Why you should join the Global Business Journalism Program at Tsinghua — or recommend it to a friendPosted: December 29, 2014
To all of my journalism friends around the world: I invite you to spread the good word about the good work we are doing here at Tsinghua. We’re looking to recruit an exceptional class of graduate students for the upcoming school year and to prove to any skeptics that you can have a world-class journalism program in China. Here’s the pitch. Feel free to share. Comments and questions are welcome.
Are you interested in becoming an expert on the world’s fastest-growing economy?
Do you want to study Asia Pacific business development and report that to the world?
Do you want to have an amazing educational and personal experience in a dynamic country?
Do you want to learn how to share your stories with audiences via print, audio, video and digital media?
Please join in us in the Global Business Journalism Master’s Degree Program at Tsinghua University in China!
2015 Enrollment Instructions
for M.A. in Global Business Journalism
at the School of Journalism and Communication, Tsinghua University, Beijing, China
With China playing a central role in the global economy, there is a soaring demand for trained professionals who can understand the exciting, complicated development of the world’s fastest-growing economy – and can explain it – clearly and in depth — to audiences in China and around the world.
Tsinghua University Master of Arts degree in Global Business Journalism is designed to meet that growing need. The program offers international students the opportunity to master the fine points of business, finance and economics in China. All courses are taught in English — the international language of business — by internationally renowned scholars and accomplished journalists with extensive global experience. The program’s facilities rival those of other leading journalism schools worldwide. The news lab has the largest number of Bloomberg terminals of any college in the world.
Business journalism is one of the fastest growing areas of employment opportunities in the industry today. News audiences are eager to learn about the world of business, while media departments expect PR professionals to understand and analyze the complexities of business issues.
Tsinghua’s Master of Global Business Journalism Program is designed to offer you the opportunity to meet these growing needs and, at the same time, master the fine points of economics, finance and business in China and the world. We welcome you to join in us!
The first English-language graduate business journalism program on the Chinese mainland, created in partnership with the International Center for Journalists, it has sent 171 graduates to news outlets in China and globally over its first seven years.
Launched in 2007, the GBJ program has already been recognized by students and recruiters alike as a world-class program. Academe, the world’s leading journal on higher education, featured a cluster of articles on the program in February 2008. Only the most talented applicants from around the world are accepted, and the student body is culturally and professionally diverse. The full-time program spans two years of intense, fast-paced, rewarding study. Those who complete it successfully emerge with valuable connections, a rich array of opportunities and the business and journalism skills to capitalize on them. It is a two-year experience that will last a lifetime.
The program aims to bring business journalism in China in line with top international reporting standards. The Tsinghua School of Journalism and Communication has a long history of cooperation with major international media and financial-information organizations, and visiting scholars have come from outlets such as Bloomberg, Reuters, Business Week, The New York Times, Financial Times, The Washington Post and CNN.
GBJ offers an array of specialized courses that are at the forefront of global business journalism. Students can learn about international accounting standards, multimedia journalism, data mining, complex financial derivatives, journalism ethics, advanced feature writing techniques and the management of media organizations – knowledge that is transferable to other economies and other professions. At the same time, they gain a deeper knowledge of the Chinese language and economy.
The GBJ program benefits from other academic resources on the Tsinghua campus, including its prestigious School of Economics and Management, as well many Chinese and global media and technology companies in Beijing. Internships, field trips and recruiter visits are integral parts of the program.
GBJ students have opportunities to attend conferences on new media, economic development and other business topics. They benefit from meetings and discussions with guest speakers, including top editors and reporters from leading Chinese and Western news outlets and international business executives. The GBJ has a growing network of smart, sophisticated reporters, editors and public relations professionals who can enhance the world’s understanding of economic and corporate developments in China and globally.
- Program Courses
|Introduction to Mass Communications and Society in Contemporary China|
|Media Research Methods|
|English Financial News Reporting and Writing|
|Multimedia Business Reporting|
|Global Business Journalism (advanced)|
|Economics and Accounting Basics for Journalists|
|Business Data Mining and Analysis|
|Opinion and News Commentary|
|Hot topics in the Global Economy|
|Corporate Strategies, Case Studies of Chinese and Global Companies|
|Personal Finance Reporting|
|Workshop on Film and TV Production|
|Theory and Practice of Public Diplomacy|
|Public Relations: An Introduction|
|Pro-Seminar for Master Candidates in Global Business Journalism|
|Literature Review and Thesis Proposal|
- Qualification of Applicants
Applicants should have a Bachelor’s degree in related fields and certificate for English proficiency.
- Application Documents
1) The completed Foreigner’s Application Form for Admission to Graduate Programs of Tsinghua University with a 2-inch recent photo, signed by the applicant;
2) Statement of Purpose and resume;
3) The original or the notarial degree certificate or proof of education at an academic institution (you need to submit an original or notarial degree certificate after it was awarded) and an academic transcript. The degree certificate and academic transcript must be officially sealed.
4) Two academic recommendation letters from scholars of associate professorship or higher. They must show referee’s phone number and email address on the letter.
5) For non-English speaking students, please provide English level certificates. e.g. TOEFL, IELTS, etc.
6) A copy of your passport page with personal information (personal and ordinary passport);
7) The completed Application Form for Tsinghua University Scholarship (if applicable, original);
8) A non-refundable application fee of RMB600.
The certificates provided should be the original documents in Chinese or in English, otherwise notarial translations in Chinese or English are required. None of the above application documents will be returned.
- Application Procedure
Step 1: Online Application
Complete Online Application on the website of the Foreign Student Affairs Office, Tsinghua University
(http://www.is.tsinghua.edu.cn/EN/online-application/instruction.html). Print and sign the Application Form produced by the system after the application status changes to “verified.”
Step 2: Documents Submission
Submit the application documents listed above to the address indicated below by post mail or in person.
Step 3：Application Fee Payment
There are two ways to pay application fee:
1 . Pay online using a credit card;
After your online application form is verified or the materials are received by Tsinghua University, the staff will make you the online payment draft, and at the same time, an email will be automatically sent out to remind you to pay the application fee via the online application system.
2 . Pay in cash at the Foreign Student Affairs Office (Room 120, Zijing Building 22) on the campus of Tsinghua University.
- Application Deadline
November 1, 2014 — March 20, 2015
Both the Online Application and a complete set of Application documents should be completed and the package should be received by March 20, 2015.
- Tuition and Scholarship
Tuition：Program tuition fee is RMB39000/year.
Accidental Injury and Hospitalization Insurance: RMB 600/year.
Please visit http://is.tsinghua.edu.cn for more information about scholarships.
- Program Website：
For more information about the program, please visit the GBJ website at:
- Application Website:
For an application, please visit the Application Website at:
Ms. Olivia Xiaoyu Zhou
Room 302, Omnicom Building,
School of Journalism and Communication
Beijing 100084, P. R. China
Tel: +86 10 6279 6842
Fax: +86 10 6277 1410
This guest blog was written as a Facebook post by Felicia Sonmez, one of the best journalists in Beijing. Many thanks to Felicia for giving me permission to share it with you.
Then you slow down, and so does he. You start up again and bike faster, and so does he. Finally he gets ahead of you and stops at a corner. You hesitate for a moment, then turn right, back toward the long road to the Square. And before you know it, he’s approaching you on your left side, and suddenly, he’s crashed into you.
“Sorry!” he says.
“What are you doing?” you ask, as he stumbles off his bike.
Rather than stick around to find out the answer, you hurry to get back on your bike and pedal away as fast as you can, without looking back.
Ordinarily, you might be worried about the chance of some stranger following you back to your house. But in this case, you’re almost relieved to get home. He probably works for the government. And they already know where you live.
It’s June 3, 2014, the eve of the 25th anniversary of the Tiananmen massacre, and also a year to the day since I moved back to Beijing. The visit last month from black-clad plainclothes security agents to our bureau — as well as most every foreign news outlet in Beijing — warning us not to do any newsgathering related to the anniversary has had several weeks to sink in. So have the various warnings that have come down from the Chinese foreign ministry.
Dozens of Chinese activists, rights lawyers, artists, journalists and others with even the most tenuous of links to Tiananmen have been detained over the past few months — enough to make it clear that any reporter would be foolish to think of heading down to the Square on June 3 or 4 and expect to get any reporting done, let alone avoid getting detained.
So, after a day spent in the office, I decided on a whim to hop on my bike and just go for an evening ride around town, to see what I could see. I left my recorder and notebook and home, bringing only my pocketbook, a deactivated smartphone I use for taking photos, and a few H&M shopping bags, which I threw in the basket of my bike.
I was only gone for an hour, and I wasn’t sure what I’d encounter.
I biked down Dongdan North Street until I got to East Chang’an Avenue, about four big blocks away from Tiananmen Square. Central Beijing usually has a fair police presence to begin with, but tonight felt different. Every police car or van that passed was silently flashing blue and red lights, as was every police box on the street, and officers were stationed at every main intersection. I must have passed more than 100 police over the course of my bike ride.
As I approached the corner, there was suddenly a lot of yelling. I looked on as four uniformed police officers dragged a young man across the street and toward the accordion gate that was blocking part of the bike lane.
About a dozen bikers waiting for the light to change watched as the police forced the man onto his knees and yelled at him. I couldn’t make out what the man had done wrong. But a woman with him was making a phone call, and one of the bikers next to me was recording the confrontation on his smartphone. I snapped a few photos, then turned onto Chang’an Avenue and kept biking to avoid causing a scene myself.
The police presence on Chang’an Avenue has been ramping up steadily over the past few weeks, with dogs and armed officers gradually being added to the mix. But tonight was unlike anything I’ve seen. Officers and police vehicles were stationed all along the giant east-west thoroughfare, which has seven lanes of traffic on each side. A few other bikers were riding along like me, including a few guys clad in racing gear and spandex (not like me). Even among those pro-looking riders, there was a palpable tension as they sped down the road under the officers’ watchful gaze.
I approached the Square. It was unlike any time I’ve ever seen it in the eight years since I first came to China. It’s normally a pretty festive place, teeming with tourists snapping photos, as well as a fair amount of police and vendors. That’s how it was two days ago, when I came by with some friends visiting from out of town.
Tonight, it was completely empty. Not a single person was on the Square as I biked by, just a lone white police van parked in front of the Monument to the People’s Heroes, facing against traffic.
I recalled a conversation with a Beijing lawyer I met recently. Hundreds of thousands of police officers being mobilized across the city — for what? he asked. Just to ensure that a non-commemoration of a non-anniversary remains that way? He thought it was not only a waste, but a shameful one.
I thought, also, of a story the lawyer had told me about a friend of his. It was last year, and news had just broken of the arrest of venture capitalist Wang Gongquan. Wang was outspoken, but his surprising arrest was taken as a sign that the neither the wealthy nor the well-known would be spared in Beijing’s new crackdown on dissent.
Many were spooked. But perhaps that was the intention. Regardless, the day Wang’s arrest was reported, the lawyer said, was the day his friend decided to pack up and leave China.
I kept biking down Chang’an Avenue, slowing down to snap a few photos with my smartphone, and suddenly something struck me. In clearing out the Square and deploying thousands of police across the city to quell any potential disturbances, the authorities had created a spectacle — a memorial, almost — of their own. The vast emptiness at the heart of the capital was a manifestation of the void that has existed since 1989, and of which the world is reminded — though perhaps not quite so vividly — every June.
That was the thought I was planning to end my night on, until I turned north onto Nanchang Jie. I realized after a few minutes that the old man was following me, and he kept pace with me all the way up the street past the Zhongnanhai leadership compound, across the north end of the Forbidden City and to the corner of Beichizi Street.
The bizarre run-in with him, which echoed stories I’d heard from other reporters during sensitive periods in China, quickly turned my mood tonight from pensive to spooked. But perhaps that was the intention. I left before I could find out more — and before my phone, press card, or other belongings could potentially be snatched.
- Check your cultural assumptions with your luggage. Life is different here. Don’t view life in China through the prism of your American or European experiences.
- Beijing is crowded and massive. Don’t be intimidated by the volume of traffic, the human gridlock or the seeming chaos on the streets and in the subways. You’ll get used to it.
- Don’t be afraid to jostle people. There is no sense of personal space here. Don’t take it personally if somebody elbows you or pushes you.
- There is no “walk right, pass left” etiquette here. People walk, bike or drive every which way. Cars DO NOT stop for pedestrians. Bikes DO NOT yield to pedestrians. In fact, nobody yields to anybody.
- Be decisive. Indecisive people get run over by bikes or cars or other pedestrians.
- Don’t get upset when people spit on the street at any time in any place. Spit happens in China.
- Do not expect Western-style toilets. Get used to holes in the ground. Don’t complain about it. Get used to it.
- If there is not a price listed on an item in a market, you are expected to bargain. At tourist-oriented markets (such as the Silk Market), the original prices might be ten times what is reasonable. Don’t be afraid to walk away. Even if you are interested in buying something. Negotiate aggressively. If you don’t want to negotiate, go to a regular store.
Food and drink
- Don’t drink the water. Use bottled water, even for brushing your teeth.
- Be smart when it comes to street food. Some of it is delicious, but some of it is cooked in oil that is, simply put, poisonous. Unless a Beijinger vouches for a vendor, think twice before trying it. I’m afraid I speak from experience (some bad “stinky tofu”).
- Don’t be afraid to sample the rich variety of tasty regional cooking. Experiment beyond your comfort zone. Try things.
- Don’t expect Chinese food to be the same as American Chinese food. It’s better. Most of all, it’s different.
- Your drinks may be warm or hot when served at restaurants. This includes water, milk and juices. Chinese meals maintain a balance. Cold drinks can throw a hot meal off-balance. If you want cold water (or beer) make sure to order it “bing.”
- Fewer people speak English than you might expect. It’s not like traveling in Europe. Younger people are more likely to understand English than older people. Some younger people may want to practice their English on you. Enjoy that – unless they’re trying to sell you something.
- Stay calm. If things go wrong, it won’t do any good to raise your voice. If people don’t understand you, it won’t help you to get agitated.
- Go to the most popular tourist attractions during the week. Earlier is better for places like the Forbidden City, the Summer Palace and the National Museum. They can get very crowded by midday, particularly on weekends or holidays.
- Use the subway. Because of surface traffic gridlock, the subway usually is the fastest way to get from Point A to Point B in Beijing. It is clean, efficient and cheap, in addition to being crowded. Relax and enjoy it.
- If you are taking a taxi, make sure somebody writes down your destination in advance IN CHINESE. Do not assume that you will be able to communicate with a cab driver by trying to pronounce a location in Mandarin. You’re probably mispronouncing it, or worse, saying something embarrassing that you don’t mean to say.
- Try to find a good street map in English (or at least in Pinyin).
- Use Google Maps online to get an idea of where you’re going and a sense of how far it is from the nearest subway stop.
- Make sure you have your passport with you when checking in to hotels or on plane or train journeys. Carry a photocopy of your passport ID page and your visa with you at all times.
- Get ready for slow, unreliable Internet and spotty WiFi. Do not expect that you will have working Internet 24/7. Internet and WiFi can stop working at any time.
- If you want to use Facebook or Twitter or YouTube or other blocked sites, you will need to have working VPN service before you arrive in China. (Email me if you need information on VPNs.) You also will need a VPN to access the New York Times, Bloomberg and some other news site.
- Bring an electrical converter or a couple of converters designed for use in China. (Not Hong Kong.)
- Bring a multiple-USB recharger for your electronic devices such as cameras and smartphones. You will need an electrical converter for this, along with one for your laptop.
- It may be very expensive to use your U.S. smartphone for calls and data. Check in advance before you leave the U.S. You can always disable the data and use it via WiFi. That’s what I do, which allows me to use email, social media and the Internet for free. I also use my U.S. cell phone for text messages with friends and family in the U.S. (at a cost of 50 cents per text sent and 5 cents per text received).
What to pack
- Dress in layers. Be ready for wind gusts.
- Bring disposable 3M anti-pollution masks. They aren’t very expensive and they can make your life more enjoyable on dangerously polluted days. Don’t be self-conscious about using masks. It’s for your own health.
- Bring toilet paper, napkins, tissues and hand sanitizer. You often will not find these products in public places.
- Make sure you have plenty of prescription medicine and vitamins. It will be hard to find, if you need it, and it may be expensive and questionable in quality.
- Make sure you bring extra medication to combat stomach ailments and flu-liked symptoms such as Pepto Bismol, cold medicine, DayQuil and NyQuil.
- Check in with your credit card companies and banks before you leave to let them know you will be making purchases in China.
Feel free to offer suggestions to make this guide more useful. I will update it with your ideas.
Just a few things have changed in my life this year.
New job. New city. New country. New life.
Teaching journalism in China. It’s almost as much of a challenge as practicing journalism in America.
Here are some of the things that are “in” in my new life at Tsinghua University — and some of the old, familiar things I’ve left behind.
OUT: Texas on the Potomac
IN: Yankee on Tiananmen Square
OUT: Hikes on the National Mall
IN: Hikes on the Great Wall
OUT: Bike helmets
IN: Anti-pollution masks
OUT: Turn signals
IN: Chaos on the road
OUT: The second most congested commute in America
IN: The second most congested commute in the world
OUT: Considering something three days old as new
IN: Considering something three centuries old as new
OUT: Finnish saunas
IN: Chinese massages
OUT: American Chinese food
IN: Real Chinese food
OUT: DC Metro
IN: A subway system with trains every two minutes, polite employees and escalators that actually work
OUT: Dysfunctional democracy
OUT: Taking your shoes off at airports
IN: VPNs to access Facebook, Twitter, YouTube and WordPress
OUT: Rush Limbaugh’s rants against Barack Obama
IN: Chinese media rants against Japanese Prime Minister Abe
OUT: The New York Times
IN: People’s Daily
OUT: The Abraham Lincoln statue at the Lincoln Memorial
IN: The terracotta warriors of Xi’an
OUT: Delicious Chesapeake crab cakes
IN: Delicious Chinese dumplings
OUT: Lobster rolls from food trucks
IN: Stinky tofu from street vendors
IN: Chicken feet, fish lips and duck brains
OUT: The Washington Redskins
IN: Mao’s little red book
OUT: Obscenely expensive Internet service
IN: Unreliable Internet, spotty WiFi and the Great Firewall of China
IN: Truly socialized medicine
OUT: Soccer moms
IN: Ping pong dads
OUT: 24/7 deadlines
IN: Monthlong breaks between semesters (We call them “district work periods”)
OUT: Suits and ties
IN: Casual Friday every day
My grandmother Naomi and I had a 4-decade-long debate over human nature. Having survived Stalin’s Russia, McCarthy’s America, the Depression and deprivation, she passionately insisted that people don’t change as they age, they only become more like they are (or were). I, on the other hand, a child of the Baby Boom who had evolved from the transistor radio to the smart phone, argued that people can grow or change, for better or for worse.
Our dialogue did not end until Grandmom Naomi’s death three years ago just a few years shy of 100.
I now want to claim victory — at least from personal experience — although I can still hear her arguing with me for being naive and idealistic.
My first semester at Tsinghua University in Beijing has given me plenty of time to contemplate life. After all, I am living alone for the first time in 30 years in a campus apartment, the only English speaker in my building. I chucked my job at the Houston Chronicle for a great leap into the unknown in a country I had never visited.
As I await my graduate students’ final multimedia journalism projects, I can reflect on how living in China has changed me. And it has. Mostly, I hope, for the better.
The biggest change in me is that I have become more accepting of the vagaries of life. In China, you are either patient or you go mad. Internet, WiFi, hot water, heat, electricity: none can be taken for granted at any moment. If you are brave enough to travel on surface roads, you have to expect unexpected delays. You have to let go of the things you can’t control. That’s a big change for me.
You also have to be decisive … or die. (As Joe Biden would say, “literally” die.) Bicyclists pedal every which way. Near misses with another bike … or a pedestrian … or a car … are everyday occurrences. If you don’t push your way out of the crowded subway car, you miss your stop. Don’t think. Act. All in all, I like that philosophy.
At the same time, I feel I have become a lot less materialistic. Americans like to collect things. I like to collect things. Everyone who knows me knows how many things I have collected. In China, I live in a spartan apartment with nothing on the walls, a pot, a pan and enough clothing for ten days. I feel oddly liberated. I realize that I don’t need “things” to make me happy. I need to do things that make me happy. And I have discovered that spending time with friends makes me a lot happier than spending time with “things.”
My professional makeover — new occupation in a new land — also has allowed me to evolve into a different kind of leader. As president of the National Press Club and Washington bureau chief for the Houston Chronicle and Hearst Newspapers, I led by example and governed by consensus. That wasn’t always the formula for success — or effective management — I learned. Too many times, people mistook collegiality for weakness.
Starting over in China, I realized the importance of being a strong, focused, disciplined leader. No more “player-coach.” I hope I have earned the right to be an authority figure both from my knowledge of my subject and my post at the university. Whatever I do in years to come, my time at Tsinghua will have shaped me as a leader.
I’ve also become much more of an environmentalist. Not in the sense of political activism. But in the sense of appreciating clean air, clean water and cooking oil that doesn’t make you sick. It’s a bit spooky to travel around your (new) hometown wearing an anti-particulate mask by 3M. It’s disconcerting to have a thin layer of toxic dust on your bicycle seat in the morning. This is what can happen to the world if we don’t do more to reduce carbon emissions and create green technology — now.
And that brings me to my final thought about the future. My journalism students have made me even more optimistic about the future. After all, they are preparing to enter a business with an uncertain future in a nation where the future of journalism is quite uncertain. But they are some of the smartest young people I’ve ever worked with, and they have a breadth of knowledge and a drive to do well (and do good) that makes me think that they can change the world.
I hope so.
They already have changed me.
It’s been nearly three months since I arrived in Beijing, and I’ve finally had my first attack of homesickness.
It started two weeks ago with a trip to a local Western market to pick up the fixings for macaroni and cheese (the real thing, not the Kraft version). It was followed by my birthday dinner of Texas BBQ and chocolate cake with peanut butter frosting. Then I broke down completely yesterday and went to Jenny Loo’s supermarket with my friend Eunice. My haul — a rare taste of Americana — included fresh bagels (“Montreal style”), feta cheese, olives, canned diced tomatoes for pasta sauce, fresh tortillas, tortillas chips, salsa, peanut butter and a Woody Allen movie.
A pretty pricey splurge, all told, except for the Woody Allen movie (“Midnight in Paris”), which cost 13 yuan, or $2.16.
I’m whipping up my famous linguini tonight with some of my big food purchase. But before I do, here’s a quick list of ten things I really miss after 11 weeks in China — and some that I decidedly do not.
What I miss:
1. My wife and family
2. The National Press Club
3. Live NHL hockey
5. My good friends back home
6. Weekend trips to Philadelphia or New York
7. Trader Joe’s
8. Gossiping with my Texas political sources
9. Good wine at good prices
What I Don’t Miss:
2. American cable news in general
3. The newspaper world I left behind
4. Cable TV
7. Texas BBQ (I’ve been surprised by the fine barbecue here.)
8. The Washington football team with the racist name
9. Rush Limbaugh and the vast right wing conspiracy
10. U.S. media coverage of the 50th anniversary of the Kennedy assassination
As the newest American political analyst on Chinese national television, I’ve been asked to explain the U.S. government shutdown and default showdown.
It’s not easy.
How do you explain the farce that Washington has become? Lawmakers shutting down the government because of an issue not directly related to spending. Hostage-taking is for terrorists, not for Republicans.
International observers are even more baffled by the brinkmanship over the debt ceiling. Why, I am asked over and over, would congressional Republicans threaten the full faith and credit of the United States, risk a relapse into recession and jeopardize a very tenuous economic recovery around the world? Why would they, through their illogical enterprise, encourage other nations to replace the dollar as the global reserve currency, which will do nothing but create inflation at home, make borrowing more expensive for the American government and American consumers, and stifle foreign investment in the United States? And why is President Barack Obama incapable of rescuing the nation from the tar pit of Capitol Hill.
It’s a lose-lose proposition.
Are there any winners in the Washington wackiness? Not really, though there are some short-term gainers. Here’s my long list of losers and short list of winners in the continuing congressional catastrophe.
The House Speaker looks like a hostage being forced to read a script by his radical captors. He looks weary. He looks very, very sad.
He looks weak.
They look extreme. Actually, they look beyond extreme. And incompetent.
The Tea Party
Did we mention extreme? The current situation is reminiscent of the Vietnam War-era saying, “We had to destroy the village in order to save it.”
They look weak, too, as the Tea Party tail continues to wag the Republican dog.
The Republican Party
The Grand Old Party is lurching toward the political cliff in the 2014 midterm elections. Its best asset: gerrymandered House districts. Its best ally: discombobulated Democrats.
The United States.
Forget partisan politics. Congress has made the U.S. an international laughingstock. The double showdown has led to grave global doubts about the reliability of the United States and the leadership skill (and power) of its president. So this will hurt the country for a long, long time and its president — whoever that may be, Democrat or Republican.
The U.S. economy
In the short run, thousands of Americans are without paychecks, tourism revenue has plunged and consumer confidence has taken a hit. Businesses have another reason to hold off on hiring. In the long run, interest rates will be higher and loans will be even harder to obtain for individual Americans and corporations alike. And they call Republicans the pro-growth party?
The global economy
The self-induced crisis in Washington has shaken global confidence in the United States If American lawmakers blunder into a default (still unimaginable from my distant vantage point), it would almost certain trigger an international recession as China, Japan, Brazil, the EU and other leading U.S. creditors take a massive hit. The consequences would be so severe that it’s not even worth contemplating.
The U.S. Congress wouldn’t do something so wantonly self-destructive, would they?
Remember Smoot-Hawley? Call this modern-day version Cruz-Boehner.
Harry Reid and Mitch McConnell
There really are no winners in Washington, but the closest thing to it are the Senate leaders. Instead of acting like squabbling partisans, they are playing the role of sober cops coming to restore order after a frat party has descended into anarchy and drunken debauchery. Officers Reid and McConnell, your country needs you. Now.
In the short term, the freshman senator from Texas has become the hero of the ultraright, the face of Fox News, the Earl Grey of the Tea Party. In the long run, he will have to overcome the first impression of two-thirds of Americans (who know who he is) that he is a right-wing ideologue. Polls show that he’s poison among independent and swing voters outside of the Lone Star State.
They are only winners because House Republicans look so, so bad. The Dems haven’t won any awards for profiles in courage or bipartisan bridge building. Except another Bridge to Nowhere.
Ratings are way, way up at the nation’s favorite cable channel for nerds and policy wonks. Heck, it’s the most bizarre reality show on television. And, unlike the Kardashians, it has real-world consequences.
The government in Beijing has won in two ways (so far). First, President Obama canceled his Asia trip, allowing first-year Chinese President Xi to be the star of the show at APEC. And China-bashing Washington Republicans have succeeded in making Beijing the victim of irresponsible fiscal policies in free-enterprise America that could lead to default. A bizarre lesson in capitalism.