Phil Grossfield's Blog

Controversial Covers.  My post yesterday asked for your thoughts on the cover of the Rolling Stone depicting the Boston bomber. I got a lot of very, well, opinionated responses. With the exception of a few responses defending the magazine’s intention to provoke thoughtful insight to his lunacy, the remainder attacked the magazine for being irresponsible and offensive. The responses (with some content omitted in part or whole):

• Rolling Stone went off the deep end with this one.  there are many retailers that are refusing to stock this issue, Thank God!  The moral majority needs to stand firm on this issue. (no pun intended).
• I agree with your point – but you forgot to mention it’s their First Amendment right.
• As a paralegal (graduated from UCLA’s legal assistant course) I was completely on-board with your analysis regarding manslaughter vs. murder for Zimmerman. I agree with the baseline consensus that giving this guy [Boston Bomber] ANY exposure at all is out of line – especially a large head shot.
• I agree they are glorifying a murderer. Why would you give this person any more attention than he is already getting? All this does is tell kids hey you can be famous too and make lots of money by becoming a mass murderer. If you can’t hack in school or athletics then here is an alternative. It glorifies mafia, gangster mentality along with all these [other] hoodlums who go on social media websites and glorify themselves and other gang members as to who they have hurt, killed, or who they stole from. Or worse they glorify their drug deals and how to get in on the action. This is so wrong on so many levels. This kid is being glorified for his part in the Boston Marathon bombings. Is this what we want to tell our kids is cool? The constant internet and music videos and trv glorifying these people being arrested and then getting off repeatedly (Lindsey Lohan comes to mind)
• The Rolling Stone’s job is to publish as you put it, “thoughtful insight.”  They are supposed to get us talking about it.
• The Rolling Stone is simply trying to make money off of the victims of this crazy bastard. It should be illegal.
• It probably didn’t help the matter that throngs of dimwitted 20 somethings and teenage girls tweeted and FaceBooked rubbish about “saving the poor boy”……….based solely on his good looks!  The less than attractive killers don’t weigh in as favorably…..
• There are a great many people who don’t’ read or analyze situations. These people are easily  and blindly influenced by what the media puts out in this culture where ‘there is no shame’; even ‘bad publicity’ is ‘good publicity’.  (note people like Lindsey Lohan or Kardashians).  In today’s voyeuristic culture, even if you do things which are ‘criminal, of bad taste, or of simply bad behavior, then just getting the publicity is a ‘good thing’.  That is why rappers who are jailed for wife-beating, selling drugs, or whatever, are exalted as ‘cool’.  They got the publicity and therefore are ‘framed’ in the public minds as a ‘personality’.
• I see your point but glorifying him, which is what this looks like, does not sit right with me. I am opposed to the cover shot and the media attention given to the wrong people. As well as the media running with their own agenda like calling racism when there is none.  You have to be a savvy person these days to see the truth.
• That is the kind of publicity he wanted all along. As a runner I’m nauseated. I know RS leans left but wow…
• It all comes down to parenting. What the magazine does shouldn’t matter.
• I wonder if the magazine put that picture on the cover to get this kind of reaction. In most other covers they don’t show the criminal like this. I think you have to assume they did it on purpose, right?  If so, it’s irresponsible even if it’s within their rights.
• Our country is founded on “Freedom of this and Freedom of that” which is critical.  I believe our fore Fathers expected people to act in a moral and responsible manner with an understanding we are a God Fearing Nation when they wrote the Constitution and the Bill of Rights.  (Bill of Rights Amendment I- Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.)  As you can see from our recent history, this Nation is hardly God Fearing any more.  Rolling Stone Magazine certainly has “Freedom of Speech” behind them and for some reason felt it was fine to in some ways “glorify” this individual.  I’m thankful some retailers with a conscience and moral fiber are refusing to carry this issue.  It is horrible to glorify this person with a photo as was displayed on a cover of a popular magazine who destroyed, maimed and killed the lives of so many.  It is our jobs as citizens and consumers to hit Rolling Stone where it hurts, in the pocket-book.  Hopefully they will think twice before pulling a stunt like this again.
• Rolling Stone has been smokin’ too much weed!

My Schedule:  Available all day….

My Market Watch:   Bonds Up – Recovering    The 30-year Fannie Mae bond is trading up about +30bps this morning. This is welcomed news after a mid-day reprice for the worse yesterday.  The market appears to be flat at the present moment and without any economic data to be released today I expect a stress-free day.

Perspective.  30-Year Fixed Average Rates:  Past 40 years:  8.15%    Past 30 years:  7.45%    Past 20 years:  6.52%    Past 10 years:  5.72%

A Word On Pricing.  We have corporate calls on our pricing strategy. Interbank has traditionally been hyper-aggressive in price but with so much volatility in the bond market we have backed off temporarily while remaining competitive. It is our every intention to jump back into our role as an aggressively priced lender…but when the time is right…. This is good smart business.   

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….