical exhaustion, including revulsion toward his popular success.  So, not many similarities to the Knackered Hack&#8217;s experience, except the downside elements, I admit.</p>
<p>In one of his later periods of retreat, it seems that Shaw was preoccupied with studying high-level mathematics.  I wonder if his creativity could perhaps be defined by the concept of Lévy flights?  Now, if you think I&#8217;m talking <a title="Jackson Pollock at Wikipedia" href="http://en.wikipedia.org/wiki/Jackson_pollock" target="_blank">Jackson Pollocks</a> here, you might indeed be right. For the <a title="Jackson Pollock at Guggenheim" href="http://siteimages.guggenheim.org/gpc_work_midsize_91.jpg" target="_blank">distribution of paint</a> by the very same may have been <a title="Jackson Pollock at Physics World" href="http://plus.maths.org/issue11/features/physics_world/" target="_blank">following some form of fractal pattern</a>:-</p>
<blockquote><p>There are two revolutionary aspects to Pollock&#8217;s application of paint and both have potential to introduce chaos. The first is his motion around the canvas. In contrast to traditional brush-canvas contact techniques, where the artist&#8217;s motions are limited to hand and arm movements, Pollock used his whole body to introduce a wide range of length scales into his painting motion. In doing so, Pollock&#8217;s dashes around the canvas possibly followed Levy flights: a special distribution of movements, first investigated by Paul Levy in 1936, which has recently been used to describe the statistics of chaotic systems.</p></blockquote>
<p>I understand there is a risk of seeing <a title="Heavy tailed distributions on Wikipedia" href="http://en.wikipedia.org/wiki/Heavy_tailed_distribution" target="_blank">heavy-tailed distributions</a> everywhere, particularly to my untrained eye.  But with the creative arts &#8212; the clustering of success &#8212; it does seem to follow.</p>
<p>I wonder too if it explains, at a very banal level, the frequency of my blog posting, about which I know a few of you are concerned.  To illustrate the two extremes of recent Knackered Hack experience, some Artie Shaw to entertain you.  In the meantime, I will be trying to produce a cluster of posts.  Shaw fans can correct me, but the first piece below reflected the essence of the man, while the second was what people liked him for.  The titles will amuse <a title="Mandelbrot" href="http://en.wikipedia.org/wiki/Beno%C3%AEt_Mandelbrot" target="_blank">Mandelbrotian</a> students of markets.  And Shaw&#8217;s exuberant swing music flourished in the depression.</p>
<object width="425" height="350"><param name="movie" value="-W59FzOwYIs"></param><param name="wmode" value="transparent" ></param><embed src="http://www.youtube.com/v/-W59FzOwYIs" type="application/x-shockwave-flash" wmode="transparent" width="425" height="350"></embed></object>
<p>At the end of this one, Artie Shaw and sidekicks explore <a title="Bounded rationality on Wikipedia" href="http://en.wikipedia.org/wiki/Bounded_rationality" target="_blank">bounded rationality</a> and sum up the perennial challenge for all businesses.</p>
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<ol>
		<li><a href="http://knackeredhack.com/2005/03/03/artie-shaw-the-need-to-retreat-from-success-and-keeping-the-customer-satisfied/" rel="bookmark">Artie Shaw, the need to retreat from success, and keeping the customer satisfied</a><!-- (10.4)--></li>
		<li><a href="http://knackeredhack.com/2008/03/14/something-to-read-when-the-sport-is-on/" rel="bookmark">something to read when the sport is on</a><!-- (9)--></li>
		<li><a href="http://knackeredhack.com/2008/05/28/reasons-to-cheer-the-underdog/" rel="bookmark">reasons to cheer the underdog</a><!-- (9)--></li>
	</ol>

	Tags: <a href="http://knackeredhack.com/tag/artie-shaw/" title="Artie Shaw" rel="tag">Artie Shaw</a>, <a href="http://knackeredhack.com/tag/heavy-tailed-distribution/" title="heavy-tailed distribution" rel="tag">heavy-tailed distribution</a>, <a href="http://knackeredhack.com/tag/jackson-pollock/" title="Jackson Pollock" rel="tag">Jackson Pollock</a>, <a href="http://knackeredhack.com/tag/levy-flight/" title="Levy flight" rel="tag">Levy flight</a><br />
]]></content:encoded>
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		<item>
		<title>toxic waste</title>
		<link>http://knackeredhack.com/2009/02/12/toxic-waste/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=toxic-waste</link>
		<comments>http://knackeredhack.com/2009/02/12/toxic-waste/#comments</comments>
		<pubDate>Thu, 12 Feb 2009 10:46:06 +0000</pubDate>
		<dc:creator>knackeredhack</dc:creator>
				<category><![CDATA[behaviour]]></category>
		<category><![CDATA[black swans]]></category>
		<category><![CDATA[business, finance and markets]]></category>
		<category><![CDATA[collaboration]]></category>
		<category><![CDATA[competition and performance]]></category>
		<category><![CDATA[diversity]]></category>
		<category><![CDATA[failure]]></category>
		<category><![CDATA[life the universe and everything]]></category>
		<category><![CDATA[stress]]></category>
		<category><![CDATA[what hacks off the hack?]]></category>
		<category><![CDATA[what knackered the hack?]]></category>
		<category><![CDATA[credit-crunch]]></category>
		<category><![CDATA[Danny Kaye]]></category>
		<category><![CDATA[don't break ranks]]></category>
		<category><![CDATA[Gerd-Gigerenzer]]></category>
		<category><![CDATA[groupthink]]></category>
		<category><![CDATA[Hans Christian Anderson]]></category>
		<category><![CDATA[HBOS]]></category>
		<category><![CDATA[heuristics]]></category>
		<category><![CDATA[James Crosby]]></category>
		<category><![CDATA[Paul Moore]]></category>

		<guid isPermaLink="false">http://knackeredhack.com/2009/02/12/toxic-waste/</guid>
		<description><![CDATA[Anyone who has read Gerd Gigerenzer&#8217;s Gut Feelings will recall the description in Chapter 10 of how the pressure to conform creates moral hazard. A powerful heuristic or default seems to operate: &#8220;don&#8217;t break ranks&#8221;. Failure to adhere can result in peer hostility. The experience of Paul Moore in trying to restrain HBOS executives reveals [...]<h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2008/03/17/bear-stearns-footnote/" rel="bookmark">bear stearns footnote</a><!-- (11)--></li>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (10)--></li>
		<li><a href="http://knackeredhack.com/2009/06/02/the-11th-chapter-of-napoleonic-hubris/" rel="bookmark">the 11th chapter of napoleonic hubris</a><!-- (9)--></li>
	</ol>
]]></description>
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<p><img src="http://farm4.static.flickr.com/3031/2932549936_16e4503e96.jpg" alt="Lifeblog post" /></p>
<p>Anyone who has read Gerd Gigerenzer&#8217;s <em><a href="http://www.amazon.co.uk/gp/product/0141015918?ie=UTF8&amp;tag=knackeredhack-21&amp;linkCode=as2&amp;camp=1634&amp;creative=6738&amp;creativeASIN=0141015918">Gut Feelings</a> </em>will recall the description in Chapter 10 of how the pressure to conform creates moral hazard. A powerful heuristic or default seems to operate: &#8220;don&#8217;t break ranks&#8221;. Failure to adhere can result in peer hostility. The experience of <strong>Paul Moore</strong> in trying to restrain <strong>HBOS</strong> executives reveals just how powerful and enduring a force that can be, assuming he is an accurate witness to his own experience at the bank. It goes some way to explain how <a title="Groupthink at Wikipedia" href="http://en.wikipedia.org/wiki/Groupthink" target="_blank">groupthink</a> can operate in the face of compelling contrary evidence. To quote from his memo to Tuesday&#8217;s Treasury Select Committee hearing:-</p>
<blockquote><p>I am still toxic waste now for having spoken out all those years ago!</p></blockquote>
<p>This might also reflect why today&#8217;s <a title="FT report on FSA concerns ref HBOS" href="http://www.ft.com/cms/s/0/86295a7e-f831-11dd-aae8-000077b07658.html" target="_blank"><em>FT</em> report leaking</a> of an &#8220;independent inquiry&#8221; into Paul Moore&#8217;s allegations contained the following observations from the HBOS directors of his behaviour. A case of shooting the messenger?</p>
<blockquote><p>They told KPMG that while Mr Moore’s technical abilities were “recognised as strong” and he gave his team a “strong sense of purpose”, they doubted his ability to work with his colleagues. His behaviour in one meeting was described by people interviewed by KPMG as “ranging from prickly to ranting to extraordinary to outrageous”.</p></blockquote>
<p>For those not following these events, Moore was the head of <strong>Group Regulatory Risk Management </strong>for HBOS until 2005. He alleges that he argued with the board that HBOS&#8217;s sales culture was running out of control, creating huge risk for the bank should the economy and housing market turn downwards, and that there was a reluctance on the part of executives to have their decisions or behaviour challenged. At the time, HBOS <strong>CEO James Crosby</strong> dismissed his concerns and terminated his employment. Crosby then moved on to become deputy chairman of the <strong>Financial Services Authority</strong>. He resigned yesterday morning.</p>
<p>The full text of Moore&#8217;s memo is <a title="Paul Moore testimony at FT.com" href="http://www.ft.com/cms/s/0/fca6a706-f81d-11dd-aae8-000077b07658,s01=1.html" target="_blank">here</a>. For the time being, it may be one of the most readable and historic documents of modern finance. One suspects there will be others.</p>
<p>Well, in his deposition to the Treasury Select Committee Moore mentions it, but I doubt that this five-minute module is mandatory yet at any business school. Let me know if I&#8217;m wrong.</p>
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<p><em>Photo credit: Tim Penn</em></p>
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<ol>
		<li><a href="http://knackeredhack.com/2008/03/17/bear-stearns-footnote/" rel="bookmark">bear stearns footnote</a><!-- (11)--></li>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (10)--></li>
		<li><a href="http://knackeredhack.com/2009/06/02/the-11th-chapter-of-napoleonic-hubris/" rel="bookmark">the 11th chapter of napoleonic hubris</a><!-- (9)--></li>
	</ol>

	Tags: <a href="http://knackeredhack.com/tag/credit-crunch/" title="credit-crunch" rel="tag">credit-crunch</a>, <a href="http://knackeredhack.com/tag/danny-kaye/" title="Danny Kaye" rel="tag">Danny Kaye</a>, <a href="http://knackeredhack.com/tag/dont-break-ranks/" title="don&#039;t break ranks" rel="tag">don&#039;t break ranks</a>, <a href="http://knackeredhack.com/tag/gerd-gigerenzer/" title="Gerd-Gigerenzer" rel="tag">Gerd-Gigerenzer</a>, <a href="http://knackeredhack.com/tag/groupthink/" title="groupthink" rel="tag">groupthink</a>, <a href="http://knackeredhack.com/tag/hans-christian-anderson/" title="Hans Christian Anderson" rel="tag">Hans Christian Anderson</a>, <a href="http://knackeredhack.com/tag/hbos/" title="HBOS" rel="tag">HBOS</a>, <a href="http://knackeredhack.com/tag/heuristics/" title="heuristics" rel="tag">heuristics</a>, <a href="http://knackeredhack.com/tag/james-crosby/" title="James Crosby" rel="tag">James Crosby</a>, <a href="http://knackeredhack.com/tag/paul-moore/" title="Paul Moore" rel="tag">Paul Moore</a><br />
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		<item>
		<title>nothing compares</title>
		<link>http://knackeredhack.com/2009/02/08/nothing-compares/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=nothing-compares</link>
		<comments>http://knackeredhack.com/2009/02/08/nothing-compares/#comments</comments>
		<pubDate>Sun, 08 Feb 2009 20:59:55 +0000</pubDate>
		<dc:creator>knackeredhack</dc:creator>
				<category><![CDATA[behaviour]]></category>
		<category><![CDATA[coaching and teaching]]></category>
		<category><![CDATA[collaboration]]></category>
		<category><![CDATA[competition and performance]]></category>
		<category><![CDATA[creativity]]></category>
		<category><![CDATA[diversity]]></category>
		<category><![CDATA[failure]]></category>
		<category><![CDATA[latent talent]]></category>
		<category><![CDATA[life the universe and everything]]></category>
		<category><![CDATA[mood]]></category>
		<category><![CDATA[music]]></category>
		<category><![CDATA[what knackered the hack?]]></category>
		<category><![CDATA[work-life balance]]></category>
		<category><![CDATA[Howard-Goodall]]></category>
		<category><![CDATA[Sinead O'Connor]]></category>
		<category><![CDATA[Sing-Up]]></category>
		<category><![CDATA[singing]]></category>
		<category><![CDATA[social mobility]]></category>

		<guid isPermaLink="false">http://knackeredhack.com/2009/02/08/nothing-compares/</guid>
		<description><![CDATA[A recent controversial report from the University of Buckingham found that UK schools specialising in music produce better physics results than those specialising in science. And then education watchdog Ofsted reported that half of the schools it had inspected lacked adequate provision for music education, that music teachers felt marginalized or isolated and did not [...]<h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2008/03/14/something-to-read-when-the-sport-is-on/" rel="bookmark">something to read when the sport is on</a><!-- (10.1)--></li>
		<li><a href="http://knackeredhack.com/2008/05/28/reasons-to-cheer-the-underdog/" rel="bookmark">reasons to cheer the underdog</a><!-- (9.4)--></li>
		<li><a href="http://knackeredhack.com/2009/05/22/feynmans-bananas/" rel="bookmark">feynman&#8217;s bananas</a><!-- (9.2)--></li>
	</ol>
]]></description>
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<p>A recent <a title="Science in Schools" href="http://www.buckingham.ac.uk/education/research/ceer/pdfs/science-schools.pdf">controversial report</a> from the <strong>University of Buckingham</strong> found that UK schools specialising in music produce better physics results than those specialising in science. And then education watchdog <strong>Ofsted</strong> reported that half of the schools it had inspected lacked adequate provision for music education, that music teachers felt marginalized or isolated and did not receive the developmental opportunities they needed.</p>
<p>A couple of years ago <a title="Howard Goodall" href="http://www.howardgoodall.co.uk/" target="_blank"><strong>Howard Goodall</strong></a> &#8212; who in this country is fast becoming to music what David Attenborough is to natural history &#8212; was given £10 million to expand the use of singing across the curriculum in primary schools. It was highlighted then that singing could be instrumental in the learning of a variety of subjects but that many teachers lacked confidence to deliver any musical experience at all for their students. A further £40 million or so seems now to have gone into the <strong><a title="Sing-Up--Families Section" href="http://www.singup.org/families/" target="_blank">Sing-Up</a></strong> campaign.</p>
<p>Where teacher confidence is absent, I understand there are cascading techniques to spread music from older to younger children. Perhaps the Sing-Up promotional video hints at that:-</p>
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<p>When something&#8217;s not working, or some kind of competitive differentiation is needed, there is a strategy (described by Scott Page) called &#8220;<a title="How Chippy is Your Ice-Cream" href="http://knackeredhack.com/2007/04/30/how-chippy-do-you-like-your-ice-cream/" target="_blank">do the opposite</a>&#8220;. So here&#8217;s a wild idea. Why don&#8217;t we give Howard Goodall the <em>entire</em> national education budget, not just £50 million, and then see what happens? I&#8217;d bet things would not get worse. And there&#8217;s an outside chance we&#8217;d solve many more of our educational difficulties than our current pragmatic approach, in particular the social problems that arise from the inability of barely literate children to take their proper place in an increasingly knowledge-intensive economy.</p>
<p>A whole chapter in a book of knackeredness could be devoted to the brokenness of modern musical experience. Music tends these days to be consumed rather than practised. The neat thing about<strong> </strong>Sing-Up is that it seems to be using technology to reverse this.</p>
<p>The institutions for participation in music are rightly or wrongly mostly organized by the classical music tradition, because that is where the majority of skills to perform and teach resides. But there exists now a kind of philistinism that has separated this world from the bulk of the population, as parents (and I suspect many teachers) prefer something more familiar and accessible (to them) from the world of pop. But in the past, whether it was colliery bands, or church choirs, quite serious music could be a source of social cohesion and, for the able person, <strong>a technology for social mobility</strong>.</p>
<p>Teaching children songs is a gift they keep for a lifetime, but the repertoire on offer seems to be diminishing. Sing-Up has its own <a title="Song Bank" href="http://www.singup.org/songbank/index.php?RegistrationToken=null" target="_blank">Song Bank</a> of high quality musical assets, which parents as well as schools can draw on. No matter how much music of whatever genre gets played at home, when a child really learns a song so that they can sing it out loud, and with others,  something more than just notes and words are rehearsed: a whole neurological, physiological and social complex gets activated. (Don&#8217;t tell anyone, but computer games, even I suspect <a title="Guitar Hero on Wikipedia" href="http://en.wikipedia.org/wiki/Guitar_hero" target="_blank">Guitar Hero</a>, don&#8217;t do that.)</p>
<p>When I was in primary school, the very flamboyant <strong>cathedral organist</strong> cruised in once a week in his rather incongruous metallic lime green <strong>Ford Mustang Mach I</strong> complete with thunderous tailpipes. We crowded his arrival, and believed, apocryphally, that this exotic vehicle (for small-town Yorkshire c1972) contained its very own mobile phone. He taught us folk songs from across the centuries, and from a standard school songbook. What a breath of fresh air if every child these days could sing the following paean to human fragility; it was my favourite.You wouldn&#8217;t catch a self-respecting pop musician touching that material these days, now would you?</p>
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<ol>
		<li><a href="http://knackeredhack.com/2008/03/14/something-to-read-when-the-sport-is-on/" rel="bookmark">something to read when the sport is on</a><!-- (10.1)--></li>
		<li><a href="http://knackeredhack.com/2008/05/28/reasons-to-cheer-the-underdog/" rel="bookmark">reasons to cheer the underdog</a><!-- (9.4)--></li>
		<li><a href="http://knackeredhack.com/2009/05/22/feynmans-bananas/" rel="bookmark">feynman&#8217;s bananas</a><!-- (9.2)--></li>
	</ol>

	Tags: <a href="http://knackeredhack.com/tag/howard-goodall/" title="Howard-Goodall" rel="tag">Howard-Goodall</a>, <a href="http://knackeredhack.com/tag/sinead-oconnor/" title="Sinead O&#039;Connor" rel="tag">Sinead O&#039;Connor</a>, <a href="http://knackeredhack.com/tag/sing-up/" title="Sing-Up" rel="tag">Sing-Up</a>, <a href="http://knackeredhack.com/tag/singing/" title="singing" rel="tag">singing</a>, <a href="http://knackeredhack.com/tag/social-mobility/" title="social mobility" rel="tag">social mobility</a><br />
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		<item>
		<title>a generational write-off</title>
		<link>http://knackeredhack.com/2009/01/30/a-generational-write-off/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=a-generational-write-off</link>
		<comments>http://knackeredhack.com/2009/01/30/a-generational-write-off/#comments</comments>
		<pubDate>Fri, 30 Jan 2009 21:51:03 +0000</pubDate>
		<dc:creator>knackeredhack</dc:creator>
				<category><![CDATA[behaviour]]></category>
		<category><![CDATA[book reviews]]></category>
		<category><![CDATA[business, finance and markets]]></category>
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		<category><![CDATA[diversity]]></category>
		<category><![CDATA[failure]]></category>
		<category><![CDATA[journalism]]></category>
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		<category><![CDATA[what hacks off the hack?]]></category>
		<category><![CDATA[what knackered the hack?]]></category>
		<category><![CDATA[David Hardman]]></category>
		<category><![CDATA[Davos]]></category>
		<category><![CDATA[decision science]]></category>
		<category><![CDATA[Gregory Berns]]></category>
		<category><![CDATA[judgment and decision making]]></category>
		<category><![CDATA[LJDM]]></category>
		<category><![CDATA[neuroeconomics]]></category>
		<category><![CDATA[neuroscience]]></category>
		<category><![CDATA[World Economic Forum]]></category>

		<guid isPermaLink="false">http://knackeredhack.com/2009/01/30/a-generational-write-off/</guid>
		<description><![CDATA[Gregory Berns, a professor of neuroeconomics at Emory University and author of Iconoclast: A Neuroscientist Reveals How to Think Differently(UK)/(US), was interviewed this morning on Radio 4&#8242;s Today programme exploring the role of neuroeconomics in understanding the current crisis.  He&#8217;s in Davos for the World Economic Forum, with all the large fromages. Back in the [...]<h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2009/06/02/the-11th-chapter-of-napoleonic-hubris/" rel="bookmark">the 11th chapter of napoleonic hubris</a><!-- (8.3)--></li>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (8)--></li>
		<li><a href="http://knackeredhack.com/2009/02/12/toxic-waste/" rel="bookmark">toxic waste</a><!-- (8)--></li>
	</ol>
]]></description>
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<p><img src="http://farm4.static.flickr.com/3327/3228537399_5bc4dd662e_m.jpg" class="alignleft" alt="IMG_9551.CR2" /><strong><a href="http://www.ccnl.emory.edu/greg/" title="Gregory Berns Home Page" target="_blank">Gregory Berns</a></strong>, a professor of neuroeconomics at Emory University and author of <em><a href="http://www.amazon.co.uk/gp/product/1422115011?ie=UTF8&amp;tag=knackeredhack-21&amp;linkCode=as2&amp;camp=1634&amp;creative=6738&amp;creativeASIN=1422115011">Iconoclast: A Neuroscientist Reveals How to Think Differently(UK)</a>/<a href="http://www.amazon.com/gp/product/1422115011?ie=UTF8&amp;tag=knachack-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=1422115011">(US)</a></em>, was interviewed this morning on Radio 4&#8242;s <em>Today</em> programme exploring the role of <strong>neuroeconomics</strong> in understanding the current crisis.  He&#8217;s in <strong>Davos</strong> for the <strong>World Economic Forum</strong>, with all the <strong>large fromages</strong>.</p>
<p>Back in the day, the Knackered Hack used to dispatch a team of reporters to Davos. Press places were then scarce.  Now I&#8217;m watching it all on <a href="http://search.twitter.com/search?q=davos" title="Davos on Twitter" target="_blank">Twitter</a>, my very own <a href="http://en.wikipedia.org/wiki/Self-organization" title="Self-organization at Wikipedia" target="_blank">self-organizing</a> newswire, and tossing in the <a href="http://twitter.com/knackeredhack/status/1154997758" title="Snarky Twitter" target="_blank">occasional iconoclastic observation of my own</a>.  Who-da thunk it?  Everyone and his dog seems to be there; some shuddering, and not from the cold.</p>
<p>Berns message was about as negative as you can get when considering the current crisis.  He deftly applied the old-dog-new-tricks teaching heuristic to an entire generation:-</p>
<blockquote><p>One thing that we know is when people make decisions that they are uncertain about is that they look to other people&#8230; We have seen along the way how other people&#8217;s opinions essentially pollute those judgments. Now,  modern markets are great. Now, economists like to talk about efficient markets and all of that, but the problem is that they are only efficient when people behave as individuals and render independent judgments.  Now I would probably go as far as saying the current crop of adults is a lost cause in that I think we should be focussing our efforts on the next generation and how to teach them to make judgment that are independent of each other and stop this crazy herd behaviour.</p></blockquote>
<p>So there you have it.  All current adults are sheep.  Better cancel the Twitter account <img src='http://knackeredhack.com/wp-includes/images/smilies/icon_wink.gif' alt=';-)' class='wp-smiley' />  .  You can listen to the whole thing <a href="http://news.bbc.co.uk/today/hi/today/newsid_7860000/7860177.stm" title="Gazzaniga and Burns from Davos on Today Programme" target="_blank">here</a>.  I think it was edited, so there may be some context missing and the above quotation therefore not adequately representative. That&#8217;s mainstream media for you.</p>
<p>All that said, like a dog barking in the wind, I myself did tweet the following just a few weeks ago:-</p>
<blockquote><p>Haunted slightly by counterfactual sense the boom promoted an entire generation of the wrong type of manager&#8221;</p></blockquote>
<p>I&#8217;ll come back to that idea soon, I hope.  But in the meantime, given Berns&#8217; imperative that we focus on the cognitive capacities of the next generation, it was a neat little coincidence that a review copy of a new textbook by <a href="http://sites.google.com/site/davidkhardman/" title="David Hardman Homepage" target="_blank"><strong>David Hardman</strong></a>, entitled <strong><em><a href="http://www.amazon.co.uk/gp/product/1405123982?ie=UTF8&amp;tag=knackeredhack-21&amp;linkCode=as2&amp;camp=1634&amp;creative=19450&amp;creativeASIN=1405123982">Judgment and Decision Making</a>, </em></strong>arrived in the post yesterday from Wiley. <a href="http://www.amazon.com/gp/product/1405123982?ie=UTF8&amp;tag=knachack-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=1405123982">US version available here</a>.  Just take a look at the contents:-</p>
<blockquote>
<ol>
<li>Introduction and Overview: Judgments, Decisions Rationality</li>
<li>The Nature and Analysis of Judgment</li>
<li>Judging Probability and Frequency</li>
<li>Judgmental Distortions: The Anchoring-and-Adjustment Heuristic</li>
<li>Assessing Evidence and Evaluation Arguments</li>
<li>Covariation Causation, and Counterfactual Thinking</li>
<li>Decision Making under Risk and Uncertainty</li>
<li>Preference and Choice</li>
<li>Confidence and Optimism</li>
<li>Judgment and Choice over Time</li>
<li>Dynamic Decisions and High Stakes: Where Real Life Meets the Laboratory</li>
<li>Risk</li>
<li>Decision Making in Groups and Teams</li>
<li>Cooperation and Coordination</li>
<li>Intuition, Reflective Thinking, and the Brain</li>
</ol>
</blockquote>
<p>Back of the net, as they say in soccer.</p>
<p><img src="http://media.wiley.com/product_data/coverImage300/82/14051239/1405123982.jpg" class="alignleft" alt="David Hardman's Judgment and Decision Making" />David, with others, runs the <strong><a href="http://www.psychol.ucl.ac.uk/ljdm/" title="LJDM" target="_blank">London Judgment and Decision Making Group</a></strong>, whose seminars I&#8217;ve been lucky enough to attend when I&#8217;m in town.  If Berns is right, David should be needing a larger venue.  David assures me he will be blogging on the book before too long, so I&#8217;ll let you know when that happens.  We can definitely benefit from a regular dose of wisdom from this discipline.  Of course, it&#8217;s a little known fact that the Knackered Hack is already one of the leading decision science blogs on the web.  It says so <a href="http://decision-science.alltop.com/" title="Decision Science on Alltop" target="_blank">here</a>. And if you are wondering how that happened, the answer remains &#8230; well &#8230; uncertain.</p>
<p>Photo credit: <a href="http://www.flickr.com/photos/stephenhampshire/3228537399/" title="stephenphampshire at Flickr" target="_blank">stephenphampshire</a></p>
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<ol>
		<li><a href="http://knackeredhack.com/2009/06/02/the-11th-chapter-of-napoleonic-hubris/" rel="bookmark">the 11th chapter of napoleonic hubris</a><!-- (8.3)--></li>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (8)--></li>
		<li><a href="http://knackeredhack.com/2009/02/12/toxic-waste/" rel="bookmark">toxic waste</a><!-- (8)--></li>
	</ol>

	Tags: <a href="http://knackeredhack.com/tag/david-hardman/" title="David Hardman" rel="tag">David Hardman</a>, <a href="http://knackeredhack.com/tag/davos/" title="Davos" rel="tag">Davos</a>, <a href="http://knackeredhack.com/tag/decision-science/" title="decision science" rel="tag">decision science</a>, <a href="http://knackeredhack.com/tag/gregory-berns/" title="Gregory Berns" rel="tag">Gregory Berns</a>, <a href="http://knackeredhack.com/tag/judgment-and-decision-making/" title="judgment and decision making" rel="tag">judgment and decision making</a>, <a href="http://knackeredhack.com/tag/ljdm/" title="LJDM" rel="tag">LJDM</a>, <a href="http://knackeredhack.com/tag/neuroeconomics/" title="neuroeconomics" rel="tag">neuroeconomics</a>, <a href="http://knackeredhack.com/tag/neuroscience/" title="neuroscience" rel="tag">neuroscience</a>, <a href="http://knackeredhack.com/tag/world-economic-forum/" title="World Economic Forum" rel="tag">World Economic Forum</a><br />
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		<title>horns of a dilemma</title>
		<link>http://knackeredhack.com/2008/12/01/horns-of-a-dilemma/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=horns-of-a-dilemma</link>
		<comments>http://knackeredhack.com/2008/12/01/horns-of-a-dilemma/#comments</comments>
		<pubDate>Mon, 01 Dec 2008 16:44:03 +0000</pubDate>
		<dc:creator>knackeredhack</dc:creator>
				<category><![CDATA[book reviews]]></category>
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		<category><![CDATA[stress]]></category>
		<category><![CDATA[what knackered the hack?]]></category>
		<category><![CDATA[work-life balance]]></category>
		<category><![CDATA[french horn]]></category>
		<category><![CDATA[hubris]]></category>
		<category><![CDATA[Jasper Rees]]></category>
		<category><![CDATA[Jonathan Guy Lewis]]></category>
		<category><![CDATA[Mozart]]></category>
		<category><![CDATA[Simon Rattle]]></category>

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		<description><![CDATA[What has the French Horn to do with the science of uncertainty? The Economist review of journalist Jasper Rees&#8217;s book I Found My Horn may have nailed it.  The book chronicles Rees&#8217;s mid-life crisis in which he picked up his childhood instrument rather than running a marathon .  It&#8217;s now being published in the US [...]<h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2008/03/14/something-to-read-when-the-sport-is-on/" rel="bookmark">something to read when the sport is on</a><!-- (10.1)--></li>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (8.4)--></li>
		<li><a href="http://knackeredhack.com/2008/02/29/which-connection-i-should-cut/" rel="bookmark">which connection i should cut</a><!-- (8.3)--></li>
	</ol>
]]></description>
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<p><img src="http://farm1.static.flickr.com/12/69547524_3cf1529608_m.jpg" class="alignleft" alt="French Horn Close Up" />What has the French Horn to do with the science of uncertainty? <a href="http://www.economist.com/books/displaystory.cfm?story_id=12675786" title="Economist review of I Found My Horn" target="_blank"><em>The Economist</em> review</a> of journalist <strong>Jasper Rees&#8217;s</strong> book <strong><em><a href="http://www.amazon.co.uk/gp/product/0297852256?ie=UTF8&amp;tag=knackeredhack-21&amp;linkCode=as2&amp;camp=1634&amp;creative=6738&amp;creativeASIN=0297852256">I Found My Horn</a></em></strong> may have nailed it.  The book chronicles Rees&#8217;s mid-life crisis in which he picked up his childhood instrument rather than running a marathon <img src='http://knackeredhack.com/wp-includes/images/smilies/icon_wink.gif' alt=';-)' class='wp-smiley' />  .  It&#8217;s now being published in the US as <em><a href="http://www.amazon.com/gp/product/0061626619?ie=UTF8&amp;tag=knachack-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0061626619">A Devil to Play: One Man&#8217;s Year-Long Quest to Master the Orchestra&#8217;s Most Difficult Instrument</a></em>.  More pertinently, a play starring co-writer <strong>Jonathan Guy Lewis</strong> opens this very night <a href="http://www.tristanbatestheatre.co.uk/Productions_Details_I_Found_My_Horn.asp" title="I found my horn at Tristam Bates Theatre" target="_blank">on the London stage</a>.</p>
<p>What makes the horn quite so hard to play is the length of tubing necessary to produce its tonal range; despite three valves, it is very easy to hit the wrong note, or fall off the right one. There&#8217;s a level of doubt about each outcome that does not trouble other musicians to quite the same degree.  Even professional orchestral players are more exposed than most to public musical catastrophe, because of the horn&#8217;s expressive value to composers.  For this, among other reasons, horn players are considered a breed apart.  This is how <a href="http://www.emiclassics.com/artistbiography.php?aid=72" title="Simon Rattle Official Website" target="_blank"><strong>Simon Rattle</strong></a> puts it:-</p>
<blockquote><p>You never eyeball a horn player. You just don’t. They’re stuntmen. You don’t eyeball stuntmen when they’re about to dice with death.”</p></blockquote>
<p>Given the Knackered Hack&#8217;s quest for antidotes to hubris, perhaps mastery of the horn (if that is not a contradiction in terms) should be considered an essential qualification for public or corporate office?  I&#8217;ve noticed that this website seems to attract a disproportionate number of horn players (at least two).  Perhaps there&#8217;s a connection? You can purchase a CD by one of those readers below.</p>
<p>[By way of full disclosure, the Knackered Hack was placed first in the under 12s brass section of the Harrogate Festival in 1976, performing the second movement of Mozart's Fourth Horn Concerto K495, cough... <img src='http://knackeredhack.com/wp-includes/images/smilies/icon_redface.gif' alt=':oops:' class='wp-smiley' />  ]</p>
<p>Photo credit: <a href="http://www.flickr.com/photos/tysonneil/69547524/" title="vtengr4047 on Flickr" target="_blank">vtengr4047 </a></p>
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<ol>
		<li><a href="http://knackeredhack.com/2008/03/14/something-to-read-when-the-sport-is-on/" rel="bookmark">something to read when the sport is on</a><!-- (10.1)--></li>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (8.4)--></li>
		<li><a href="http://knackeredhack.com/2008/02/29/which-connection-i-should-cut/" rel="bookmark">which connection i should cut</a><!-- (8.3)--></li>
	</ol>

	Tags: <a href="http://knackeredhack.com/tag/french-horn/" title="french horn" rel="tag">french horn</a>, <a href="http://knackeredhack.com/tag/hubris/" title="hubris" rel="tag">hubris</a>, <a href="http://knackeredhack.com/tag/jasper-rees/" title="Jasper Rees" rel="tag">Jasper Rees</a>, <a href="http://knackeredhack.com/tag/jonathan-guy-lewis/" title="Jonathan Guy Lewis" rel="tag">Jonathan Guy Lewis</a>, <a href="http://knackeredhack.com/tag/mozart/" title="Mozart" rel="tag">Mozart</a>, <a href="http://knackeredhack.com/tag/simon-rattle/" title="Simon Rattle" rel="tag">Simon Rattle</a><br />
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		<title>public disservice broadcasting</title>
		<link>http://knackeredhack.com/2008/11/20/public-disservice-broadcasting/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=public-disservice-broadcasting</link>
		<comments>http://knackeredhack.com/2008/11/20/public-disservice-broadcasting/#comments</comments>
		<pubDate>Thu, 20 Nov 2008 13:07:43 +0000</pubDate>
		<dc:creator>knackeredhack</dc:creator>
				<category><![CDATA[black swans]]></category>
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		<description><![CDATA[The BBC announced spending cuts last week, fearing that the recession will lead to TV licence fee evasion and reduced revenues. According to the FT,  it banned the corporate purchase of champagne in a sop to the newspapers, after being forced to reveal an annual spend on the bubbly stuff of £40,000. Of course, if [...]<h3>Related Posts</h3>
<ol>
		<li><a href="http://knackeredhack.com/2008/01/15/the-mavericks-story/" rel="bookmark">the maverick&#8217;s story</a><!-- (10.2)--></li>
		<li><a href="http://knackeredhack.com/2007/10/19/it-was-20-years-ago-today/" rel="bookmark">it was 20 years ago today&#8230;</a><!-- (9.7)--></li>
		<li><a href="http://knackeredhack.com/2009/02/12/toxic-waste/" rel="bookmark">toxic waste</a><!-- (9.5)--></li>
	</ol>
]]></description>
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<p><img src="http://farm1.static.flickr.com/104/301703781_d636e49da9_m.jpg" class="alignleft" alt="Ready.. Aim.. Fire!" />The <strong>BBC </strong><a href="http://us.ft.com/ftgateway/superpage.ft?news_id=fto111320082151112106&amp;page=1" title="FT on BBC Spending Cuts" target="_blank">announced spending cuts</a> last week, fearing that the recession will lead to TV licence fee evasion and reduced revenues.  According to the FT,  it banned the corporate purchase of champagne in a sop to the newspapers, after being forced to reveal an annual spend on the bubbly stuff of £40,000.  Of course, if the BBC had something to celebrate, this expenditure&#8211;provided it was on Veuve Clicquot&#8211;would not look like such a mistake. Meanwhile, on Tuesday, the Beeb brass were defending themselves in Parliament for the Brand/Ross/Sachs scandal.</p>
<p>It&#8217;s bad to bash the BBC if you get a lot out of the BBC, as I do. But it does often seem to be an organization that has lost its way.  It remains somewhat technically innovative, although with unintended consequences (iPlayer), produces good costume dramas (Jane Austin/Dickens etc), entertains the kids well on Saturday evening (<em>Dr Who</em>, <em>Robin Hood</em>, <em>Merlin</em>) and continues its flagship natural history programmes, although these are starting to be more photographic than informational.  Don&#8217;t tell anyone, but for the past few months I&#8217;ve come to believe that <strong>Radio 3 </strong>might actually be perfect.</p>
<p>More generally, though, its editorial and commissioning decisions seem not to be informed by either a current or future sense of what its public service needs to be.  I&#8217;m waiting for the day, for instance, when its senior management is hauled before the UK&#8217;s Treasury Select Committee to answer questions about the role its programmes on property played in fuelling the real estate bubble.  But then, I wonder if the committee members have yet gotten round to reading any <a href="http://knackeredhack.com/2008/08/05/another-fine-mess/" title="Another Fine Mess" target="_blank">Robert Shiller</a>. This, of course, is old news, well visited by <a href="http://www.housepricecrash.co.uk/" title="House Price Crash" target="_blank">belligerent websites</a>, and even mainstream newspapers have pointed a similar finger, except of course that their own property supplements played an essential part in peddling the idea that rising property prices were for keeps.</p>
<p>But given that we are now at the end of a period of speculative excess, that we collectively passed the last outpost of the <strong>Shit Creek Paddle Company</strong> <img src="http://www.sosnews.org/shitcreek/images/shitcreek.jpg" class="alignright" alt="Shit Creek Paddle Company" />some time ago and failed to take on supplies, it is hard to explain a programme I saw last week called <a href="http://www.bbc.co.uk/programmes/b00fky3p" title="Beat the Bank" target="_blank"><strong><em>Beat the Bank</em></strong></a>.  <em>Dragons&#8217; Den </em>fitness millionaire <strong><a href="http://www.guardian.co.uk/media/2007/feb/18/broadcasting.comment" title="Barber interview with Duncan Bannatyne" target="_blank">Duncan Bannatyne</a></strong> invited a young couple to wager their £10,000 house deposit on the abilities of one of three alleged experts to exceed the return from bank interest over three months.</p>
<p>The leading experts brought in were from the world of fine wine, antiques and fine art.  Charming though these people were, they represented markets one could reasonably assume are highly correlated with the recent credit-fuelled boom, <img src="http://farm3.static.flickr.com/2283/1518374123_4191173a58_m.jpg" class="alignright" alt="Veuve Clicquot HQ, Reims, France" />and not without their own fair share of fakers and finaglers to make the average punter&#8217;s chance of &#8220;beating the bank&#8221; slim at best.</p>
<p>But what bothered me was the premise that money in the bank was for schmucks.  And none of us would want to be schmucks.  The opposite in fact is true.  Most of us are schmucks, and the bank is the best place for our money.  The social service that the banks provide, or should provide, is as a repository of funds where we (the clueless, idle, or generally insecure) should choose to lay down our hard-earned, our windfalls and our easy-pickings, while the bank lends it out with discretion and on reasonable terms to the those with ideas, the adventurous, the quiet risk-takers, entrepreneurs and even the occasional desperado, each individually to try their luck: to fail, break-even or succeed, and on balance pay us back a decent rate of interest.  All that while keeping the bank in sturdy buildings, functional IT, an occasional boozy lunch and not to forget the annual bonus payment&#8211;which should be conditional and deferred by 10 years (at least).</p>
<p><img src="http://farm3.static.flickr.com/2137/2395160554_7910723dc6_m.jpg" class="alignright" alt="Squircle - Veuve Clicquot Champagne Bottle" />The idea that we should set a challenge to deliver excess returns over a three-month period flies in the face of all that a public service broadcaster should be providing in way of financial education.  It would not be so bad if the three-month expectations cycle did not already blight the ability of many publicly-listed firms to deliver sustainable economic growth, lure them into all sorts of obfuscation or encourage all sorts of counter-productive hoop-jumping to appear to be performing satisfactorily.</p>
<p>If there&#8217;s a lesson that the BBC might better highlight to the risk-taker&#8211;whether in the domain of business, art, or experimental science, or even for those planning to cultivate a great vintage&#8211; it&#8217;s that you may have to bleed for forever and a day waiting for your ship to come in, before the muse descends or that eureka moment arrives, or some final vindication materializes from out of the blue.  Then you&#8217;ll feel justified in tearing off the foil, untwisting the wire and popping your cork.</p>
<p>Veuve Photo credits: Top: <a href="http://flickr.com/photos/andreiz/301703781/" title="Andrei Z at Flickr" target="_blank">Andrei Z</a> , Middle: <a href="http://flickr.com/photos/matthamm/1518374123/" title="Matt Hamm's Flickr Photo Stream" target="_blank">Matt Hamm</a>, Bottom: <a href="http://flickr.com/photos/jillclardy/2395160554/" title="jillclardy on Flickr" target="_blank">jillclardy</a></p>
<p>Paddle Shop:  <a href="http://www.sailorrandr.com/shop/Home.html" title="SailorRandR" target="_blank">SailorRandR</a></p>
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