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USA Edition | Today Is Monday, May 20, 2013 |
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Socratic Warning
Newsroom Magazine
May Challenge
Or Demand
Critical Thinking
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The intellectual roots of critical thinking date back to the Greek philosophers.
Socrates discovered, by means of probing questions, that in the exchange of competing ideas, people sometimes make confident claims based on unreliable assumptions or failed logic.
Such arguments, he discovered, were either erroneous in fact, absent sufficient foundation, or failing in logic. Instead, most arguments were based on confused meanings, inadequate evidence, or contradictory beliefs.
Socrates' contributions to critical thinking were many -- for he established new ways to think about contentious issues in terms of the quality of assumptions, facts and logic.
Thus Socrates demonstrated that persons may have passion, or power or high position but yet be deeply confused and irrational.
Good journalism, like compelling debate, is based on a clear understanding of facts and the logical construction of one's argument. And that is what the Socratic Method and The Sophist Tradition is all about.
Evidentiary Approach
The Socratic Method is the preferred way to examine issues.In the Socratic mode of questioning, postulations, ideas or arguments are examined for their clarity and logical consistency by systematic analysis of facts, assumptions and logical methodology to support a conclusion.
Socratic analysis is accomplished by means of a series of probing questions that systematically examine the quality of an argument or conclusion.
Understanding the quality of information, argument or one's conclusions, is fundamental to critical thinking -- and the goal of critical editing.
Historical Foundation
Socrates’ practice was followed by the critical thinking of Plato (who recorded Socrates’ thought), Aristotle, and the Greek skeptics, all of whom emphasized that things are often very different from what they appear to be.Only the trained mind is prepared to see through the way things look to us on the surface (delusive appearances) to the way they really are beneath the surface (the deeper realities of life.)
From this ancient Greek tradition emerged the need, for anyone who aspired to understand the deeper realities, to think systematically, to trace implications broadly and deeply; for only thinking that is comprehensive, well-reasoned, and responsive to objections can take us beyond the surface.
Means Of Analysis
The common denominators of Critical Thinking requires, for example, the systematic monitoring of thought; that thinking, to be critical, must not be accepted at face value, but must be analyzed and assessed for its clarity, accuracy, relevance, depth, breadth, and logical validity. All reasoning occurs within points of view and frames of reference.All reasoning proceeds from some goals, objectives, and has an informational base. All data, when used in reasoning, must be interpreted. That interpretation involves concepts, that concepts entail assumptions, and that all basic inferences in thought have implications, and each of these dimensions of thinking need to be monitored where problems of thinking can occur.
Questioning Chain
The result of the collective contribution of the history of critical thought is that the basic questions of Socrates can now be much more powerfully and focally framed.In every domain of human thought, and within every use of reasoning within any domain, it is now possible to question:
• ends and objectives
• the status and wording of questions
• the sources of information and fact
• the method and quality of information collection
• the mode of judgment and reasoning used
• the concepts that make that reasoning possible
• the assumptions that underlie concepts in use
• the implications that follow from their use
• the point of view or frame of reference within which reasoning takes place
Jeffrey Slee
Logician
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Jamie Dimon, like nearly every other bank executive working today, is the product of an egregiously flawed MBA curriculum that remains largely absent ethical foundation, or corporate commitment to the interests of non-leveraged stakeholders ranging from employees and public sector service providers all the way to national interests and security.
Robert Butche, Publisher, Newsroom Magazine
Washington
Where Are America’s Responsible Bankers?
Readers are invited to add their voice to this and other commentaries. Submissions that meet our published standards for probity and language will be considered for publication under the writer’s name.
Jamie Dimon’s recent announcement that JPMorgan-Chase had booked a $2 billion loss on synthetic securities trading was unsettling. What immediately followed was a 10% slide in JPM’s market capitalization, talk of hearings on Capitol Hill, and investigation statements by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
From what we’ve seen in press reports, those most knowledgeable about the balance of power between lobbyists and politicians seem far from ready to bet on significant change in how American banks are managed, or regulated.
Yesterday the Department of Justice made known it was launching an investigation. Earlier this morning, Reuters confirmed reports that the FBI is also launching an investigation.
Pending the outcome of those investigations, and any charges that might obtain, what we know for certain is that the so-called SuperBankers, both American and foreign, are back doing the same stupid things that resulted in financial dislocation for nations, industries and ordinary citizens.
More On . . .
Super Banks: Structured To Fail
Washington: Held Hostage By Banking Lobby
Acting Comptroller Of The Currency Speaks To Why Tough Times Continue For Community Banks
FED Governor Duke Calls For Less Regulatory Burden For Community Bankers
Bernanke Commends Community Banks For Small Business Lending
Why, one might ask, are the central engines of our capitalist system so prone to engage in behavior that might warrant investigation by Justice, SEC, FBI or CFTC?
The answer is not one of capitalist excess, but one of flawed business school curriculum that leads to MBA training absent meaningful foundations in behavior, social accountability, ethical foundations or personal responsibility.
SuperBanks Not Inherently Bad
Our energized economy depends on giant banks whose size and sophistication makes possible financial support for massive projects that benefit everyone. Big banks need big thinkers and liquidity to serve their critically important role in America’s capitalist economy.
There is nothing inherently wrong with big banks. There is a great deal wrong with big banks being mismanaged, or overtly incentivized for managerial enrichment, or taking non-financing risks with depositor monies.
Bankers who personally take no significant risk while incentivized by rewards for short-term performance, are enabled, if not driven by what has become high-level criminal-like behavior learned and made to seem respectable in today’s most prestigious business schools.
Egregiously Deficient Higher Education
Not every business school is infected, and some, including Johns Hopkins University’s Carey Business School, under founding dean Yash Gupta, were established to broaden business school curricula to include ethics and values.
In the name of efficient use of capital and optimization of earnings our most prominent and seemingly successful business leaders have become largely single stakeholder oriented.
What separates criminal and criminal-like behavior is to some degree reflected in overt distortion of governing law that keeps bank theft unlawful for outsiders but somehow lawful when perpetrated by insiders. Thus while it remains unlawful for bank-robbers to extract un-owned money from a bank it is no longer ( since repeal of Glass-Steagal, for example ) unlawful for bank executives, employees, directors or traders to do so.
Managers driven by the need to post quarterly earnings by engaging in transactions that put at risk their bank’s entire equity position align themselves with a single stakeholder’s interest at risk to all others — including ordinary taxpayers who are on the hook for any and all ensuing losses.
All other stakeholders, community, employees, depositors, taxpayers, social stability and national survival are effectively, if not completely ignored in favor of executive and trader interests.
Seasoned business leaders know-well there is good reason for incentivization that aligns executive and managerial interests with those of the institution and all of its stakeholders.
Bankers As Criminals
There is a great deal wrong, and criminal, when stakeholders are collectively put at risk for what may partially or exclusively be the private benefit of an executive, manager or trader.
Compared to what JPMorgan-Chase says might become even larger losses from activities and risk-taking Mr. Dimon alleges to have been inappropriate ( synthetic-securities trading ), all the bank robberies in history have the feel of being pitifully insignificant.
But bank robbery remains a crime while bank mismanagement and gambling remain little more than criminal-like business as usual.
Bank mismanagement and risk-taking used to be a crime before America’s Band Of Brothers bankers inveighed upon Congress to let them have more fun with other people’s money.
America’s Responsible Bankers
Whatever happened to all of America’s responsible bankers, one might wonder?
They’re still around. Next time you’re out and about drop in on one of your Community Banks to meet some of the men and women who understand and accept being accountable and responsible with other people’s money.
Then, if you don’t already have an account with them, you might consider opening one.
America’s responsible bankers, the ones who finance your community, businesses and governments with your deposits deserve your support — and your thanks.
A Clear And Present Danger
Based on all that we know today the SuperBankers and traders who were collectively and inexcusably let off the hook by the administration at the behest of Treasury Secretary Geithner, and against the pleadings of responsible and experienced financial mavens including Larry Summers, should be investigated and, if warranted, prosecuted for their crimes, malfeasance and contempt for nation.
Anything less constitutes a clear and present danger to American interests that far outweighs external risks including Al-Quida and the Taliban.