Grumpy Editor

Grumpy Editor gets into holiday spirit, returns Jan. 2

Grumpy Editor, mellowed somewhat by holiday goodies, is taking time off to celebrate Christmas and welcome in year 2013.

He --- and his grumpiness --- will return Jan. 2.

Forget the TV mute button, ad decibels now reduced

After a half century of complaints about loud television commercials, a new --- and welcomed --- federal law went into effect yesterday aimed at lowering the ad decibels, notes Grumpy Editor

Although the Federal Communications Commission since the 1960s has been receiving consumer complaints about TV commercials being louder than programming, it took a California congresswoman to do something about it. 

Rep. Anna Eshoo (D., Calif.) said she came up with the legislation idea more than two years ago after a loud commercial interrupted a family dinner.

“TV programs use a variety of sound levels to build dramatic effect,” she said at that time.  “But advertisements have been neither subtle nor nuanced.  My bill reduces commercial volume, allowing them to only be as loud as the decibel level of regular programming. Consumers will no longer have to experience being blasted at. It’s a simple fix to a huge nuisance.”

She said the TV volume legislation brought more response than anything she has sponsored during 20 years in Congress.

Under the Commercial Advertisement Loudness Mitigation (CALM) Act, television commercials are required to have the same average volume as the programs in which they air.

Actually, the CALM Act passed the Senate and House two years ago and President Barack Obama signed it.

However, it took time for the (often not so speedy) FCC to draw up rules and for industry groups (including reluctant ad folks) to sort through technical issues.

As Fed chairman Bernanke speaks to media, Dow ebbs

As often happens, when Federal Reserve Chairman Ben Bernanke speaks, the stock market drifts south, as happened yesterday when he faced the business press following the year’s last meeting of the Federal Open Market Committee, observed Grumpy Editor. 

The Dow Jones Industrial Average erased an 81-point rally earlier in the day to close down 2.99 points at 13,245.45. 

It marked the end of a five-day rally. 

Bernanke spoke 12 minutes following the FOMC meeting, then went into detailed answers to media questions for an hour. 

The Q&A session started with the Dow up 42 points.  The average drifted lower as the questions continued seeking input on the central bank’s policy and what lies ahead.  

Also in the air was uncertainly, along with worries, on the looming “fiscal cliff.” 

As for inflation, Bernanke said it “remains well-controlled.” 

He added the Fed plans to keep key short-term rates near zero until the unemployment rate --- which he sees elevated until late 2015 --- reaches 6.5 percent or less, down from the current 7.7 percent.

Fed words, fiscal cliff, sales, prices point to jitters

In efforts to snatch a clue on what lies ahead financialwise, many investors, market observers, economists --- and business writers --- will be keeping ears zeroed in on what Federal Reserve Chairman Ben Bernanke has to say during a news conference at the conclusion of today’s last 2012 Federal Open Market Committee meeting, reminds Grumpy Editor. 

Words will be scrutinized in attempts to sniff out any indication of coming interest rates, near zero for several years. 

A stock market reaction likely will follow, sometime after 2:15 p.m., Eastern. 

Any change in the federal funds rate is destined to trigger a chain of events that affect short-term interest rates, long-term interest rates, foreign exchange rates, the amount of money and credit, and, ultimately, a range of economic variables.

Along with the stock market direction, that includes employment, manufacturing output plus prices of goods and services. 

Also closely watched today will be any development on the “fiscal cliff” out of Washington. 

It all points to what could be a turbulent next two days. 

Due out tomorrow are retail sales and producer prices for November along with the latest week’s initial jobless claims figures. 

On Friday, industrial production for November and the consumer price index are released.

Drink up! Wine review mixes marinara sauce, tobacco

Those seeking to give wine as gifts during the holiday season often are influenced in their selections by comments on the subject from writers whose taste buds seem to be in a world of their own, judging from some of their descriptions of fermented grape juices that pass through their palates, finds Grumpy Editor. 

Most of the descriptions by wine writers sound like they should appear in recipes found in newspaper or magazine food sections.  Other reviews, with references to minerals, seem like they should get the attention of chemists. 

Note one writer’s portrayal of a merlot from the Tuscan Coast of northern Italy: 

“The wine seems a bit restrained at first, but then opens up with a barrage of crushed red cherries, black pepper, marinara sauce, loganberry juice, ripe elderberry fruit, spice box, chewing tobacco and rustic earth-driven minerals.” 

Black pepper teamed with marinara sauce, chewing tobacco and earth-driven minerals? 

That combination triggers thoughts of a quick visit to the emergency room. 

But there is more. 

“It is a nice mouthful of a wine on the palate with juicy black spicy fruit, peppercorns, tobacco, cherry juice, huckleberry sauce, ripe black plums, toast points and loads of chewy minerals.” 

Chewy minerals give visions of a fast trip to the dentist. 

A simple description of merlot can be summed up in one line: 

A fruitful red wine, blended with other grapes, for a flavor with hints of plums and cherries.

Authorities hunt for (long) missing Secret Service tapes

In the not quite “this-just-in” department, Grumpy Editor noted a weekend CNN report that two very sensitive Secret Service computer tapes accidentally left in a pouch on a train were being sought. 

But, after a few paragraphs, the report mentioned the incident occurred (gulp) almost five years ago. 

Thus, it indicated a rather cold trail for investigators seeking the tapes that were left on a subway car in Washington's Metrorail system. 

CNN reported “the tapes contained very sensitive Secret Service personnel and investigative information, and if accessed could be highly damaging, according to sources.” 

A contractor, it added, was transporting the pouch from Secret Service headquarters in Washington to a data facility in Maryland in February, 2008. 

The contractor left the Metro train and later realized the pouch with the tapes was left behind. 

According to CNN, a congressional source said the missing tapes-incident was now the subject of an investigation by the Department of Homeland Security's Office of Inspector General.

Newsweek cuts editorial staff as last print issue nears

Some Newsweek editorial staffers will start clearing out desks today following word of eliminated positions as the weekly ceases print publication and moves to an all-digital format in the new year, observes Grumpy Editor. 

The magazine, originally labeled News-Week, first rolled off presses in 1933.  The plan to go all-digital was announced two months ago. 

Final print edition will be dated Dec. 31.

In announcing the staff cuts, Editor Tina Brown yesterday said, “This is a very difficult day, and one that we approach with enormous regret." 

Brown, earlier in the day, announced three promotions: 

Newsweek executive editor Justine Rosenthal will become editorial director of Newsweek Daily Beast Co.; Tunku Varadarajan, executive editor of Newsweek International, will become editor of Newsweek Global, while Newsweek.com editor Deidre Depke also will be editor of companion website The Daily Beast.

N.Y. Times, Plain Dealer set to cut newsroom staffers

The New York Times and the Cleveland Plain Dealer will cut a total of 88 newsroom staffers in coming weeks as the publications seek to reduce expenses while advertising revenues continue to ebb, notes Grumpy Editor.

The Times, the nation’s newspaper of record, is seeking volunteers for buyouts from 30 non-union newsroom managers.  If that mark isn’t reached, the newspaper will enact layoffs.

Latest round of Times staff trimming follows four other reductions in the past five years.

“There is no getting around the hard news that the size of the newsroom staff must be reduced,” Jill Abramson, Times executive editor, informs the editorial department.

Meanwhile, the Cleveland Plain Dealer, Ohio’s top-circulated newspaper, plans to cut 58 positions from its newsroom next year.  That represents about one third of its Northeast Ohio Newspaper Guild’s members.

Layoffs could come as early as March. 

Some of the departing PD staffers could be transferred to the newspaper’s Website, Cleveland.com.

Striking L.A.-Long Beach port clerks nix $195,000 package

Getting surprisingly little national coverage is the eight-day-old Los Angeles-Long Beach Harbor ports strike, triggered by about 800 union clerical workers who seek a hefty boost in their compensation package currently worth $165,000 a year, including wages, benefits and pension contributions, notes Grumpy Editor. 

With about 10,000 other union dock workers refusing to cross picket lines, seven of eight Port of Los Angeles shipping terminals are shut down while three of six adjacent Port of Long Beach terminals are closed. 

About 40 percent of the nation’s imported cargo containers pass through the dual ports.  

The shuttered terminals --- handling an estimated $1 billion of cargo daily --- are affecting the Southern California economy.  The stoppage also is delaying deliveries of goods destined to retailers for year-end holiday sales. 

Also affected are thousands of truck drivers, independent contractors who are paid per haul.

Employers mention the striking union members are the highest paid clerical workers in the U.S.   But that is not enough.  The union clerks are snubbing an offer of an 18 percent boost in a total compensation package worth $195,000 a year.

 

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UPDATE:  Just prior to the arrival of a federal mediator, the clerical workers agreed to a new contract with terminal operators last night.  Details were not disclosed.  Union members were returning to work today.

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Gallup poll: journalists sag in honesty, ethical standards

A Gallup poll finds only 24 percent of Americans rate journalists’ honesty and ethical standards as very high or high, notes Grumpy Editor.

That puts journalists a notch below bankers who came in at 28 percent with a very high/high rating.

But the poll ranks journalists way above auto sales people, at the bottom of the list, with only 8 percent.  (Gallup says “car sales people's perceived honesty has never climbed out of the single-digit range in the history of the list.”) 

Second from the bottom is Congress with 10 percent 

The survey also gives journalists a 45 percent rating as average in honesty and ethical standards, and 30 percent with very low/low marks. 

Topping the honesty and ethical standards list are nurses with a hefty 85 percent ranking them very high/high. 

Gallup points out other professions with high honesty ratings include pharmacists, medical doctors, engineers, dentists, police officers, college teachers and clergy.

Along with journalists, professions with honesty ratings below 25 percent include  business executives, lawyers, insurance sales people, HMO managers, stockbrokers and advertising practitioners.