2018
September
14
Friday

Monitor Daily Podcast

September 14, 2018
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Mark Sappenfield
Senior global correspondent

If you click on this link, you will see a map of the area around Lawrence, Mass., Thursday night. Each one of the dots in the constellation denotes a report that a house was leaking gas, was on fire, or had exploded. There were more than 60. It looks like a war zone. And the first responders called to the scene said it felt like exactly that. The massive gas leak was “something that I’ve never experienced in my fire service career, and hopefully I don’t have to experience it ever again,” said one local fire chief.

Yet the responders flooded in – from towns next door and across the region. And as our Clay Collins (who lives not far away) listened to the response on a scanner app, he was struck by “that reassuringly calm choreography we’re accustomed to hearing” – whether it was 9/11 or the California fires. When the crew on a truck from neighboring Topsfield that had been standing by for hours asked to be spelled, “relief was dispatched immediately,” he notes.

Staff writer Patrik Jonsson has seen the same thing covering multiple hurricanes. And he’s getting a glimpse within his own family. His wife is training to become a volunteer firefighter, and one lesson they learn, he says, is “walk, don’t run.”

This weekend in the Carolinas, the wind and water will also unleash a different force: poise. “ 'Balletic' is a good word,” Patrik adds. “Grace amid chaos is how I've seen it play out in real-time situations.”

Now, here are our five stories for the day, which explore how thought is shifting in massive war games in Russia and in an idyllic house for Muslim women in Jordan. And we also invite you to explore for yourself how well Obamacare is working.


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Today’s stories

And why we wrote them

A deeper look

Michael Bonfigli/Special to The Christian Science Monitor
Becky Ianni, shown at her home in Burke, Va., was 8 when her family’s parish priest began to abuse her. After years of seeking justice from the Catholic Church, she received part of what she wanted most: Her diocese publicly acknowledged what happened to her.

The question overlays every detailing of the sexual abuse of children by trusted spiritual figures: How can there be justice for such a crime? We asked several of those now-grown children what, exactly, ‘justice’ would mean for them.

Sergei Grits/AP
Russian, Chinese, and Mongolian national flags catch the wind during a military exercise about 160 miles southeast of the city of Chita during the Vostok 2018 joint military exercises in Eastern Siberia, Russia, Sept. 13.

War games are often about bluster, and the current massive joint military exercises between Russia and China are no different. Yet in subtler ways, they might also hint at how the US is compelling each to consider the other anew. 

The Redirect

Change the conversation

What the Affordable Care Act has really meant for insurance shoppers

The idea for this graphic came from a reader. She wanted a state-by-state look at how the Affordable Care Act was affecting premiums so she could cut through all the political spin herself. We thought: What a great idea! So ... voilà!

SOURCE:

Analysis by consulting firm Avalere Health and The Associated Press

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Jacob Turcotte and Rebecca Asoulin/Staff

Here’s a story that embodies so much of the Monitor – exposing the venal and brutal thinking that has surrounded so-called ‘honor’ crimes in the Muslim world for so long, and finding the seeds of change taking root. 

Michael Dwyer/AP
Master of ceremonies Marc Abrahams launches a paper plane in front of Human Spotlight Jim Bredt during the Ig Nobel awards at Harvard University in Cambridge, Mass., Sept. 13. The prizes are 'intended to celebrate the unusual, honor the imaginative – and spur people's interest in science, medicine, and technology.'

An annual tongue-in-cheek awards ceremony at Harvard highlights the importance of play, lateral thinking, and outright frivolity in the natural sciences.


The Monitor's View

AP
In this Sept. 16, 2008 photo, traders at the New York Mercantile Exchange react to the bankruptcy of Lehman Brothers, a titan of Wall Street.

Ten years ago on Sept. 15, the financial firm Lehman Brothers filed for bankruptcy, triggering the worst global recession in decades. The 2008-09 economic crash created much hardship and exposed many inequities, yet it also led to new regulations and spawned endless books and movies about the lessons learned.

Largely unnoticed on this 10th anniversary, however, is the fact that it also awakened an improved culture of prudence in many financial firms as well as other companies. Out of the bust came a boom in the hiring of “chief risk officers.”

While financial crises are hardly new, the job of “risk manager” was invented only about two decades ago. Such employees are now integral to many companies, charged with spotting hidden operational risks, such as fraud or excessive debt.

One overall purpose in their job: Don’t let a company become complacent in thinking it can take on more risk by assuming government or creditors will rescue it.

The crisis a decade ago did lead to massive bailouts of several firms, a step seen at the time as necessary to prevent a systemic collapse of financial markets. But Washington also set down tough rules to push companies into avoiding “moral hazard,” or a tendency to take big risks because of a belief that government will ride to the rescue again.

“There was a real danger that moral hazard created by our actions to resolve this crisis could plant the seeds of a future crisis,” wrote Timothy Geithner in a 2014 book about his role during the crisis as president of the Federal Reserve Bank of New York.

Part of a risk officer’s job is to help managers avoid poor decisions that would badly affect the welfare of others – such as the past practice of selling mortgages without full disclosure about the ability of homeowners to pay them off.

“If you fail to ... serve customers and counterparties in an ethical manner, you could be headed for some negative outcomes,” says Nancy Foster, head of The Risk Management Association, a body of some 18,000 professionals.

If more banks now see themselves in the welfare of others, they are practicing the golden rule. Risk officers are really affinity coaches, enabling empathy among employees toward clients, customers, and even the broader economy. 

In that sort of morality, there is little or no hazard. And perhaps it is also a key lesson from a crisis that has offered so many teachable moments.


A message of love

Gemunu Amarasinghe/AP
Bangkok city workers use a barge to sort floating garbage during a garbage collection in a canal in suburbs of the Thai city Sept. 14. Thailand’s households generated 27.4 million tons of garbage last year, according to the Thai pollution control department, with 8.52 million tons being recycled.
( The illustrations in today’s Monitor Daily are by Jacob Turcotte. )

A look ahead

Thank you for joining us today. We deeply appreciate your support of Monitor journalism. On Monday, we’ll have a look at what the economic world has learned since the collapse of Lehman Brothers investment bank, which happened 10 years ago this weekend and was seen as marking the deepest crisis of the Great Recession.    

Also, we have a bonus story for your weekend, as the Monitor’s Peter Rainer looks at how comprehensively #MeToo has affected one of the annual rites of the film world, the Toronto Film Festival. You can read Peter’s full report from Toronto here

More issues

2018
September
14
Friday

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