Vanessa Thorpe:

An urgent call is to go out to children’s television broadcasters this weekend, backed by major names in British entertainment, politics and technology. Writer and performer Stephen Fry, best-selling author Cressida Cowell and businesswoman Martha Lane Foxare joined by former children’s television presenter Floella Benjamin as signatories to a letter, carried in today’s Observer, that urges all leading streaming, network and terrestrial children’s channels to make one simple change to boost literacy among the young: turn on the subtitles.

If English-language subtitles were to be run along the bottom of the screen for all programming, they argue, reading levels across the country would automatically rise. Longstanding international academic research projects prove, they say, that spelling, grammar and vocabulary would all be enhanced, even if children watching TV are not aware they are learning.

The campaign aims to improve reading ability across the English-speaking world and has won backing from former President Bill Clinton, who said: “Same-language subtitling doubles the number of functional readers among primary school children. It’s a small thing that has a staggering impact on people’s lives.”

Madison’s taxpayer supported K-12 school district, despite spending far more than most, has long tolerated disastrous reading results.

Ross Anderson:

There have recently been several proposalsfor pseudonymous contact tracing, including from Apple and Google. To both cryptographers and privacy advocates, this might seem the obvious way to protect public health and privacy at the same time. Meanwhile other cryptographers have been pointing out some of the flaws.

There are also real systems being built by governments. Singapore has already deployedand open-sourced one that uses contact tracing based on bluetooth beacons. Most of the academic and tech industry proposals follow this strategy, as the “obvious” way to tell who’s been within a few metres of you and for how long. The UK’s National Health Service is working on one too, and I’m one of a group of people being consulted on the privacy and security.

But contact tracing in the real world is not quite as many of the academic and industry proposals assume.

First, it isn’t anonymous. Covid-19 is a notifiable disease so a doctor who diagnoses you must inform the public health authorities, and if they have the bandwidth they call you and ask who you’ve been in contact with. They then call your contacts in turn. It’s not about consent or anonymity, so much as being persuasive and having a good bedside manner.

Matt Taibbi:

A week of calls to anxious analysts in quarantine identified a series of related issues hanging over the rescue:

“Debt bomb.” The 2008 mess was triggered in part when companies like Goldman, Sachs issued collateral calls against billions in credit default swap contracts it held with insurance giant AIG. When the latter was unable to come up with the money, mayhem ensued, creating wide-scale losses and necessitating an AIG bailout – through which Goldman ended up being paid $12.9 billion. 

The pre-2008 economy was built on a combustible pile of mortgage debt, and bets on mortgage debt, that exploded once banks got nervous and started to call in their money. Some cleaning up of the mortgage markets was done, but Wall Street simply moved elsewhere to build new credit sandcastles, leading to an explosion of corporate debt, securitized commercial loans (CLOs), takeovers, etc.  

One new development involved “subscription lines,” a type of financing of private equity deals, the cheery name we use today for leveraged buyouts. 

When a Wall Street takeover artist wants to raise cash to buy up a company, it goes to big-dollar players – often an institutional investor like a pension fund – and elicits commitments to invest. The private equity fund then goes to a bank, which issues “subscription lines” of financing against the promise of those investors (a.k.a. the “limited partners”). 

Subscription lines have existed for decades, but their use was traditionally limited and short-term, with investors coughing up capital within 30 days. In recent years and especially since 2008, though, the scope of subscription line financing has increased, and the time to repay has also been expanding, to up to five years. 

Making takeovers easier andmore profitable for executives of the Bain Capitals of the world inspired what Barron’s in 2018 described as a “rage” for subscription line financing. This was one of many post-bailout factors inspiring the recent boom in leveraged buyouts: the years 2013-2018 saw the most private equity deals over any five year-period in American history.  

Superhighway98:

Between 1998 and 2003, searching for something on Google was magical. I remember inputting a vague notion like “oil mother’s milk,” and being directed to an interview with Thomas Gold, an astrophysicist who postulated that hydrocarbon deposits refilled themselves because of geological pressure.

Today, if you’re looking for something that is technical, specific, academic or generally non-commercial, good frigging luck. The world’s best information retrieval system has devolved into something reminiscent of 2006-era Digg: A popularity index that’s controlled by a small number of commercially motivated players. They call themselves “SEOs.”

Technical search-engine optimization specialists get a pass: They generally make the web faster, safer and more accessible. “Black hat” SEOs are obvious villains. They boost their own web rankings by breaking the law (e.g. hacking into a website to add links back to their own). But, black hats are the petty criminals of the SEO world. It’s the “white hat” SEOs, the supposed good guys, who are the wolves in sheep’s clothing.

These web marketers have a simple strategy: to squelch competition by concentrating authority. They march behind a banner of legitimacy and self righteousness, and like a totalitarian regime, they believe their end justifies their means. Here are some of the tactics they use: