The New York Times has no special reason for appreciating the professional choices of its former collaborator, Bari Weiss. When Ms. Weiss resigned from her otherwise enviable job as opinion editor and writer in July 2020, she circulated a detailed resignation letter in which she accused the news organization of having a culture of bullying and ideological conformity. She went so far as to claim that Twitter had become the “ultimate editor” of The New York Times.
She also cited the paper’s hostility to her self-described courageous attempts to bring diverse voices to the paper. Disappointed at the journal’s failure to implement the goals she had defined, she complained of constant bullying from colleagues who disagreed with her views. Weiss described the environment as “illiberal,” accusing some colleagues of calling her a Nazi and a racist.
The Fair Observer Devil’s Dictionary has, in its brief history, had no qualms about calling into question the NYT’s journalism for its ideological bias and its servile relationship with the US national security state. We can therefore sympathize with a former employee in a position to reveal why some of the news and analysis produced by the Gray Lady comes out as distorted and unreliable.
It may therefore seem paradoxical that we are convinced by the breath of fresh air Bari Weiss has promised to bring to the world of US journalism.
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Bari Weiss founded The Free Press in 2021. Her aim was to “produce news stories that exemplify the journalistic ideals of honesty, doggedness, and fierce independence,” which she felt were lacking in mainstream journalism, committed as it appeared to be to the ideological conformity that permeates legacy media.
The NYT author Matt Flegenheimer’s article offers this description of Weiss’s method: “The founder of The Free Press has built a new media empire by persuading audiences that she is a teller of dangerous truths.”
Today’s Weekly Devil’s Dictionary definition:
Dangerous truths:
An expression that pretentious people apply to the largely unoriginal ideas they think they have invented and which they mistakenly believe will upset and humiliate people whose viewpoint differs from their own.
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Contextual note
Flegenheimer’s position is officially listed as The New York Times correspondent “focusing on in-depth profiles of powerful figures.” As a kind of takedown artist he reformulates our definition, applied to Weiss, in these terms: “She has created, or at least created space at, a cool kids’ table all her own, positioning herself as a teller of dangerous truths while becoming a kind of brand ambassador for the views and passions of her audience, which often seem to track neatly with her own: that elite universities have lost the plot; that legacy outlets have lost their minds; that Ms. Weiss knows the way forward.”
The NYT may be guilty of many of the many of the flaws and even crimes Weiss attributes to it, but at least has the humility to present itself as a collective effort to present the news of the world. Despite its obvious biases and often sanctimonious tone, it embraces a variety of styles of addressing the questions in the news, even when consciously limiting the breadth of its worldview. In contrast, Weiss makes it clear that The Free Press was created to revolve around her unique personality and her particular sensibilities. Its overall purpose, despite her fake commitment to variety, consists of ennobling her own personal assemblage of popular ideologies, which range from the provocatively unorthodox to the shamelessly conformist.
Flegenheimer quotes the assessment of veteran pollster and strategist Frank Luntz: “She doesn’t just speak to the 1 percent. She speaks to the one-hundredth of 1 percent. And they’ll listen.” They are titillated by the idea that what interests them may be deemed by others to be “dangerous truths,” even though they more often resemble narcissistic self-celebration.
To prove Luntz is right, here is how Weiss responds to the challenge by her interviewer at the recent All-In Summit of changing a society that is “morally bankrupt.” As expected, she has the foolproof, universally appropriate answer. “It starts with something very simple. Give up the heroin needle of prestige. Rip it out of your arm immediately. Stop poisoning yourself, your family and your children with the bankrupt notion that getting them into Harvard and Yale is more important than inculcating in them a sense of love of family, of country and of all of the things we used to think were normal.” This was followed by the audience’s deafening applause.
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For Weiss, the key to solving the problem at the core of US culture will be to change the outlook of literally “one-hundredth of 1 percent” of the US population: those who see their parental mission as consisting of getting their children into Harvard or Yale. What could anyone who thinks in those terms possibly mean when she evokes “all of the things we used to think were normal?” Who is the “we” she has in mind? And what is “normal?” Does she not know that among “normal” Americans, more likely to be affected by the risk of homelessness and the opioid pandemic than by the “heroin” of sending their children to Harvard, survival rather than “prestige” is what they are focused on?
Weiss apparently sees the quest for prestige as the unique original sin of contemporary US culture. “Prestige and honor,” she adds, “is [sic] not something that has been granted to you by institutions that have allowed themselves to be corrupted by morally bankrupt people.” The world around Weiss is morally corrupt. Her own pursuit of prestige and honor by launching the nobly inclusive Free Press should not, on the other hand, be deemed “morally bankrupt.”
Historical note
Analyzing US culture is one thing. Looking at historical events gives us another perspective on what it means to be morally rich or morally bankrupt.
On October 3, Weiss featured her interview with Douglas Murray on Israel’s war on Gaza, which the International Court of Justice assessed as a “plausible genocide” back in January. Subsequent actions have confirmed that assessment, as schools, hospitals and civilian infrastructure have been sacrificed in what literally resembles an extermination campaign that has now been extended to the neighboring state of Lebanon. United Nations Secretary General Antonio Guterres has now called the war an “unmitigated disaster.”
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The subtitle of Weiss’s interview with Murray reads, “The West is ‘drunk on peace.’ What will it take to wake them up?” Weiss describes Murray in the following terms: “And it is Douglas, more than almost anyone in the world, who has articulated the stakes of this war with the moral clarity it requires.” The UN and the International Court of Justice cannot be deemed purveyors of moral clarity. They are too “drunk on peace” to appreciate the necessity of a never-ending genocide.
How is the following as an example of Murray’s superior moral reasoning? “I was told by a Jewish friend the other day that apparently there is something in the Torah that says one should not take enormous delight in the decimation of one’s foes. But I’m not Jewish, and so I don’t have to follow this.” So, Murray’s superior “moral clarity” tells us that the rules governing the religion committing atrocities should be suspended because he, who is not subject to those rules, has a moral vision that sees those atrocities as justified. It would be difficult to find a better example not of moral bankruptcy, which so preoccupies Weiss, but of moral perversity.
Weiss is a product and promoter of the American art of hyperreality. She sucks up bits of reality and processes them for commercial advantage. That’s why the Venture Capitalist (VC) crowd that organized the All-In Summit loves her. She has done what all the great entrepreneurs celebrated in VC lore have done: She has not just made money — a banal accomplishment anyone with talent can manage — but built fame and prestige out of fabricating truly dangerous truths.
*[In the age of Oscar Wilde and Mark Twain, another American wit, the journalist Ambrose Bierce produced a series of satirical definitions of commonly used terms, throwing light on their hidden meanings in real discourse. Bierce eventually collected and published them as a book, The Devil’s Dictionary, in 1911. We have shamelessly appropriated his title in the interest of continuing his wholesome pedagogical effort to enlighten generations of readers of the news. Read more of Fair Observer Devil’s Dictionary.]
Eli Lilly’s shares have surged 750 per cent over five years. Novo Nordisk’s are up about 360 per cent in the same period. It’s been an awesome run for these companies. But how much longer can it last? Today on the show, Rob Armstrong and Aiden Reiter talk to the FT’s US pharmaceutical and biotech correspondent Oliver Barnes about the astonishing growth in weight-loss drugs, and their future. Also we short inflation and running clubs.
England 1-2 Greece (Bellingham 87′ | Pavlidis 49′, 90+4′)
WEMBLEY — Welcome to England. If the shirt did not weigh heavily in his opening two games, Lee Carsley understands better now the demands of the job. His attempt to flood Wembley with an England all-star XI ran into a disciplined Greek opponent who observed the ancient principle of team play.
While England dribbled themselves dizzy, the Greeks kept it simple, maintaining their shape, running hard for each other and passing to team-mates. They scored two, had three disallowed and might have had half a dozen.
England, for the most part a rag-tag of shredded reputations, barely created a clear-cut opening before Jude Bellingham jumped on to a loose ball with five minutes remaining to blast England level. But that wasn’t enough.
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Carsley’s third England team sheet read like a fantasy football selection, shot through with a kind of not-Gareth Southgate imperative. Assimilating the likes of Cole Palmer, Phil Foden and Bellingham was a tactical conundrum Southgate’s innate caution could never contemplate. Throw in the old enigma that is Trent Alexander-Arnold and you can see why Southgate has given himself a year to recover.
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Carsley is supposedly about combinations and ridding the structure of awkward compromises. Alexander-Arnold is a right-back or nothing under Carsley. Foden is a central fix not a winger. Palmer is the team’s playmaker and Bellingham is good enough to play anywhere, which in the absence of Harry Kane meant centre-forward.
In the event, none distinguished themselves. What England lacked in the array of ballers was a leader, someone to organise and inject discipline. Southgate’s fear that too many creatives spoil the eco-system looked justified.
Greece had a shot kicked off the line and a goal disallowed in the first half. And another chalked by VAR in the second. Perhaps the shape of the England team was itself a distorting influence, the players overelaborating in their desire to be Brazil.
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Balls went astray, the final pass was too ambitious and players attempted one touch too many. When Bellingham and Palmer did combine for the first time Palmer blazed over, striking the ball unnecessarily hard. At least Palmer was in an advanced position. For the most part he was too deep, taking the instruction to get on the ball too literally.
Southgate would have loved Greece. Compact without the ball, they were a flower bursting into petal with it. The ball fizzed about in a blur of one-touch combinations, releasing players at pace into the gaps, particularly those left by Alexander-Arnold, who had a game to forget defensively.
Each Greek break was a micro-victory and a warning to England to drop the hauteur. Carsley had serious concerns with England goalless at the break for the second successive home game. The consequences of that missing ingredient was felt five minutes into the second half when Vangelis Pavlidis waltzed through the England defence to score. Alexander-Arnold was the wrong side of the ball, John Stones was not quick enough to close down and the ball was gleefully dispatched.
Carsley responded by ditching the false nine theory. Off came Anthony Gordon for Ollie Watkins, Noni Madueke, who replaced Bukayo Saka at half-time, switched to the left with Palmer on the right, where he occasionally plays for Chelsea. Yet it was Greece who continued to look the more plausible until Bellingham struck.
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Carsley has spent his short reign as interim boss denying his interest in the full-time post without convincing any. After Pavlidis hit a second in added time, he might be advised to hold course. Greece were his masters here, leaving England with lessons to learn. Namely that football is a team game after all.
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Former UBS chief executive Ralph Hamers has taken a position at an AI wealth management start-up in his first significant role since leaving the Swiss financial behemoth 18 months ago.
Hamers was Europe’s highest-paid bank boss when he was at UBS, but left shortly after it agreed to take over its former rival Credit Suisse last spring. He was most recently in the running to become chief executive at UK asset manager Schroders, but lost out to chief financial officer Richard Oldfield.
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Hamers has agreed to become an external senior adviser to Arta Financial, a wealth management start-up founded by several former Google employees. Based in Silicon Valley and Singapore, it aims to use artificial intelligence to offer high-end wealth management services to mid-market clients.
The company initially offered services to US customers, but has recently rolled out its offering to Singapore and plans to attract business in India, where chief executive Caesar Sengupta is from.
Hamers has also taken a stake in Arta Financial, which focuses on working with clients with assets over $1mn.
While UBS chief executive, the 58-year-old Dutchman attempted to acquire a similar business, striking a deal to buy robo-adviser Wealthfront for $1.4bn in early 2022. But UBS later aborted the deal.
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Hamers was hired by UBS for his digital expertise and set about trying to improve its technology and he stated his ambition was to turn the storied Swiss institution into a “Netflix for wealth”.
But his time at UBS was dogged by an investigation in the Netherlands into his involvement in a money-laundering case at ING, the Dutch bank he used to run.
Prosecutors are due to decide by the end of the year whether he will be forced to appear in court over the matter or if they will drop the case.
GETTING a mortgage past retirement age used to be a hurdle that was hard to jump over, but older home buyers and borrowers have more options than ever before.
Lenders have become more flexible in their criteria and deals for homeowners heading into their later years.
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The best rates start at just 3.7%
Some providers now have no maximum age limit at all, giving older borrowers the chance to get the home they want.
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It comes as first-time buyer ages have gradually increased over the past few years, as higher house prices mean it is more difficult than it used to be to get on to the property ladder.
At the same time, people are living for longer and working past the traditional State Pension age in many cases.
In some cases, this may be out of financial necessity but it can also be for enjoyment and to keep mentally or physically active in later life.
As a result, lenders have adapted to changing patterns.
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Chris Sykes, at financial firm Private Finance, said: “Lenders have indeed become more flexible in this space in recent years.
“It might sound like some people’s worst nightmare to have finance into later life, but for some it’s a lifeline as they can’t pay for food with bricks.
“Others haven’t been able to get on the property ladder as early in life as they would have liked, and some would rather pay monthly but raise capital for children or even grandchildren to buy.”
Whatever the reason for wanting to borrow, the chances are that there will be lenders willing to look at your case.
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Chris added: “Mainstream lenders are taking employed and self employed income later and later in life, often to 75 now, some to 80 even.
“But the lenders who really specialise in this space is specialist building societies.”
Unveiling the Hidden Costs of New Home Mortgages
Big lenders usually have set criteria for mortgage applicants which will specify things such as the age you will need to be by the time your mortgage ends.
However, specialist lenders such as building societies are more likely to look at applicants on a case-by-case basis.
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As long as these lenders think you will still be able to afford to make the mortgage repayment at a later age, you could find that you are accepted at almost any age.
In some cases, pension payments will even be an accepted form of income whereas in the past it wasn’t.
Mr Sykes said: “Building societies are having to innovate in their criteria in order to win business so can be flexible.
“Often as you get into your 70s, lenders are looking at incomes guaranteed into later life, such as pensions. investments and buy to lets.
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“But also if you own a business that pays you and is family-run, for example.”
Lenders typically assess whether you can qualify for a mortgage based on your income through your job.
The best mortgage rates for over-60s
A borrower who is 60 and looking for a five-year fixed-rate mortgage today has plenty of choice and can get sub 4% rates.
The scenario assumes the borrower has an income of £50,000 and wants the mortgage for a 25-year term on a loan to value of 60%, according to data supplied by broker John Charcol,
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The lowest rate is with Barclays with a competitive offering of 3.7%, it’s the only high street lender in the top five.
The rest of the leading rates are from building societies with Newbury offering 4.39%, Darlington 4.49%, Cambridge 4.69% and Family 4.74%.
Some building societies have specialist conditions such as requiring you to live within a particular region of the country.
The mortgages also come with different product fees which need to be taken into account when looking at the overall value of the deal.
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An independent mortgage broker can help you understand the best deals available to you in your specific circumstances.
SPECIALIST LENDING
As well as traditional mortgage products there are also specialist products available to older borrowers.
Retirement interest only mortgages, for example, have increased in popularity.
These loans are available to borrowers over 55 and allow borrowers to pay a fixed amount of interest on a loan with the underlying sum paid off from the property when the owner dies or moves into long term care.
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There are currently 181 retirement interest-only mortgages available, according to data site Moneyfactscompare.co.uk, compared to 104 products in 2021.
Caitlyn Eastell from the site, said: “Many people may have existing mortgage debt as they approach retirement age or are simply choosing to continue working past typical retirement age.
“S0, it is positive news to see a rise in the number of Retirement Interest Only products available to later-life borrowers despite only being a niche sector of the market.
“RIO mortgages are a way for older homeowners to continue borrowing into retirement and may well help with monthly repayments as it removes the need to repay the capital sum, which could appeal to those who are indeed relying on their pension to make payments.
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“In any case, it is important borrowers seek advice before committing and ensure they are making the correct decision to suit their needs.”
Equity release is another product that may suit older homeowners looking to borrow cash.
You’ll need to get professional advice before you take out specialist lending products.
Later life advisers can help you to navigate the options available to you whether it’s a mainstream mortgage or a specialist product is best for your particular circumstances.
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How to get the best deal on your mortgage
IF you’re looking for a traditional type of mortgage, getting the best rates depends entirely on what’s available at any given time.
If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.
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You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You’ll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.
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