DEAN ESMAY has an informative post up about the continuing saga of Pajamas Media, the blogging world's latest advertising scheme and its latest Next Best Thing.
Since Pajamas Media has been heavily promoted as the Next Best Thing, thanks to its New York launch party, its several million dollars in venture capital, and so on, the outfit has attracted both effusive praise and withering criticism. In short, people are still worked up about it, even now. What's surprised me about this whole Pajamas Media debate is that discussions about its basic utility haven't gotten much play, and that to me seems the most important aspect of it. Fundamentally, this is about writers getting paid for their work. Writers getting paid for their work rules.
I do, however, think that every over-the-top Pajamas Media triumphalist out there should read Roger Lowenstein's When Genius Failed, an examination of how Long-Term Capital Management collapsed back in 1998. That's not because I think the Pajamas Media idea is doomed to fail, but rather because Mr Lowenstein's book shows how annoying triumphalism can be, and how it has a way of coming back to bite.
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