Proposed $700 Billion Bailout Worries Elon

Proposed $700 Billion Bailout Worries Elon
Short term remedy and long term implications cause pause

By Hannah Williams
Sept. 24, 2008

Elon, N.C. - The proposed $700 billion bailout of U.S. financial firms raises concerns of practicality and feasibility at Elon. Federal Reserve Chairman Ben Bernanke hopes the plan will ease financial turmoil and restore faith in U.S. markets.

 

Tom Frick updates the financial information at the Reed Finance Center at Elon University.

“Wall Street has changed more in the last week than it has in the last half century,” said Tom Frick, a business finance and economics major at Elon University who works in the Reed Finance Center.

Frick supports the effort as a preventative measure and expects that the $700 billion plan – an equivalent of $2,333 per American – to preempt a collapse of the financial sector will be less costly than repairing a failed economy if the problem festers.

“Nobody likes to hear that taxes are going up,” said Mike Dula, Elon town manager. He said most taxpayers would be resistant to any new taxes, especially those due short-term.

Dula said a failed economy, however, would hurt Elon more than new taxes to stabilize the economy.

Elon’s main tax revenue is from residential taxes. Dula said with the current economy and waive of foreclosures, Elon has almost no residential construction.

Dula approved the effort behind the bailout. “I don’t think that letting it take its own course is probably a good thing.”

Stephen DeLoach, department chair of economics at Elon University, said the general idea of the plan is right, a needed effort to infuse liquidity into the financial markets.

“We don’t want banks and financial institutions to stop loaning money, because the main groups in the economy that borrow significant chunks of money are businesses,” DeLoach said.

He explained, “If businesses can’t borrow money, they’re going to go under. Then we lose jobs. Etcetera, etcetera.”

DeLoach’s qualms with the bailout are in the details. The apparently no-strings-attached plan to salvage the U.S. financial institutions is not the best solution, DeLoach said.

“If we, worst case scenario, buy $700 billion dollars of bad debt, that $700 billion will now get added to the national debt, which will eventually cripple the economy. Or we’re going to have to pay higher taxes, which also cripples the economy,” DeLoach said.

DeLoach said an alternative to the buyout is purchasing stock in the institutions to have a stake in their recovery, following the model Sweden set when it faced a similar situation.

“We could save ourselves hundreds and hundreds of billions of dollars, if we demand stock in return for taking on this bad debt, which basically is not going to get paid off,” DeLoach said.

Student Government Association President Chase Rumley said that private investors should get involved, citing Warren Buffet’s recent $5 billion investment in Goldman Sachs.

“I don’t think the government bailout is going to do anything,” Rumley said. “It’s just going to make us a more like a socialized economy.”

Mike Duff, a junior from Boston taking a finance class at Elon, also expressed concern about the long-term implications of the plan.

“The economy is in a really bad slump right now, and it’s almost getting to the point where I don’t know if we’re ever going to be able to come out of this recession for a while,” said Duff.

Multimedia to follow.

Considering Grad School? Plan Ahead Say Elon Alums

Considering Grad School? Plan Ahead say Elon Alums
By Hannah Williams
Sept. 23, 2008

Elon alums stress the importance of starting early and strategizing to undergraduates considering graduate school in a career services seminar Tuesday.

“It’s an alphabet soup of graduate school,” Art Fadde, director of graduate admissions at Elon University, joked with students considering a variety of graduate programs. His advice: be strategic in the preparation and application processes.

“Believe it or not, it is almost an 18-month cycle,”  Art Fadde, director of graduate admissions at Elon University, said.

Fadde reassured the seniors in the audience: ”Don’t panic. Still got plenty of time. It’s late September.”

Most deadlines will be late fall or early spring for competitive graduate programs, but its never to early to start planning.

Fadde encouraged students to investigate their graduate program options with the same rigor they employed in their college search.

He recommended students begin their search at www.GradSchool.About.com and refine their search geographically and disciplinarily at www.GradSchools.com.

Kathryn Wheet, ‘04, completed her master’s in business at University of North Carolina – Greensboro this past spring. She recommended that undergrads hone in on four key factors when selecting a program:

1. Location. Where do you want to study? Is the campus safe?
2. Program design. When are courses offered? Day or Night? Full- or part-time? Is work experience required? Is funding available?
3. Specializations. What concentrations are offered?
4. Faculty and Alumni. What are their specialties? Where are they now? What is their opinion of the program?

After selecting the program that’s right for you, planning is essential.

Eric Chaiken, ’03 music performance graduate, said that he initially rushed into the graduate school application process, which led to rejection.

After several years, Chaiken reevaluated and applied to the career counseling graduate program at North Carolina Central University.

“You don’t have to get your master’s degree in something that you got your undergraduate degree in,” Chaiken told students; however, it is necessary to have a strategy.

A checklist of activities students considering graduate school should pursue.

Fadde gave students the inside scoop on selection criteria on which graduate admissions committees base decisions.

The criteria break down into two categories: objective and subjective. The objective criteria, Fadde said, is more important.

Students will be judged on their undergraduate academic records and standardized test scores.

Committees will consider the undergraduate institution attended, academic rigor, GPA and program-specific curriculum. The average minimum GPA for consideration is a 3.0, Fadde said.

Standardized tests are the only available method of objective cross-institutional comparison.

Fadde told students, “The standardized test is either going to be a door-opener or a door-closer for a lot of people.”

Magic numbers most programs look for, he said, are 500 plus on the GMAT and 1,000 plus on the GRE.

“It is a test, so you can study for it,” Wheet said. She claimed that test prep and practice tests familiarized her with the test format, which meant she could focus on content on test day.

Elon offers a free practice GRE Sunday, Oct. 12. Students must register in advance. Visit www.Elon.edu/Careers for more information.

Subjectively, applicants will be evaluated on their personal statement, letters of recommendation and interactions with directors and faculty, Fadde said.

He told students to use their statement as the opportunity to tell their story and then relate it to their desired program.

He suggested that students build rapport with their professors through face-to-face interactions. When seeking letters from professors, he said, qualify that you seek a favorable recommendation.

Finally, show initiative in meeting with program directors. Even though it may merely be information, Fadde said, admissions directors will be evaluating an applicant’s interest and preparedness.

Success in identifying and gaining admittance to your dream graduate program requires self-initiative. Furthermore, the program itself will not be a cakewalk.

Chaiken warned students to expect heavy workloads: “When you’re in graduate school, your social life diminishes quite a bit.”

Build new media skills, says Ferrier

Build new media skills, says Ferrier
Adapt to changing news ecology while maintaining old values Michelle Ferrier tells an Elon reporting class

By Hannah Williams
Sept. 21, 2008

Michelle Ferrier addresses Elon communications students and faculty regarding the changing news ecology.

ELON, N.C. – Michelle Ferrier predicted the evolving world of news will become increasingly dependent on social media tools in a discussion with Elon student reporters and communications faculty Friday.

She encouraged students to experiment with emerging technology: “Build the flexibility and the knowledge sets that you have to be able to dance between the old and new media with elegance.”

Ferrier has applied for a faculty position in the new interactive media master’s program to be offered by Elon’s School of Communications beginning summer 2009.

Ferrier is the proprietor of MyTopiaCafe.com, an online community for the residents of Volusia and Flagler counties in Florida. It is an interactive news site parented by The News-Journal of Daytona Beach, Fla.

The site boasts 2,200 registered users, 10,000 posts and 100,000 monthly hits after one year of operation, which it celebrated Sept. 15.

Ferrier described MyTopiaCafe.com as a hyper-local site for area residents. “It’s a place to be and be seen,” she said.

Furthermore, Ferrier said she hoped that the site had the feel of a local coffeehouse bulletin board, allowing people a platform to share information they value with their community.

Ferrier defined her role as a community weaver: “Someone who’s brokering conversation and brokering interest within the community.”

In the changing news ecology there’s no central core, she said. “It is a much more distributed, news-information gathering, sourcing, creating process,” Ferrier said.

The Old News Story. Courtesy of Journalism that Matters, News Tools ‘o8.

New technology forces legacy media – print, broadcast – to reevaluate their role.

Previously, editors played the central role in news media, assessing the community situation and presenting the news accordingly. Ferrier said, not so anymore.

“Flows and dynamics are changing between the roles, and the roles themselves are changing,” Ferrier said.

Ferrier equated legacy media to a sidewalk that is beginning to buckle and crack under the pressures of new technology and changing revenue streams. The new, flexible media bubble up through the cracks to fill the needs of the community.

Technology is now as accessible as ever. Widgets and other web tools make constructing a website like building with Legos, said Ferrier.

She also highlighted the benefits of social networking sites.

“Between two [virtual] handshakes,” Ferrier said, “you might know the head of a corporation.”

The changing news ecology raised some concerns for Ferrier. An interactive media environment could potentially lead to a pull-based media model.

“How are you going to get a good, balanced diet of information,” Ferrier wondered, “to be able to challenge your long-held beliefs, to be able to get different points view, to be able to grow to participate in a democracy?”

The Emerging News Ecology. Courtesy of Journalism that Matters, News Tools ‘o8.

Ferrier also feared for people’s privacy, especially those in online social networks like Facebook and MySpace. She warned the college students in particular to be aware of their profile content.

“You may think your expunging your record to some extents,” Ferrier said; dropping her voice to a whisper, she added, “It’s still there.”

Regardless, new media is emerging to fill roles that old media have relinquished.

Craigslist provides free online classifieds and a new advertising model.

Readership is being transformed by search portals, RSS feeds and email links.

YouTube, Twitter and social networks arose to fill the news hole left by decreased print media resources.

“Displaced journalists” and concerned community members transformed into bloggers and comprise the staff of these new Web 2.0 media organizations.

Ferrier reminded her audience that the new media demanded more than tech savvy.

“You have to be in and of the community, engaged in the community,” Ferrier said, “in order for this technology to survive.”

Students compete in Campus Rec Sportsfest 2008 at Elon University

Team Work pulls its way to victory, finishing second in the tug-of-war and first overall.

Students compete in Campus Rec Sportsfest 2008
Team Work ‘chooses not to lose,’ takes home title

By Hannah Williams
Sept. 18, 2008

Student teams assembled on Elon’s soggy intramural fields and competed in various grueling athletic challenges contending for the title of 2008 Sportsfest Champions Friday.

The co-ed teams of ten faced their competitors in tests of strength, accuracy, coordination and cooperation under the beating sun Friday afternoon – after the threat of rain subsided -and persevered into late evening under the lights.

Team Work proved victorious and took home the coveted title of 2008 Sportsfest Champions.

Team Red Hot, comprised mostly of orientation leaders, secured second place – with the help of a lot of spirit points said team member Becca Bender, a junior.

The Fighting Squirrels came in third. The team of Billy House residents won the flag football bracket for the second year in a row.

Competitors gather to watch the 4-on-4 volleyball matches.

The events included:

- 10-on-10 Tug-of-War
- 1-on-1 Putting
- 1-on-1 Jenga
- 2-on-2 Bocce
- 2-on-2 Home Run Derby
- 2-on-2 Cornhole
- 4-on-4 Flag Football
- 4-on-4 Volleyball
- and 6-on-6 Dodgeball

All competitors took home a souvenir shirt courtesy of Campus Rec, encouraging participants to “choose not to lose.”

Elon Remembers

Elon Remembers
Memorial at Fonville Fountain pays tribute to victims of Sept. 11 

By Hannah Williams
Sept. 11, 2008

Elon students gather at Fonville Fountain to remember Sept. 11.

Elon, N.C. – University Chaplain Richard McBride led Elon students, faculty and residents in remembering the events of Sept. 11on the seventh anniversary of the tragedy in front of Fonville Fountain Thursday. The flags flew at half-staff.

McBride recalled events of Sept. 11 on Elon’s campus: The community was gathered around Fonville Fountain for the ritual Tuesday College Coffee. The opening of Rhodes Stadium and the introduction of Elon’s new marching band, the Fire of the Carolinas, called for a festive celebration.

As people in the crowd began to discuss what they had heard, the mood turned somber.

“President Lambert approached the microphone, announced the tragic news,” said McBride. “There would be no celebration that day. Then he turned to me and asked me to offer a prayer.”

Again Thursday, McBride offered a prayer for victims and families, police and firefighters, rescue workers, hijacked plane passengers and survivors of the Sept. 11 tragedies. 

“We need to approach it with reverence and continue to seek to understand it,” McBride said. “To understand it with our minds, and also with our hearts.”

Students placed 300 luminaries representing Sept. 11 victims on the lawn in front of Fonville Fountain Thursday.

Commemorators were invited to distribute and light 300 luminaries on the university lawn, each representing ten people who died Sept. 11, 2001.

McBride encouraged people to place the luminaries at random, wherever they felt was right, “because there was chaos that day, bodies fell from the sky in uneven patterns.”

The ceremony concluded with the lighting of the luminaries and the lowering of the American flag.

“Taking thirty minutes out of my day, just for a quick prayer and to show my support for someone who did lose someone, meant a lot,” said student Jay Celin.

Kristin Schulz said she came for unity.

“9/11 is a chance for us all to feel united as a country again and really remember we are all part of one world: humanity. And that that’s what’s important and what we have to remember everyday, not just on 9/11.”

Two Elon students embrace amid the luminaries representing Sept. 11 victims.

 

Elon officials fold the American flag, after lowering it in tribute of Patriot Day.

 

Members of the U.S. Armed Forces and the Elon community joined students, faculty and staff in commemorating those who died Sept. 11, 2001.

 

Students reflect on tragedy amid 300 luminaries, each light representing ten people who died on Sept. 11.

A student relects on the Sept. 11 tragedies, sitting in silent meditation Thursday evening.

Elon freshmen answer Call to Honor

2012 officers sign honor book, class recites honor pledge 

By Hannah Williams
Sept. 11, 2008

ELON, N.C. – The class of 2012 pledged to uphold Elon’s Honor Code during the school’s third Call to Honor ceremony in Alumni Gym Thursday.

SGA President Chase Rumley welcomed the freshman class to the university community, reminding the students, “We are honor bound by the values of honesty, integrity, responsibility and respect.”

Rumley encouraged students to embrace these four values for life – both academic and otherwise.

“As students we are preparing for citizenship on a larger stage in the national and world community,” he said. He invited students to gather at Fonville Fountain at 6 p.m. today to remember Sept. 11.

Michael Bumbry, 2007 SGA President and current member of Elon’s Board of Trustees, challenged students to pursue lofty goals.

“At the end of the day, what matters most is legacy,” Bumbry said. “The goal is merely secondary, but the journey is most important.”

Officers from each of the four classes signed their names to the Elon Honor Book and lit candles for each of the core values.

Speaking of integrity, Senior Class President Danielle Durst said, “We speak of what it means to be a whole person, undivided.”  She called students to be true to their word and honor commitments.

Jenny Statley, junior class president, stressed the importance of responsibility. “In a world of variables, the only thing that we can control is ourselves and our actions.”

Sophomore Class President, Justin Peterson, reminded students that they are members of a privileged group, encouraging them to “never take Elon for granted and respect our school . . . and ourselves.”

Rachel Long, the newly elected freshman class president, received applause from her peers, saying, “When you practice honesty, others come to see you as someone who can be trusted and relied upon.”

The class officers led the assembly in signing Elon’s Alma Mater, and President Emeritus Earl Danieley closed the ceremony by reading Elon’s Honor Code aloud. 

President Emeritus Earl Danieley at Elon's Call to Honor Sept. 11. Courtesy of Elon University.

“Today we are entrusted with the honorable legacy of Elon University, dedicated to the intellectual, personal and spiritual growth of all its members, to the advancement of knowledge for the good of all, and to the service of local, national and global communities. To that end, we affirm our commitment to the core values of our university:

“We commit ourselves to honesty, being truthful in our academic work and in our relationship with others.

“We commit ourselves to show integrity, being trustworthy, fair and ethical.

“We commit ourselves to responsibility, being accountable for our actions and for our learning.

“We commit ourselves to respect, being civil, valuing the dignity of each person, and respecting the physical and intellectual property of others.

“With these commitments we join generations of Elon students as bearers of its honor.”

Political analyst Charles Cook examines 2008 presidential election outlook at Elon University

2008 presidential election unpredictable, says Cook
Political analyst examines campaign outlook during third Elon visit

By Hannah Williams
Sept. 11, 2008

ELON, N.C. – Audience members packed into Whitley Auditorium Monday, filling the balcony and spilling onto the floors of the upper wing, to hear political analyst Charles Cook’s take on the upcoming presidential election. A close race that Cook said, “Took the rule book and chucked it out the window.”

In Cook’s 24 years of political analysis and 12 years of prior political experience, he’s never seen such an unpredictable race.

“You’d have to go back 40 years to 1968 to find and election as tumultuous with as many twists and turns as this year’s,” Cook said.

 

Political analyst Charles Cook fields questions from the audience in Whitley Auditorium after his speech Monday.

Cook explained that Sen. Barak Obama cinched the Democratic Nomination by taking on the role as the “Anti-Bush.”  He hypothesized that perhaps Democrats were “looking for a new iconic figure, looking for a charismatic figure. Maybe that was Barack Obama.”

Obama became a symbol for change, Cook said, and the Democratic party embraced that ideal: “Change is good; the more the better.”

Referencing his college-aged children who had been previously disinterested with politics, Cook explained Obama’s appeal.

“My daughter and my older son, who a week earlier could not have spelled either ‘Barack’ or ‘Obama’ were suddenly enamored with in him.”

Cook suggested that Sen. Hillary Clinton did not garner the support of as many young women as expected because they, like his own daughter, did not see themselves as part of a discriminated class as women. Cook’s daughter was floored and thrilled,  however, at the prospect of having an African American president.

“Take all that together and it was like nitroglycerin, some kind of jet fuel, that just propelled Barack Obama,” Cook said.

Either way, this election will make history, Cook reminded the audience, since Sen. John McCain selected Gov. Sarah Palin as his vice presidential candidate. Palin is the first on the GOP ticket.

Cook suggested McCain made history himself.

“This is the first time we’ve had anyone as dead politically as John McCain come back and win a presidential nomination in effectively seven months.”

McCain came out the front-runner in the Republican primaries, said Cook, because he showcased the “core Republican value” of competence. By selecting Palin as his running mate, McCain excited Republicans at a grassroots level, explained Cook.

“McCain is seen as a maverick, not really a team player,” Cook said. Palin, however, is a republican favorite, according to Cook. “She’s an asset, unless she becomes a liability.”

Cook classified the race as unlike anything ever seen before. He explained that, fundamentally, the odds seem to be in Obama’s favor; noting, however, “the fundamentals haven’t mattered much this year.”

Cook claimed Obama has “90-odd percent of the African American vote,” “90-odd percent of the Hispanic vote” and about half of the white voters under 50. In order to win, hypothesized Cook, Obama would have to overcome the resistance from white voters over 50, especially those above 65.

“If Obama makes that connection, he can win it big,” Cook said. 

OneWebDay – Studying, Traveling, Communicating

Internet aids student’s study abroad in Copenhagen, Denmark

By Hannah Williams
Sept. 10, 2008 

World's Greatest Personal Assistant = My Laptop with an Internet Connection.

Elon, N.C. – Spending a semester abroad, studying in Copenhagen, Denmark, and traveling Europe by myself could have been completely overwhelming. Could have been, but wasn’t. I brought along my trusty companion: my laptop. Equipped with an Internet connection, I knew it could do practically anything.

Research assistant. Collaboration manager. Submission service. Regardless of the stereotypes, I did STUDY abroad. I even collaborated with my mentor, Elon University Professor Brooke Barnett, to apply for a Lumen Prize, which enables me to research media rhetoric of terrorism coverage over the next two years. Without the Internet, I wouldn’t have had the information to complete my proposal nor the resources to submit my application (at 6 a.m. in Dublin) and win one of the prizes. My Lumen work is now underway, thanks to the Internet.

Travel agent. Tour guide. Trip advisor. Five months in Europe is not a long time. Searching online, I was able to make arrangements to travel by plane, train and automobile to 11 countries. Thanks to other travelers’ tips and online city guides, I toured the Cliffs of Moor in Ireland, Loch Ness in Scotland and the Swiss Alps. Weather.com helped me assess what to pack. Thanks to the Internet, I had an umbrella in Krakow.

Communicator. Photo album. Friend. Six time zones may have separated us for over five months, but I never lost touch with my friends and family. We exchanged stories, complained about homework and shared photos. My best friend shared her wedding plans via AOL Instant Messenger. My uncles emailed me photos of my newly-adopted cousins. I assured my parents that I was alive by posting on my blog. I scheduled virtual face-to-face Skype time with friends. No lag time, no waiting. Six hours difference, halfway around the world and I had my friends at my fingertips. Literally. All thanks to the Internet.