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From Government, Military, Intelligence, and Law Enforcement

“I’m very impressed with John’s book if for no other reason than it forced me to re-look at my own sources of information and evaluate how I learn, retain, and express my personal views of domestic and international events. I had not realized just how mired I had become in a single, right-leaning perspective. The ROIL System is a motivator; a tool that pushes the reader, especially us Boomers, to explore a wider spectrum of information sources. As I write this endorsement I am living in Baghdad, working as a security advisor to a major U.S. contractor. Information in my line of work is essential to survival, literally. Linear or single track thinking is dangerous in my business. The ROIL System prevents that, if you’re willing to look at and listen to opposing views. After all, if you don’t understand what the other guy is saying, how can you counter what he’s doing?” Anthony Blondell, Jr. Major, US Army, retired, currently senior security coordinator; Kellogg, Brown and Root, Baghdad, Iraq

“The ROIL System gives the reader a readily available blueprint to track down and obtain the sources of information necessary for any American to be an informed citizen of both the US and the world. I know many professionals who will benefit from using the techniques John Daly identifies in ROIL.” Jim Handlin, former CIA case officer and author of Survivors of Predator Priests
“Between 24-hour cable news cycles, the Internet, and blogging, there is no end to how much information is available at our fingertips. The key is understanding how to get to the meat of the issue and get around all the bias and gossip. For those who follow John Daly’s ROIL System, the result is a better sense of how events and issues around the world are truly unfolding.” U.S. Senator John Ensign, Republican from Nevada

“In American politics today we have witnessed a disturbing decline in basic decorum. Anger, name-calling and unbridled animosity toward others that would have been shocking a generation ago have become commonplace today. I would urge every member of Congress, indeed every elected official, to read John Daly’s book. We live in a time in which people feel fervently about key issues and express their views with intensity. That is a good thing, but it is important to make sure that our views are shaped by a true understanding of the issues. We must learn to listen to others and truly understand. I am convinced that the ROIL System can make an important contribution not only to bringing about greater comity in American politics, but in helping us come together as a nation to solve many of our most pressing problems.” Retired U.S. Senator Dennis DeConcini, Democrat from Arizona

“This book is a roadmap to becoming more informed and better educated about our daily events. I strongly recommend it to anyone who wants to understand both sides of the table and the purpose of each group’s positions. For me, I will use it to better prepare myself for the investigative interviews I routinely conduct. I also believe that it will help me in my day-to-day conversations, because your opinion is much more respected when you speak from what you know. Being evenly informed is a valuable tool.” Detective Jack Ballentine, Phoenix Police Department Homicide Unit

“Perhaps the most crucial skill to a law enforcement professional like me is the ability to quickly digest vast amounts of information from many biased sources and accurately assess it. Fortunately, the officer’s job in the field is always made easier by his ability to personally interact with human subjects—a benefit that is absent when assessing raw media data. John Daly provides not only a systematic method of effectively gathering and interpreting various forms of raw and biased media information; he educates the reader in the all-important techniques of developing contacts and exploiting information from human sources. Daly’s ROIL System was formed in the crucible of investigative reporting and media insight and it is conveyed in a manner that only a veteran and master journalist could achieve.” Michael H. Green, police sergeant, East Hampton, Connecticut

From Journalism and Education

“With the media bombarding us with information 24/7, and with so many agendas from left to right, John Daly offers an easy-to-understand and valuable way to find the news nuggets we need from among all the verbal and printed rubble. He demonstrates how to be informed, while keeping an open mind. That takes talent to explain and basic intelligence to execute. And unlike so many in the media, John does not insult his readers’ intelligence.” Gerry Brooks, news anchor, WVIT NBC 30, Hartford, Connecticut

“John Daly is a top-notch journalist. His book lets you in on the little-known secrets top-notch journalists use to keep abreast of the news. Buy it and use it to machete your way through the information jungle to a clearer understanding of what’s going on in the world, and why!” John Dancy, retired NBC News Correspondent, Professor of Journalism at Duke University

“For all of us who need to have a ‘big-picture’ view of the world to help us make good judgments on specific issues, this book efficiently gives solid advice on seeing all while avoiding information overload—an invaluable tool for the overworked!” Geoff Wardle, Acting Chair, Transportation Design Department, Art Center College of Design, Pasadena, California

“Who has the time? How many times have we used that question as an excuse for just about anything that could help improve our quality of life? Trying to balance my life as a national sportscaster, mother and wife, I never could find the time to tap into the ocean of information that was out there. I used to get caught up in the undertow, until John Daly’s ROIL System taught me how to swim!” Linda Cohn, ESPN

“John Daly’s ROIL System is the ‘how to’ guide to dealing with the media. From a screenwriter’s perspective, Daly has a library of knowledge that is both humorous and informative. It has shown me the intricacies into the so-called backstage elements of a media-based society. I highly recommend this read for writers of all genres.” Eric Snyder, screenwriter and sports journalist

“John Daly has provided me with my Bible. As a recent graduate entering into the current world of journalism, I was faced with a countless amount of questions and concerns. I can finally take a sigh of relief. The ROIL System has helped guide me towards ideas and thoughts that will help shape my career.” Meagan Farley, journalism student

“If we take John Daly’s ROIL System to heart, it will yank us out of the comfort zone that Walter Lippmann warned about a century ago in his book, Public Opinion: ‘For when a system of stereotypes is well fixed, our attention is called to those facts which support it, and diverted from those which contradict.’” Rev. Paul Seaver, OP, Providence College

From Business, Media, and Entertainment

“Biologist Stephen Jay Gould once said: ‘Nothing is more dangerous than a dogmatic worldview—nothing more constraining, more blinding to innovation, more destructive of openness to novelty.’ John’s book is a needed antidote to the era of news by doctrinaire hyperventilation. He invites us to use technology to expand our vision, thereby inviting fresh insight into our interpretation of national and world affairs. Thanks, John, you’ve supplied a valuable resource!” John Ray, president of Heritage Capital Advisors

“Daly has grabbed the ‘bull’ by the horns here. We desperately need to raise the level of public discourse in this land. With ROIL, he offers a practical first step that anyone can take.” Craig Miller, correspondent on California Connected on KCET-TV, Los Angeles

“John Daly’s straightforward, no-nonsense approaches will change the way you get your news. This is a smart, eye-opening tool that every journalist and non-journalist should absorb. Daly has done his footwork. Follow his lead and you won’t be duped by biased news ever again.” Alison Serene, publisher/editor, Newshound magazine

“Easy and recommended reading for aspiring journalists, the business community, and people wanting to stay a step ahead of the game. John Daly offers a clear, clever, and concise approach to understanding the news media.” Craig Hoffman, news director, WBKI-TV, Louisville, Kentucky

“As a broadcast news executive for nearly two decades, I agree with John’s assertion of media bias and the prostitution of local TV news in the past decade. The ROIL System is the best I’ve read for gathering, processing and using information in today’s age both for business and journalism.” Bob Walker, former executive news producer, WTRV-TV; and current broadcast journalism instructor at Alcorn State University

“Even serious news junkies can benefit from John’s reminders of how to streamline news-gathering techniques in a world of information overload.” Trina Virgo, founder and president of the US-Ireland Alliance and former foreign policy adviser to Senator Edward M. Kennedy

“A good, quick read that can make the difference between being an informed, thinking person and a tool of the media. The ROIL System succinctly describes how the quality people I know and trust take meaningful action to shape their world.” John Shulansky, president and CEO of Jetlantic

“This is terrific stuff. A wonderfully insightful, intelligent, and most of all, helpful way of learning how we can read, listen, think and interact more clearly. It’s a book I wish had been written long ago, but I’m certainly grateful it’s here now.” Matthew Laurance, actor

“I was at a point where I had to either shut all news sources out of my life, or make it a full-time job. I didn’t want to do the former and be an ignorant soul just strolling the planet, but I also can’t devote what seems like an eternity to gathering information, then having to reintroduce myself to my family. Through John’s book I learned how to gather news smarter, not harder. At first, as I guess most of us past forty do, I resisted having to learn something new. I did it years ago when computers were forcing their way into my life. But now, I can’t imagine going back to a typewriter! So change is good—sometimes daunting, but generally good. I had to face the fact that change was coming regardless of how I dealt with it. I might as well take charge. This book let me realize that I can live an informed life and have time for family, friends and work. It has empowered me to be in control of what goes into my personal computer…my brain. How to recognize baseless assertions from fact, and how to determine when I’ve reached the point of satisfaction on a subject, so that I can turn it all off and enjoy the silence. Of course take this testimony for what it’s worth; I’m just a ‘Democratic, moderate liberal sounding board.’ And proud of it. Thank you, John.” Bryan Cranston, actor/director

“In a world where we’re all asked to run faster than the fastest pace, the ROIL System has defined and organized my method of information upload. I’ve improved my active interaction with this system.” Jean Swift, director of corporate relations, Art Center College of Design Pasadena, California
 
“A book that can be read at the speed of today’s breaking news...offers a balanced information-gathering process lasting a lifetime!” Sal Mentesana, Division I College Basketball coach
 
“If Major League Umpires got rid of the Quest-Tech machine and adopted the ROIL System, we’d all see eye to eye.” Mike Maddux, former Major League Baseball player and current pitching coach for the Milwaukee Brewers

“The best short read … make that the best read I’ve had in months. Something so simple has had such a meaningful impact on my life. Miss this one at your own peril!” John McClain, Grammy winner, owner of The Dog and Pony Show Studio

“ROIL is a mind-opening primer for those who want to be truly in the know.” Patricia A. Trent, Esq., president of Trent, Tyrell and Associates, Las Vegas

“In this age of torrential information flow, John Daly finally reveals his secrets. Many people talk about many things; John has always been one of those who can actually comment intelligently on virtually any subject and now I know how—ROIL.” Hugh Anderson, certified financial planner, charted financial consultant, and certified investment management analyst

“This book is both entertaining and informative. It should be required reading in colleges throughout the country. I wish John Daly had written and I had read about the ROIL System 20 years ago! The depth of his media insight is impressive.” Steven B. Twitchell, chartered life underwriter, chartered financial consultant

“This is good stuff, informative and useful information.” Jim Rosetta, vice president and general manager, Canon, USA

“This book is a great guide for busy people to gather information in a short time. John has given us the ‘how to’ book to keep up or catch up on news from around the world. Even not so well read people can learn from this short book. The ROIL System and the references in this book will help busy business people have the knowledge of a well-schooled journalist.” Dick Conn, retired NFL player with the New England Patriots and Pittsburgh Steelers, currently a sales representative for Jostens, Inc.

“It’s like one-stop shopping for people who want to REALLY know what’s happening in the world around them!” Trent Greenwell, concerned citizen

“May your book help people recognize the need to read, as well as hear with discerning ears, see with clarity, decide with intelligence. What a monumental undertaking, John.” Jeanne Corcoran, children’s multimedia writer/producer

“Knowledge is power. John Daly’s ROIL System is a must read for any entrepreneur seeking better results and greater success in today’s business environment. The book is informative and to the point, with great insight and examples of the tools needed to be well informed.” Virginia Martino, co-founder/president, Brand, Ltd. and The Odyssey Lifestyle

“Before reading John Daly’s book, I would only get my news from publications and outlets that shared my political views, but the ROIL System has provided me with the tools necessary to understand and elevate both sides of the story. It has taught me to look past the article to obtain the entire story and not get caught up in the journalist’s personal thoughts. If you are interested in becoming better informed on what is happening around you this is a must read.” Eric M. Ackman, president of Summit Event Management, Inc.

Understanding Bank Mess Through Pit Bulls

This is a posting that might offer a clearer picture of the financial mess. I’ll use a column from a highly recommended economist along with some canine common sense to tame those ferocious hounds the banks unleashed on us. Either way, brace yourself for a big bite – maybe $2 trillion.

LAS VEGAS, NV (January 25, 2009) – Since September, we’ve realized one thing. No one can really figure out how to solve the economic solution.

One economist told me that a recession is like a hang-over. “You tell yourself two lies. The first is that you’re going to die. The second is that you can do something right now to end it.”

So, time is one solution. Some of us don’t have time, though, as jobs and our savings evaporate.

But there may be a sign that a solution is here.  (You’re not going to like this.)  It’s when all those crazy financial instruments – derivatives, credit default swaps, and hedge funds – come back.

Don’t click delete yet. I can hear what you’re saying.

So, Daly, what you’re saying is we need to allow the idiots who got us into this problem to go back out on the streets and do what they did before? That’s like saying you want the drunk drivers back out driving again.

Hear me out. I’m not nuts. And I am not a cheerleader for Wall Street. Sure, we need to crack some of the Wall Street higher-ups in the back of the head for spending money on retreat spas and office redecorating. These knuckleheads are really a small minority. And like it or not, we need them. And we need them to get back to work.

Some simple background is needed. The problem appears to be that the banks aren’t lending – despite the billions in TARP money. True, but banks don’t just lend money. They lend money and then they sell those loans to other institutions who sell them to investors. The banks then get paid and have more money to lend.

This is best described by John Mauldin, an economist who consults for investing firms. His newsletter, Thoughts from the Frontline, is quite good. It’s free. Yes, you have to weed through some pitches and personal stuff about John and his family and his travels.

But he will offer some gems. The most recent came in his column from January 23, 2009.

The real problem is that we vaporized an entire Shadow Banking System that bought securitized debt in a wide variety of forms: autos, homes, student loans, credit cards, etc. That industry exists no more.

Mauldin explains further what we took for granted.

A pension fund in Norway (or wherever) would look at the rating from Moody’s, see AAA, and buy it. Or banks would create off-balance-sheet vehicles (SIVs) to buy their debt and leverage it up, and book some nice profits. In any event, the debt did not end up on the banks’ balance sheets for very long.

Those off-balance sheet vehicles are like pit bulls. Everyone is frightened of pit bulls. They’re perceived as killers. But they’re not killers. Pit bulls are only killers when they’re trained to be killers. A good owner and trainer can turn these dogs into loving, friendly, and gentle pets.

It’s the same with these sophisticated financial instruments. They’re actually brilliant devices that help balance markets – if done correctly. The problem was they weren’t regulated and they lacked transparency. In short, no one trained them and they came back to bite us.

Remember the Michael Vick dog fighting chapter. Many of those dogs had to be destroyed since they were either so damaged or they were beyond being retrained. The same might be true for these financial instruments. It’s going to take a while to find some new dogs.

Now that process is broken, and it will not be fixed this year or next year or the year after that. We are going to have to come up with new ways of credit creation and debt processing. You can’t go to Goldman and tell them to start making auto loans. They simply don’t have the people to do that. Now, they used to be able to take auto loans from other actual originators and package them and sell them, but they did not make the loans. And the buyers for much of that securitized auto loan paper are gone. And they are not coming back any time soon without greater transparency and real capital guarantees and higher returns. A Moody’s (or any rating agency) rating is not worth the paper, as far as the markets are concerned.

Thus you understand President Obama’s desire to start regulating the financial markets right away. We need them back and running – but with transparency and regulation that we all understand.

If we can get that Shadow Banking system in place again, we will start to see lending and economic growth.

The economic activity might also increase the value of those toxic assets on the books of the banks and other financial institutions. Mauldin echoes what I wrote in some previous columns. The toxic assets being held by our financial institutions are far worse than we thought or the banks will tell us – and they’re only getting more worthless.

Mauldin, like me, believes we will need somewhere between $1 trillion and $2 trillion in this or future stimulus packages. Presidential Economic Advisor Larry Summers hinted at that this morning on Meet The Press. Economist and columnist Paul Krugman has been begging for something bold as well.

Either way, folks, prepare yourselves for more than a big bark from President Obama.  And yes, he will need to feed our financial institutions with money and a tight leash.

One Response to “Understanding Bank Mess Through Pit Bulls”

  1. THE DALY SHOW Says:

    […] need to unfreeze the credit markets first. See my column on resurrecting the Shadow Banking […]

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