Bridgewater's Dalio Decries America's "Trial By Gossip" New Normal

Somewhat out of the norm for the founder and leader of the world's largest hedge fund, Bridgewater's Ray Dalio has penned a brief but worthwhile note exclaiming his disgust at the new normal "trials by gossip" that has become America's new normal.

 

https://www.zerohedge.com/sites/default/files/inline-images/20180108_surproise.png

Via LinkedIn,

We now have trials by gossip and that’s threatening to our well-being.

The legal system passes judgement on people and hands out punishments based on definitions of unacceptable behaviors, it specifies the punishments that fit the crime, it does so by having both sides present evidence about what happened and how that fits with the law, and it reaches judgements using unbiased parties (or at least it does these things so that most of us believe that the legal system is by and large just).

Trials by gossip do none of these things.

While gossiping might be entertaining like watching soap operas, it leaves us judging and sentencing people without truth and justice. It is also a time-consuming waste of time that hurts productivity.

Because this preoccupation with gossip that determines peoples’ fates rewards the purveyors of it, the process is self-reinforcing.

News is rarely news rather than hyped gossip about high profile people in government and on other big stages. They're our soap opera stars whose stories unfold like a Netflix series. We can't distinguish which books are fiction and which are non-fiction, and we seem not to care.

While there are of course important instances in which the media shines light on bad behaviors, which can be a force for good, if we as consumers don't hold ourselves and the purveyors of gossip to higher standards of truth and justice, I fear for where we are headed.

I wonder, do you share my concerns?

Of course, we suspect accusations of fraud and sexual harrassment settlements may have something to do with Dalio's sudden realization of the guilt-by-accusation reality in the world today.

Comments

LetThemEatRand Jan 9, 2018 7:35 PM Permalink

Is he talking about the 13 intelligence agencies that all agreed the DNC was hacked by Russians, even though they never examined the DNC servers, followed by a three ring circus investigation of a sitting President because the Left was butthurt?  You mean that kind of gossip?

Cassandra.Hermes LetThemEatRand Jan 9, 2018 8:05 PM Permalink

You don't need to exam server to see who hacked it. You can find of course information on loadbalancers and firewalls log file but usually all the information is outside of hacked organization.

 

WASHINGTON - In an explosive allegation, Donald Trump claimed today that the DNC and Hillary Clinton hired the Russian prostitutes who peed on him at the Moscow Ritz. “Ask those hookers,” he told Sean Hannity of Fox News. “Someone paid them to pee on me. If I had hired them, they never would have gotten paid.”

In reply to by LetThemEatRand

Scanderbeg LetThemEatRand Jan 9, 2018 8:13 PM Permalink

The left has never understood the English Common Law or respected it even if they did. 

That is why they believe accusations are tantamount to guilt and the presumption of innocence unnecessary. 

At least with regards to straight white males. Every other class of persons receives a free pass no matter how outrageous their crimes or behavior or they are downplayed while seemingly immune from any criticism. 

Unfortunately this time their scumbaggery has finally caught up with them. It's hard to blame white conservatives for the pedophiles and rapists in Hollywood when no such people exist there. There's is simply nowhere to deflect and watching the hypocrisy, humiliation and meltdown truly is a joy to behold. They have created this culture of degeneracy and sexual license with it's contradiction of radical feminism. Now it shall consume them. 

In reply to by LetThemEatRand

Endgame Napoleon Akzed Jan 9, 2018 8:00 PM Permalink

He is so right. The US media has become “The Crucible,” partially because women entered the media and the workforce en mass.

When they did, they started merging non-work-related topics with work, including the trashier aspects of non-work life like gossip.

Before the mass entrance of women in the workforce, men compartmentalized work and private life more, leaving a space for professional detachment.

Now, we have a 24/7 merger of home and family life with work, along with the seedier, salacious aspects of non-work life, like malicious gossip. When amplified by the modern media, malicious gossip becomes weaponized, overriding the institutions designed by our Founders. 

That is not to say that some men are not gossips; some men in the media are bigger gossips than the female journalists.

The merger of work and personal life now crosses over the gender line, thanks to what fake feminists started. 

These career women: they sure do like to discuss everything related to sex, their bodies and reproduction, making those topics more important than drier subjects, like the economy. 

The bottom-feeding, ratings-boosting and often untrue world of malicious gossip is just one of the ways our so-called Republic is sullied and undermined.

It is an especially dangerous thing when individual freedom or reputation is threatened by malicious, media-enhanced gossip to the point where, what once was confined to women dissing other neighborhood women over the clothes line, jeopardizes careers decades in the making, freedom itself or the ability to make a living.

Not good. 

In reply to by Akzed

Endgame Napoleon Disgruntled Goat Jan 9, 2018 8:17 PM Permalink

The Clintons can be blamed, justifiably, for many things related to public policy, but what they did to the Clintons over Bill’s personal life was a gossip lynch mob, just like it is when the media do similar things to Republicans. 

When they do what previous generations of journalists restrained themselves from doing, going full gossip instead of covering the issues that affect voters, they also drag a bunch of other people who have nothing to do with the gossip into the fray.

It was not right to subject the Clinton’s then-minor child to a bunch of gossip about her parents’ personal life, for instance. Children have to go to school, where peers are often cruel.

It was also not right to destroy the then-24-year-old Monica Lewinsky’s life over it, stirring up a cloud of gossip that followed her for decades. 

That whole thing should not have been the subject of months of TV coverage and expensive public hearings, while the Clintons skated right by when doing policy-related things that crushed the middle class in America. 

They supported NAFTA and granting Most-Favored trading status to China, both of which ended up reducing the middle class prosperity in this country, ruining the economic landscape for millions of Americans.

Those subjects were just too boring for modern reporters, with their lack of professional detachment. Or maybe, those subjects did not rake in the bucks, like the sex gossip of the Nineties. The media-aided gossip lynch mob has been around for a long time, aligning with this period of middle class demise. When the middle class started evaporating, all traces of public decency disappeared with it.

In reply to by Disgruntled Goat

JimmyRainbow Jan 9, 2018 7:48 PM Permalink

we have a quite famous painting here in europe, called "the gossip"

http://www.weber-museum.de/werk/geskrt/images/geruecht.jpg , 1943

you just have to start it, the rest is selfreinforcing with little sidekicks from time to time.

and is not only high profile, it is part of the culture from school to job.

add things like microaggression blabla, constant surveillance and end up at corleone "noone is save anymore"

look at all the thousands of news aggregator pages, just revolving about one incident and magnifying it by constant selfreference. the aggregators are algorythms collecting. a perfect machine for just gossiping.

99 % of "news buisness" our days is just doing that, gossiping

nada facts (altough all is there in webage) instead just endless "heard elsewhere" chained to eternity.

preparing idiocracy.

Twee Surgeon Jan 9, 2018 8:53 PM Permalink

Trial by gossip has been Firmly established in Americas divorce and family courts for decades. If a Woman say's 'You hit her !" then you fucking 'did it' and there is no legal recourse. Guilty as charged, she get's the house, the Dog, the Kids and you get milked until you're living in a van down by the river. Squeezed my Ass...Told me I was cute at work any other of thousands of possible offenses. Dudes have been getting really screwed for the crime of being male , for decades, in the USA.

As far as Up and coming Actresses getting interviewed by Harvey Weinstien at 2 AM in some posh hotel !? WTF were they thinking it was about ? Talent?

Radical Marijuana Jan 9, 2018 9:02 PM Permalink

The following is a description of a system which may seem to have applied to those who were living towards the top of the social pyramid systems, and used to somewhat apply to those who were living more in the middle:

"The legal system passes judgement on people and hands out punishments based on definitions of unacceptable behaviors, it specifies the punishments that fit the crime, it does so by having both sides present evidence about what happened and how that fits with the law, and it reaches judgements using unbiased parties (or at least it does these things so that most of us believe that the legal system is by and large just)."

Nobody that I am associated with still believes that "the legal system is by and large just." Everyone that I am associated with regards the "legal system" as being almost inconceivably crazy and corrupt to the core. From an historical perspective, consider whether native Americans should consider the "legal system" was just, or that Americans of African origin who were enslaved should consider the "legal system" was just, etc., etc. ...

Given that the "largest hedge fund"  is  actually based on taking the best advantage of fundamentally fraudulent financial accounting systems, built on the powers of governments enforcing frauds, those who became socially successful inside of that bubble of legalized lies, backed by legalized violence, have developed their delusional attitudes toward the alleged value of a "democratic republic operating through the rule of law," which was certainly a nice ideal, but which has become ridiculously unreal!

Although I find it a tragic trajectory to contemplate that poor young people and future generations are going to suffer the most from the consequences of the "legal systems" becoming almost totally bullshit-based, and so, are destroying themselves at about an exponential rate, it could seem like poetic justice if "legal systems" based on enforcing frauds would self-destruct fast enough to destroy the contemporary hedge fund managers (although I expect that likely will not happen.)

One may consider the overall situation of runaway "trial by gossip" destroying the careers of people as being a perverse kind of poetic justice, since those careers were originally based on those people being able to operate as professional liars and immaculate hypocrites, who had best adapted to taking personal advantage of the surrounding sociopolitical systems, which were always based on being able to enforce frauds, that have become about exponentially more fraudulent during the history of "civilization."

Blankenstein Jan 9, 2018 9:03 PM Permalink

It's a fact that James Comey worked for Lockheed Martin and was paid $6 million a year.  Lockheed was a member of the Clinton Global Initiative and received several lucrative government contracts while Hitlery was Secretary of State.  After that Comey went to work for Ray at Bridgewater before moving back to the government as head of the FBI.  He was a US attorney before going to Lockheed, with no corporate law experience.  That's a fact, not gossip, douche.

ZIRPdiggler Jan 10, 2018 12:07 AM Permalink

Dalio is ass-backwards here.  THe problem is not 'trial by media'.. The is media is a big culprit and power broker but the core of the problem is the widespread fucking corruption in banking institutions, government, and politics.  Dalio ought to focus on the fact that the new M/O and cultural norm for these institutions is to steal as much as you can as fast as you can.  Fascism looks like a good candidate, relating to a description of this problem.  Perhaps he is blind to it because he is part of the problem; him and his cult...err, rather I meant to say, employees.  All these big swingin' d*** hedgefund guys, all cronies with the criminals we call leaders of the kleptocracy:  It's disgusting to hear the vanity in Dalio's preposterous assertions.  All his ridiculous friends are being 'gossiped about'.. poor baby. go fuck yourself.

ExcapedPOI Jan 10, 2018 5:58 PM Permalink

"The legal system passes judgement on people and hands out punishments based on definitions of unacceptable behaviors, it specifies the punishments that fit the crime, it does so by having both sides present evidence about what happened and how that fits with the law, and it reaches judgements using unbiased parties (or at least it does these things so that most of us believe that the legal system is by and large just)."

I hope he does not believe this tripe. None of this is true in the least.  Just ask the group who got acquitted in Nevada because the entire corrupt system was so corrupt that it imploded on itself.  Judge Navarro could not let the trial go on because she and here kangaroo court were under investigation, or more likely things were going to come out in trial that no one could have come out.  So unlike the 3 miss-trials before she was forced to declare a miss-trial with prejudice.  Sadly, the political prisoners had already spent 700 days in prison.

You banker wankers can just STFU about justice, or you might get some.