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Daily Archives: June 27, 2017
Florence’s Spirit of Freedom fireworks show canceled this year … – whnt.com
Posted: June 27, 2017 at 7:05 am
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FLORENCE, Ala. - The annual Spirit of Freedom Celebration in the Shoals has been canceled, due to lack of sponsorship support, according the organizer, URBan Radio Broadcasting.
The Shoals Radio Group has sponsored the event for the past 35 years, but say the economic conditions have forced their parent company to drop the sponsorship this year.
Urban Radio CEO Darryll Green told WHNT News 19, it was a tough decision and they hope to revive the fireworks show next year, but that with a lack of sponsors, they couldn't proceed.
The celebration annually attracts more than 30,000 people to the McFarland Park. The day-long event usually capped off each year by a fireworks celebration.
"I came and went here all through my childhood and it's always been a part of growing up for me." Dylan Hallmark can't think of many 4th of July's that he hasn't spent in McFarland Park.
This year, he and his friends will have to make different plans.
The tourism center said that more than 30,000 people choose to come here each 4th of July and spend thousands of dollars when they do. One number you can't put a price tag on, is quality first impressions from out-of-town visitors that come here, and might just come back.
Theyre coming in to visit family members or theyre coming in to see the band thats playing at Spirit of Freedom," Chelsea Kaucheck of the Shoals Chamber of Commerce.
That lack of coveted out of town money may hurt some area businesses.
It brings in quite a bit of tourism dollars to this area and Im sure a lot of our businesses are kind of upset not to see those tourism dollars this year," says Kaucheck.
The CEO of the Lauderdale - Florence Tourism Center says they knew the Shoals Radio Group was looking for sponsor but says they didn't know how dire the situation was.
Our staff has played a role on the advisory committee and just sort of helped the radio station navigate through the community or to different sponsors," says Rob Carnegie of the Tourism Center.
Carnegie says he wishes they would have found that out sooner, they maybe could have helped out.
Obviously its a great way to be able to celebrate the freedom of our country so when that kind of thing happens its always a disappointment," says Carnegie.
With such short notice, it's unlikely another group will be able to revive the 35 year old tradition but moving forward, they don't want the "rockets red glare" to disappear forever.
Whoever wants to pick up that torch, wed be happy to help find sponsors of this event," says Kaucheck.
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Rally planned at Capitol to defend religious freedom – The State Journal-Register
Posted: at 7:05 am
Mary Hansen Staff Writer @maryfhansen
Right of conscience could be one topic at a rally focusing on religious freedoms that's planned for noon Wednesday in the Capitol rotunda.
It's being organized by the Catholic Diocese of Springfield, and Bishop Thomas John Paprocki is planning to attend.
Some Catholics are concerned about their right of conscience, particularly for physicians and other medical professionals who object to abortions, said Donna Moore, the diocese's director for pro-life activities and special ministries.
"We just want to bring it to people's attention that religious liberties are being attacked and that we need to speak out and make sure our religious liberties are kept intact," Moore said.
On Monday, the U.S. Supreme Court agreed to hear the case of a baker who is challenging a Colorado law that says he was wrong to have turned away a same-sex couple who wanted a cake to celebrate their 2012 wedding.Twenty-two states, including Illinois, include sexual orientation in laws that bar discrimination in public accommodations.
Hillary Byrnes, an attorney with the United State Conference of Catholic Bishops, will speak at Wednesday's "Rock the Rotunda" event, along with Paprocki, who has recently been criticized for a decree he issued this month that denies gays and lesbians in same-sex marriages from receiving communion or a church burial.
Effingham-based musician Michael James Mette will perform.
The rally is part of the nationwide "Fortnight for Freedom" that Paprocki and the local diocese were involved in establishing.
The annual rally has been held in front of the Statehouse, but organizers opted to move it inside this year to protect people from the heat. The rally drew about 100 people last year, according to Moore.
-- Contact Mary Hansen: 788-1528, mary.hansen@sj-r.com, twitter.com/maryfhansen.
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Rhode Island should enact law to protect student press freedom – The Westerly Sun
Posted: at 7:05 am
Earlier this year, student journalists at a Kansas high school decided to write a profile about their newly hired principal. As they researched the principals background, they began unearthing questions about her credentials. They found that she had received masters and doctoral degrees from a school, Corllins University, that was not currently accredited and that had been portrayed in articles as a diploma mill. Four days after article ran in The Booster Redux, the principal resigned.
That story earned the students widespread praise and national news coverage. But it probably would never have seen the light of day if Kansas hadnt had a student press-freedom law, said Frank LoMonte, executive director of the Student Press Law Center in Washington, D.C. They had the courage to go forward because the law protected their backs, he said.
This spring Vermont and Nevada became the 11th and 12th states to pass a student press-freedom law. And now, as the General Assembly nears the end of this years legislative session, Rhode Island has the chance to become the 13th.
From this section: Attack on health in time of crisis
State Sen. Gayle L. Goldin, D-Providence, said the Booster Redux scoop bolsters the case for her bill, the Student Journalists Freedom of Expression Act (SB 0600). What it shows you is the value of having the freedom for students to do that kind of investigative journalism, she said. They were able to bring accountability to their school and to the whole school system, and on top of that, it was an incredible educational experience for them.
State Rep. Jeremiah T. OGrady, D-Lincoln, has introduced a similar bill (HBill 5550), which extends protection to college journalists as well as the high school journalists protected by Goldins bill.
Justin Silverman, executive director of the New England First Amendment Coalition, said, Student journalism is perhaps the greatest civics lesson we can teach in our schools. By allowing students to write about whats important to them, we are sending the message that what they say matters and needs to be heard. This is empowering not just for them but for the entire community that needs to know what happening in our schools and to have the opportunity to do something about it. These student journalists arent just our future watchdogs. They are our eyes and ears right now.
LoMonte had a simple message for Rhode Island officials: I would tell them that journalism is not a problem for schools, its a solution.
With the advent of social media, it is futile for schools to try to stop students from learning about and having conversations about controversial topics, LoMonte said. You cant hold back the flood of information, he said. Its much better to manage it in a journalistically responsible way.
LoMonte said he has heard of no organized opposition to the legislation in Rhode Island. The only thing is hallway chatter that high school students are too young to be trusted with press freedom, he said. My answer to that is: Read the bill. Its filled with safeguards.
The legislation would not authorize or protect expression by a student that is libelous or slanderous or that incites students as to create a clear and present danger of the commission of an unlawful act or the violation of school district policy.
But the legislation would protect student journalists, and their advisers, from retaliation and censorship.
Mike Donoghue, executive director of the Vermont Press Association, said Vermont legislators heard from student journalists about pushback they received from school officials when writing about controversies such as an impasse in teacher negotiations, sexting, and a school bond. Students should be free to report on them, he said.
In its 1988 Hazelwood v. Kuhlmeier ruling, the U.S. Supreme Court upheld the right of a public high school in St. Louis, Mo., to censor student newspaper stories about teen pregnancy and the effects of divorce on children. States such as Massachusetts reacted to the Hazelwood ruling by passing press-freedom acts. Rhode Island should join this effort by providing student journalists with protection.
Edward Fitzpatrick, director of media and public relations at Roger Williams University, is a former Providence Journal columnist.
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India, US call for freedom of navigation amid South China Sea disputes – Economic Times
Posted: at 7:05 am
WASHINGTON: With an eye on China and the disputes in the South China Sea, India and the US today called for freedom of navigation and resolving of territorial and maritime disputes peacefully in accordance with international law.
"In the Indo-Pacific region, in order to maintain peace, stability and prosperity in the region, this is also another objective of our strategic cooperation," Prime Minister Narendra Modi told reporters at the Rose Garden of the White House after his maiden meeting with President Donald Trump.
Later, a India-US joint statement on the meeting said as responsible stewards in the Indo-Pacific region, Trump and Modi agreed that a close partnership between the United States and India is central to peace and stability in the region.
"Recognising the significant progress achieved in these endeavours, the leaders agreed to take further measures to strengthen their partnership," the joint statement said.
In accordance with the tenets outlined in the UN Charter, they committed to a set of common principles for the region, according to which sovereignty and international law are respected and every country can prosper, the statement said.
To this end, Trump and Modi reiterated the importance of respecting freedom of navigation, overflight, and commerce throughout the region, it said.
The statement comes amid China being engaged in hotly contested territorial disputes in both the South China Sea and the East China Sea. Beijing has built up and militarised many of the islands and reefs it controls in the region.
China claims sovereignty over all of the South China Sea.
Vietnam, Malaysia, the Philippines, Brunei and Taiwan have counter claims.
Modi and Trump called upon all nations to resolve territorial and maritime disputes peacefully and in accordance with international law.
They also called for support in bolstering regional economic connectivity through the transparent development of infrastructure and the use of responsible debt financing practices, while ensuring respect for sovereignty and territorial integrity, the rule of law, and the environment.
Modi and Trump urged other nations in the region to adhere to these principles, the statement said.
They strongly condemned continued provocations by the Democratic People's Republic of Korea (DPRK), emphasising that its destabilising pursuit of nuclear and ballistic missile programmes poses a grave threat to regional security and global peace.
The two leaders called on North Korea to strictly abide by its international obligations and commitments.
Modi and Trump pledged to work together to counter the DPRK's weapons of mass destruction programmes, including by holding accountable all parties that support these programmes.
Trump thanked India for joining the US in applying new sanctions against the North Korean regime.
"The North Korean regime is causing tremendous problems, and is something that has to be dealt with, and probably dealt with rapidly," he said.
"Working together, I truly believe our two countries can set an example for many other nations, make great strides in defeating common threats, and make great progress in unleashing amazing prosperity and growth," Trump said.
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Baylor University starts Freedom School focused on avoiding … – Waco Tribune-Herald
Posted: at 7:05 am
About 50 Waco Independent School District sixth- and seventh-graders are getting a chance to reduce summer learning loss with the help of Baylor University and a nationally recognized reading program.
Two weeks ago, Baylors School of Education started Wacos first Freedom School endorsed by the Childrens Defense Fund. Held at Cesar Chavez Middle School through July 28, the program has deep ties to the 1960s civil rights movement and allows children to tackle controversial though culturally relevant topics through debate and book discussions.
The Childrens Defense Fund is a nationwide nonprofit group focused on leveling access to learning for all children, according to the organizations website.
When we think about how we capture the historical (element), CDF endorses books they read every single week, Freedom School executive director Lakia Scott said. Right now, theyre reading a book about Joseph. I havent read Joseph, but the first two pages talks about how Joseph is a young boy trying to survive, right? His mom is addicted to drugs, and its this whole notion of how to empower Joseph, how to find ways to support him so he can continue on.
Though the content is mature in nature, Scott termed the topics relatable because students in Wacos Freedom School often either know someone who has been through a similar struggle or have experienced the struggle themselves. Summer learning loss is an epidemic and books like Joseph keep students engrossed and connected to issues around them, said Scott, a Baylor assistant professor specializing in urban education and literacy.
Though the program has only been going on a short time, site coordinator Branda Greening has already seen reading achievement gaps close for some students. Shell be teaching seventh-grade writing at Cesar Chavez this coming school year and said shes using the program to help build relationships with children who might be in her class this August.
These kids, you give them a front and back of a piece of paper and they dont want to read it because we teach them for a long time that reading is this really difficult thing. They get these texts they dont understand and cant relate to, Greening said. To say that all of our students here experience this kind of stuff isnt true, but I would say any type of family middle-class, upper-class or lower-income has dealt with family drama.
Especially in 2017, weve seen that the world isnt perfect. I think reading about some of these things, they can really relate to it and comprehend it. They feel more confident as they read, and I guess they start to see reading can actually be enjoyable.
Freedom Schools were established in the 1960s in Mississippi, when voter registration laws were biased and minority communities saw a need to mobilize, Scott said. The schools quickly became a way for black and white students to participate in various activities that ensured basic citizenship rights for all, the CDF website states.
The movement went on to motivate young people to be involved in their communities, including historical figures like Fannie Lou Hamer, a black civil rights activist born into a family of poor sharecroppers who later went on to become the Democratic National Committee representative; and Marian Wright Edelman, the founder of the Childrens Defense Fund and first black woman to pass the Mississippi bar exam.
She brought back the Freedom Schools in the 1990s because the same types of things happening in schools then are happening now, Scott said. Overcrowding, misappropriation of funds, not enough to feed students. Theres still poverty ... Thats one of the reasons why Freedom Schools continue to exist.
The goal is to eventually increase the number of students every summer, and possibly open additional sites, Scott said. Right now, the middle school is accommodating 50 students, but the dream would be to accommodate every Waco ISD student, with the understanding that summer learning loss occurs across all grades, socioeconomic statuses and genders, she said.
We decided Chavez would be the best fit for the inaugural Freedom School because Chavez has a heavy concentration of students who are coming from low and impoverished socioeconomic backgrounds, Scott said.
Because the school offered a free meal program for children during the summer and because of the student demographics feeding into the school, the Freedom School offered a chance to bridge both gaps, Scott said.
Its been fun. Weve been learning new stuff, like reading different kinds of books and doing fun activities, sixth-grader Julian Santacruz said. Freedom School is fun, but youve got to do a lot of stuff to make you better and smarter to get to the next grade. I want other people to come so they know how I felt in Freedom School. I didnt really like to read before until I read these good books.
Outside of spending the mornings going through the reading curriculum provided by the Childrens Defense Fund, students will also spend the summer working on interactive science, technology, engineering, arts and math projects in the afternoons. Theyll also take swimming lessons Mondays and Wednesdays, and field trips to local staples like the Mayborn Museum and Waco Mammoth National Monument on Fridays, with a basketball camp somewhere in between.
They also start each day by performing Harambee song and dance sessions, which Scott said is essential to waking students up, getting energized and ready to learn. Harambee means lets pull together, she said. In July, Wacos Freedom School will invite other Freedom School students from Houston to do the biggest Harambee session in the state, but officials are still working out the details, Scott said.
Freedom Schools served as a way to teach people who maybe were not literate how to read, so they could become registered voters, Scott said. But the other piece about Freedom Schools historically was this power of knowing that ultimately youth shaped our future. This idea is that if we really empowered our youth even if theyre 10 or 12, to help them understand civil rights, help them to understand the power in knowing how to read then we can change our future.
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Freedom return to UC Health Stadium for three-game series tonight; last home games before All Star break – User-generated content (press release)…
Posted: at 7:05 am
The first-place Florence Freedom, presented by Titan Mechanical Solutions, return home to UC Health Stadium this Tuesday through Thursday for the final home games before the mid-July All-Star break.
The Freedom sit at 27-12 overall after finishing a 5-1 road trip, including a sweep of the Gateway Grizzlies in the teams most recent series. The Freedom sit up top of the Frontier League West Division by 5.5 games over the Evansville Otters.
This week, the River City Rascals (19-20) come to town on Tuesday before the team heads on the road from June 30 July 9.
Games this week are all 7:05 p.m. starts. Tuesday and Wednesday nights games will highlight youth baseball in the area with the NKB players being recognized on the field. Thirsty Thursday also returns this week, with $1 12-ounce cans of beer and $4 20-ounce crafts.
Check out a Florence Freedom game this weekend by visiting FlorenceFreedom.com. Freedom games are fun for the whole family and offer up-close seating, free parking and affordable concessions.
The Florence Freedom are members of the independent Frontier League and play all home games at UC Health Stadium located at 7950 Freedom Way in Florence, KY.The Freedom can be found online at FlorenceFreedom.com, or by phone at 859-594-4487.
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Jay-Z’ Brings Focus to Prisons, Poverty and the Price of Freedom – The Philadelphia Tribune
Posted: at 7:05 am
What has been demonstrated here is that usually only one factor determines whether a defendant stays in jail before he comes to trial. That factor is not guilt or innocence. It is not the nature of the crime. It is not the character of the defendant. That factor is, simply, money. Robert F. Kennedy, United States Attorney General, 1964
Hip-hop legend Jay-Z celebrated Father's Day by allowing incarcerated fathers to spend the day with their families.
Pick any day of the week in America and an estimated 700,000 people are populating our nations local city and county jails. Of those behind bars, 60 percent, nearly half a million people many of them Black and Hispanic will remain in jail, not because they have been convicted of any crime, but because they are guilty of the unpardonable crime of poverty and cannot afford the court-stipulated price tag placed on their freedom.
Pretrial incarceration can look very different based on race and socio-economic status. A Bureau of Justice study found that African Americans are 66 percent more likely to remain incarcerated before trial and Hispanic defendants were 91 percent more likely to remain trapped behind bars, in comparison to white defendants. If a defendant cannot afford bail (nationally, 61 percent of defendants are required to post bail for pretrial release), he or she will stay behind bars until trial. It is in that purgatory of being presumed legally innocent, but locked away from your family, your job and support networks that Black and Hispanic communities are further traumatized and shattered.
For decades, activists and social justice groups have fought against this destructive facet of mass criminalization and incarceration. This year, the movement to reform our criminal justice systems current application of pretrial incarceration added the platform, power and philanthropy of a high-profile ally to its unceasing work: Jay-Z. The rapper, entrepreneur not a businessman, but a business, man and now proud father of three, donated to Southerners on New Ground and Color of Change to free and reunite incarcerated fathers with their families on Fathers Day the continuation of an earlier campaign to bail out mothers of color for Mothers Day. To put the impact of incarceration on communities of color in context, it is important to note that today one in nine Black children living in America has an incarcerated parent in jail.
In a Fathers Day essay for Time magazine explaining why he was taking on the exploitative bail industry, Jay-Z was personal and poignant:
"If you're from neighborhoods like the Brooklyn one I grew up in, if you're unable to afford a private attorney, then you can be disappeared into our jail system simply because you can't afford bail. Millions of people are separated from their families for months at a time not because they are convicted of committing a crime, but because they are accused of committing a crime. [] When Black and Brown people are over-policed and arrested and accused of crimes at higher rates than others, and then forced to pay for their freedom before they ever see trial, big bail companies prosper. This pre-incarceration conundrum is devastating to families."
The cost of being imprisoned as if you are guilty while you are legally innocent is high and the damage extends well beyond jailhouse bars. From the separation of family members to jeopardizing current and future housing, benefits and work, studies have also consistently found that in comparison to defendants who were released before trial, defendants who remained incarcerated were three times more likely to be sentenced to prison, tended to receive longer sentences, and are more likely to reoffend the longer they are incarcerated. Because the inability to pay bail is both an impediment to freedom and a major cause of pretrial incarceration, people are essentially being punished for being poor. Like so many other misguided criminal justice actions, pretrial incarceration makes us less safe and poorer. As a nation, we are collectively footing a monstrous $9 billion annual bill to incarcerate people who have not been convicted of a crime, while the ballooning bail bond industry continues to profit off the poverty and desperation of vulnerable communities.
Many solutions to the problem of pretrial incarceration have been proposed, from limiting the use of pretrial incarceration to individuals who pose a threat to society to implementing alternative forms of bail besides cash bail or forcing defendants to use bail bond companies that put profits before people and engage in predatory lending practices. We must reform this two-tiered system of injustice urgently to save lives, families, communities and restore our faith in our badly damaged criminal justice system.
Marc H. Morial is the president and CEO of the National Urban League.
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Cedar Rapids Freedom Ride title draws criticism for similarity to Civil Rights initiative – The Gazette: Eastern Iowa Breaking News and Headlines
Posted: at 7:05 am
Jun 26, 2017 at 5:58 pm | Print View
CEDAR RAPIDS An official with the Freedom Festival in Cedar Rapids says organizers plan to stop referring to the Freedom Ride by that name after drawing criticism for appropriating the name of a painful Civil Rights era initiative.
Robyn Rieckhoff, Freedom Festival executive director, said the ride is actually not called the Freedom Ride, but rather the Freedom Bike Ride, so there is nothing to change. Publicity for the event, including on the Freedom Festival website, materials and Freedom Ride registration forms refer to the event as Freedom Ride.
We are not changing the name, Rieckhoff said. It has always been the Freedom Bike Ride. Some people shortened it over time, so we will call it the Freedom Bike Ride in all cases.
Freedom Rides were a movement in the early 1960s, in which black and white Americans traveled by bus to test segregation laws in the South.
Deliberately violating Jim Crow laws in order to test and challenge a segregated interstate travel system, the Freedom Riders met with bitter racism and mob violence along the way, sorely testing their belief in non-violent activism, according to PBS.org.
A Cedar Rapids resident brought the issue to the attention of Freedom Festival staff on Sunday.
Im sure no ill will was meant by this unfortunate naming choice, and I assume its far too late to change the name for this year, but Id like to suggest you consider renaming the event for next year and all future years, Meryn Fluker, who previously worked for The Gazette, said in an email to Rieckhoff. It just seems so unfortunate not to mention poor search-engine optimization to have what Im sure is an uplifting event for the Cedar Rapids community share a name with such a fraught part of American history.
Fluker noted history about the Civil Rights initiative is the first item that pops up on a search engine. Fluker said she was told by Rieckhoff they would be changing the events name. As of Monday afternoon, the name on the website had not been changed.
The event was added to the Freedom Festival lineup in 2016. The 2017 edition was held on Sunday, billed as a family ride, looping from Lowe Park in Marion to Quasqueton.
l Comments: (319) 339-3177; brian.morelli@thegazette.com
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Blockchain technology is moving into the financial mainstream with IBM and seven European banks – CNBC
Posted: at 7:05 am
Blockchainis ageneral term for a distributed digital ledger that can record transactions and is tamper-proof. It's the underlying technology that makes cryptocurrencies such as bitcoin and Ethereum possible, but it has also been talked up by banks as a way to streamline processes and make them more efficient and cheaper.
IBM is building this new blockchain, Digital Trade Chain, to help parties track, manage and transact internationally.
When a merchant sells goods to another party and those goods arrive, the blockchain triggers a payment to take place, explained Wiebe Draijer, chairman of the executive board at Rabobank, one of the participating banks.
"We take care of the payment that's still the old payment technology," Draijer told CNBC in a TV interview on Monday, "but the whole infrastructure, the administration is done on the blockchain. And ultimately we will also move the payment into that blockchain solution, when the payment in blockchain is ready to be robust for large-scale application."
Seven banks Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit are part of the consortium.
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Q&A: Running a company in an era of crazy technological progress – MIT News
Posted: at 7:05 am
How do ongoing advances in technology affect business management? Thats the question the prolific writing duo of Erik Brynjolfsson and Andrew McAfee pose in their new book, Machine, Platform, Crowd: Harnessing our Digital Future, being published on June 27 by W.W. Norton. Brynjolfsson, the Schussel Family Professor of Management Science at the MIT Sloan School of Management and director of the MIT Initiative on the Digital Economy, and McAfee, co-director of the MIT Initiative on the Digital Economy and a principal research scientist at MIT Sloan, also collaborated in 2014 on The Second Machine Age, another exploration of the changes digital innovation is bringing to the workplace. McAfee recently talked to MIT News about Machine, Platform, Crowd.
Q: What is your new book about?
A: Machine, Platform, Crowd is the answer to a question: How should I think differently about running my organization in this era of crazy technological progress? We need to rethink the balance between the work that we ask human minds to do in organizations, and the work we give to machines. We need to rethink whether you have a product orientation or a platform orientation. And we need to rethink the core of an organization, if there are literally these hundreds of millions of strangers out there across the internet who you can tap into.
Q: Whats different now compared to past moments of technological change?
A: Within the past five years, 10 years easily, at least two really fundamental things have happened. First of all, artifical intelligence started meeting its expectations and even exceeding them. We werent expecting that, and its pretty remarkable. The machines are much more capable. The second thing is, in the era of the smartphone, we have gone from a globe that was pretty disconnected, to having that same human population for the first time deeply interconnected through powerful devices, which are each about as powerful as all the computers collectively on campus when I was an undergraduate at MIT in the 80s. Those are both legitimately new things.
Q: I know youve mentioned the rise of machines that can win at the game of Go as one instance of these advances. What are some of your favorite examples of machines, platforms, and crowds at work now?
A: Go is my favorite example of the power of machines, because it was so unanticipated that we would have a digital Go champion in 2016 or 2017. The insiders thought if that ever happened it would happen much, much farther out in the future.
In our section on products and platforms, we talk about companies like ClassPass, which is trying to build a purely digital platform; they dont own any assets, but theyre trying to provide a virtual, very broad gym membership, or exercise membership [by offering rates for an array of memberships]. So theyre putting a platform over the industry of spinning, yoga, pilates, kickboxing, things like that. And if you had asked me just a little while ago for an industry that would not be greatly affected by the digital transformation, I might have said group exercise: You get in the gym with other people and sweat and have a workout. But after working on the book, I think that the exercise industry is going to be changed a lot by platforms.
Finally, we came across a very interesting company called Quantopia that is trying to be essentially a crowdsourced quantitative trading hedge fund. That may sound ludicrous, except, as the founder of the company has said, it is extremely unlikely that all the worlds top algorithmic traders are employed by the [relative] handful of companies that have dominated this industry. So to test that theory, theyve been holding contests for algorithmic trading. It turns out, lo and behold, most of the people who win those contests are not insiders in the finance industry and have never even worked in finance. It tells me that if you can tap into the crowd and find the right brains, all over the world, and get them involved in what youre doing, the results are potentially tremendous.
Q: Whats the reaction to these ideas when you give talks about them?
A: The reception to these ideas is all over the map. It goes from outright skepticism to something a little more subtle, which is, This is great and interesting, but it doesnt apply to me. Ive come across a lot of that.
Q: Do you get pushback about your interpretation of the pace of innovation itself?
A: Yeah, its super-interesting. Inside the academic community and among economists there is a huge debate about how much innovation were actually seeing. The skeptics say, Where is the productivity growth, if theres so much innovation going on? Or they say, We had amazing periods of innovation in the past. Are we sure this one measures up? And those are important debates to have. But in every other community I try to be part of, and that includes investors, policymakers, entrepreneurs, and executives in mainstream incumbent companies, I dont hear any of that debate, or very little. What I hear instead is: Theres a lot coming at us, and we need to get on top of it and make it work for us.
When people say theres nothing new under the sun, I find that really valuable, because if all you do is talk to technologists, you just get caught up in the hype. Its almost inevitable. So I really value those discussions. But when I talk to almost anybody else, its something close to a foregone conclusion that were living in this remarkable era, and I happen to believe that as well. Not only can we sequence the genome, we can edit it with precision. If thats not a big deal, then I dont [know what is]. We only mention CRISPR briefly in the book, but the period that were in is one to me of monumental progress and innovation.
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Q&A: Running a company in an era of crazy technological progress - MIT News
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