recentpopularlog in

robertogreco : bankruptcy   16

‘Liz Was a Diehard Conservative’ - POLITICO Magazine
"Warren herself says that in her early academic work she was merely following the dominant theory of the time, which emphasized the efficiency of free markets and unrestrained businesses, rather than holding strong conservative beliefs herself. Still, she acknowledged in our interview that she underwent a profound change in how she viewed public policy early in her academic career, describing the experience as “worse than disillusionment” and “like being shocked at a deep-down level.”

Her conversion was ideological before it turned partisan. The first shift came in the mid-’80s, as she traveled to bankruptcy courts across the country to review thousands of individual cases—a departure from the more theoretical academic approach—and saw that Americans filing for bankruptcy more closely resembled her own family, who struggled financially, rather than the irresponsible deadbeats she had expected.

It wasn’t until Warren was recruited onto a federal commission to help reform the bankruptcy code in the mid-1990s—and then fought for those reforms and lost that battle in 2005—that she became the unapologetic partisan brawler she was in creating the Consumer Financial Protection Bureau, serving in the Senate and, now, stumping on the 2020 campaign trail. “I realize nonpartisan just isn’t working,” she recalls of that second conversion moment. “By then it’s clear: The only allies I have are in the Democratic Party, and it’s not even the majority of Democrats.”

Some friends and colleagues say Warren became radicalized, equating her change to a religious experience, to being born again. “She really did have a ‘Road to Damascus’ conversion when she saw the bankrupt consumers really were suffering—forced into bankruptcy by illness, firing or divorce—and not predators,” Johnson says. Other friends argue Warren’s shift has been more gradual, and that she is not the extremist her opponents have sought to portray her as. “It drives me crazy when she’s described as a radical left-winger. She moved from being moderately conservative to being moderately liberal,” says Warren’s co-author and longtime collaborator Jay Westbrook. “When you look at consumer debt and what happens to consumers in America, you begin to think the capitalist machine is out of line.”"



"What Warren’s Republican history means for her presidential prospects remains unclear. There’s a version of this story in which her politically mixed background makes her the ideal candidate to capture not just the the American left but also the center—a pugilistic populist vowing to take on corporations, a policy-savvy reformer who believes that markets are essential to the economy.

But that’s not the political landscape of 2019. Warren’s tough stance during the financial crisis got her tagged by Republicans and many Democrats as more Harvard liberal than an up-by-the-bootstraps working mom from Oklahoma. And her work on the CFPB alienated much of the financial services industry. Meanwhile, much of the left wing of the Democratic Party, for which she was the banner-carrier after the financial crisis, has found a new champion in the democratic socialist Bernie Sanders. And members of the growing Democratic Socialists of America and the hosts of the popular leftist podcast Chapo Trap House have criticized Warren for her adherence to capitalism. As of this writing, she is generally polling fifth in the Democratic field, and her 2020 fundraising has fallen short of several other rivals’.

With some in the Democratic Party demanding purity, perhaps Warren thinks going back through her Republican history could hurt her. When I suggested near the end of our interview that she might consider talking more about that part of her biography, and her conversion, she was politely noncommittal.

“Sure, sure,” she said, before quickly pivoting back to another question."

[See also: https://twitter.com/siddhmi/status/1120023080477298693

"A very good read. Warren's story is such a profound American story, and a very deep story about how ideology works, and what it takes to get free.

This is how you get free: You do the work, and embrace the learning.
Warren’s academic career soon took a turn that made her far less comfortable with unfettered free markets. Prompted in part by a surge in personal bankruptcy filings following the passage of new bankruptcy laws in 1978, Warren, Sullivan and Westbrook in 1982 decided to study bankruptcy in a way that was then considered novel in academia: by digging into the anecdotal evidence of individual filings and traveling to bankruptcy courts across the country, often rolling a small copy machine through airports along the way.

Whatever their take on "capitalism" or "socialism," I'm here for leaders who understand how American capitalism in its current form (since the late 1970s; "neoliberalism") has completely failed—both morally and technically.

In the presidential field, there are exactly two.

The intellectual damage of the 1980s is intense. It's immensely to Warren's credit that, as a young woman untenured professor then, she realized—through fieldwork—that she could not in conscience enforce the ideology.

And everyone who went to elite colleges in the US in the 1980s needs to be scrutinized. I remember intro economics in 1985-86. Martin Feldstein preaching the catechism to 1,000 young minds in Sanders Theatre. Midterms where you "proved" why rent control was bad. Deadweight loss!

Three years later those young minds were lining up for "recruiting" as Goldman, Morgan, McKinsey et al swarmed the campus to usher them into the golden cage. This shit happened quickly, people. It's a wonder anyone escaped.

People shaped in the 1990s, with the neoliberal foundation cushioned by Clintonite anesthesia, post-Cold War complacency, and the mystical arrival of the internet, are no better. Probably need even more deprogramming. That's why the arrival of the AOC generation is SUCH A RELIEF."

https://twitter.com/NYCJulieNYC/status/1120080930658557952
"Not everyone. A lot of college students in the 1980s were committed activists, from those involved in Divestment from Apartheid South Africa to ACT UP to activism against US policy in Central America."

https://twitter.com/siddhmi/status/1120081603403898886
"Indeed. I was one of them! But that doesn't mean we didn't get coated in the zeitgeist. We all need periodic cleansing."]
elizabethwarren  mindchanging  politics  research  listening  2019  berniesanders  siddharthamitter  billclinton  1990s  1980s  ronaldreagan  economics  martinfeldstein  neoliberalism  2000s  us  policy  bankruptcy  academia  jaywestbrook  highered  highereducation  ideology  fieldwork  rentcontrol  regulation  consumerprotection  democrats  republicans  finance  cfpb  banking  markets 
2 days ago by robertogreco
What "Causes" Poverty? | Demos
"Pundits of all stripes are relitigating this somewhat tired debate about what "causes" poverty. David Brooks, apparently with no self-awareness or self-reflection, bemoans nonjudgmentalism towards those who stray from specific family forms. Nicholas Kristof, previously famous for his hilarious fever dreams about a mysterious underclass of Kentucky welfare cheats, wrote a somewhat similar column, drawing upon the same tropes and no new analysis. Elizabeth Stoker Bruenig, Paul Krugman, and Jeff Spross push back, noting, among other things, that poverty can be dealt with in other proven ways and that impoverishment, the demise of good working class jobs, and precariousness are themselves at the root of a lot of relationship strife.

There is a problem in this entire debate that nobody ever seems to grapple with, and that is: what exactly is meant by asking what "causes" poverty? What exactly is being communicated when someone says X, whether that's declining morals or family values or whatever else, causes poverty? This might seem like a tedious question, but it's actually the most crucial question in the debate.

Elderly

Would it be correct, for instance, for me to say old age causes poverty? On first take, I guess the answer would be no, or not really. At 9.5%, the elderly poverty rate is the lowest in the country among the different age groups. But, this didn't used to be the case.

In 1967, the elderly poverty rate was 29.5%, and the highest among the age groups. Since then, Social Security retirement benefits more than doubled, which is why the elderly poverty rate has been pushed so low. If you subtract these benefits from the Census microdata file, the current elderly poverty rate shoots to over 40%.

So, once again, the question is posed: does old age cause poverty? Well, when we have low public pension benefits, the answer seems to be yes. But when we have high public pension benefits, the answer seems to be no. Whether old age entails poverty thus depends on our economic institutions. Standing alone, old age is not sufficient to result in poverty. It results in poverty only if it gets an assist by pro-poverty economic institutions.

Disability

The same question can be asked of disability: does it cause poverty? Before answering that question, consider this graph of disability poverty with and without public benefits: [graph]

Now, even counting transfers, disability poverty is higher than overall poverty by 5 to 6 percentage points. When we exclude transfers (which primarily come from Social Security and Supplemental Security Income), however, the disability poverty rate is over 50%.

So would we say disability "causes" poverty? Once again, it really seems to depend on what economic institutions you find yourself in. Under some sets of institutions (e.g. if we eliminated disability benefits), disability results in high and severe poverty. Under other institutions, it does not. Our institutions still make disabled people poorer than the overall population by a significant margin, but more generous and better designed disability benefits probably could close if not eliminate that gap.

I could replicate this same point for nearly anything else you could throw at me. Does child-having cause poverty? Seems to under US institutions, but not others. Does sickness cause personal bankruptcy? Seems to under US healthcare institutions, but not others. The same goes for unemployment, single parenting, low levels of education, bad jobs, and so on. What level of poverty attaches to each of those conditions is heavily determined by what set of economic institutions (whether liberal market, corporatist conservative, social democratic, or something else) they occur in.

We have this debate about poverty's "causes" as if economic institutions do not exist, as if we are pondering over poverty's causes in some kind of abstract ether denuded of any of the economic particularities of our time and place. Needless to say, this pretension is as useless as it is deluded.

Pundits never actually debate about what "causes" poverty in some universalist sense. They debate about what conditions are associated with high poverty in some specific economic system, without every clarifying that they are doing so and indeed probably not even realizing they are doing so themselves.

Given where the US is today, modifying our background economic institutions is clearly and indisputably the most effective way to reduce overall poverty. Across the board and across all sorts of different categories, the US features poverty rates that are much higher than those seen elsewhere in the world. This is directly attributable to its garbage institutions, in particular its bare minimum levels of social insurance benefits.

It's trivially easy to identify specific patterns within our across-the-board elevated poverty and then declare things associated with those patterns as "causes" (just as it used to be trivially easy to declare that old age was a major cause of US poverty). But if your goal is to actually cut poverty, fixing our pro-poverty institutions is what really matters, not treading in the murky waters of causation theory."
mattbrienig  2015  poverty  economics  socialsafetynet  us  policy  age  disability  parenting  socialsecurity  systemsthinking  causation  healthcare  unemployment  sickness  bankruptcy  socialinsurance  society  politics  disabilities 
march 2015 by robertogreco
Hullabaloo: Rewarding failure by design?
"For the investor class, it is a tragedy of the commons when they don't get a cut from it. That's why, for example, they are so hot to see a middle man in every middle school."



"David Dayen wrote yesterday at Salon about Sen. Elizabeth Warren's opposition to investment banker, Antonio Weiss, President Obama's nominee for Treasury Department undersecretary for domestic finance. One of Weiss' biggest clients is Brazilian private equity fund 3G. Dayen describes deals that would make Paul Singer blush. (Okay, maybe not.) They seem almost designed to reward failure:
The deals also exhibit the modern hallmark of corporate America: financial engineering. Decisions are made to satisfy shareholder clamoring for short-term profits rather than any long-term vision about building a quality business. The manager class extracts value for their own ends, and the rotted husk of the company either sinks or swims. It doesn’t matter to those who have already completed the looting.
"
capitalism  investment  investors  middlemen  privatization  2014  failure  tomsullivan  us  policy  politics  education  schools  forprofit  infrastructure  commons  bankruptcy  finance  banking  bankers  barrysummers  looting  corporatism  financialengineering  management  roads  tollroads 
december 2014 by robertogreco
Junior Seau: Song of sorrow | UTSanDiego.com
"Within two years of retiring, three out of four NFL players will be one or more of the following: alcohol or drug addicted; divorced; or financially distressed/bankrupt. Junior Seau was all three."
bankruptcy  drugs  alcohol  depression  suicide  2012  nfl  juniorseau  football  sports 
october 2012 by robertogreco
The Blog : How to Lose Readers (Without Even Trying) : Sam Harris
"Many of my critics pretend that they have been entirely self-made…seem to feel responsible for their intellectual gifts…freedom from injury & disease…fact that they were born at a specific moment in history. Many appear to have absolutely no awareness of how lucky one must be to succeed at anything in life, no matter how hard one works. One must be lucky to be able to work. One must be lucky to be intelligent, to not have cerebral palsy, or to not have been bankrupted in middle age by the mortal illness of a spouse.

Many of us have been extraordinarily lucky—& we did not earn it. Many good people have been extraordinarily unlucky—& did not deserve it. & yet I get the distinct sense that if I asked some of my readers why they weren’t born w/ club feet, or orphaned before the age of 5, they would not hesitate to take credit for these accomplishments. There is a stunning lack of insight into the unfolding of human events that passes for moral & economic wisdom in some circles."

[via: http://lukescommonplacebook.tumblr.com/post/9573656199/ ]
culture  economics  policy  money  taxes  politics  samharris  objectivism  libertarianism  luck  unlucky  life  illness  bankruptcy  society  religion  belief  selfishness  wisdom  class  wealth  incomegap  wealthdistribution  warrenbuffett  2011  sharing  socialism  democracy  goodfortune  morality  success 
august 2011 by robertogreco
Standard & Poor's Downgrade: How Debt Has Defined Human History - Speakeasy - WSJ
"in the Middle Ages…merchants had to develop reputations for scrupulous integrity—not just always paying their debts, but forgiving others’ debts if they were in difficulties, & being generally pillars of their communities. Merchants could be trusted w/ money because they convinced others that they didn’t think money was the most important thing…“credit,” “honor,” & “decency” became the same thing…

For much of human history, the great social evil…was the debt crisis. The masses of the poor would become indebted to the rich…lose flocks & fields, begin selling family members into peonage & slavery…uprisings…Periods dominated by credit money, where everyone recognized that money was just a promise, a social arrangement, almost invariably involve some kind of mechanism to protect debtors…

…since 1971, we did exactly the opposite. Instead of setting up great overarching institutions designed to protect debtors…[we] protect creditors."
culture  politics  history  economics  money  debt  1971  2011  middleages  medieval  credit  integrity  usuary  honor  decency  slavery  peonage  creditors  debtors  bankruptcy  debtforgiveness  wealth  disparity  debtceiling  society  imf  relgion  s&p 
august 2011 by robertogreco
BBC News - Could Iceland be a model for debt-ridden Europe?
"Nearly three years after the Icelandic economy imploded, the country appears to be recovering, and some believe its approach may offer a possible solution to Europe's debt problems."

""In Europe there is a conflict between the democratic will of the people and the interests of the financial markets," he tells me earnestly, leaning forward over his antique desk.

He believes if Europe is not about democracy then the European project means nothing.

Iceland ignored the dire warnings of disaster from the ratings agencies and other institutions, says the Icelandic president, and the country is doing OK.

The implication is clear - other countries should follow the Icelandic example.

But Iceland had a key weapon in its armoury that is not open to the indebted eurozone nations - Iceland had its own currency, the krona. And, when the banks collapsed, the krona did too."
economics  2011  iceland  2008  policy  money  finance  bankruptcy  banking  banks 
july 2011 by robertogreco
Google+: Robin Sloan thread on the Borders bankruptcy
[See also: http://www.slate.com/id/2299642/pagenum/all/ ]

"Public service announcement: I think the Borders bankruptcy isn't essentially about the book business. In fact it's much more closely tied to the real estate business. Borders had a ridiculously expensive portfolio of stores: huge spaces on glitzy corners with long-term leases (and an average of ~8 years still left on the lease, per store) that they couldn't walk away from, even as the fundamentals of their business changed beneath them.

But!—that's not like The Inevitable Fate of Bookstores Everywhere. By all accounts, Borders was just really poorly managed. The company could have struck smarter deals for those spaces, or approached its lease portfolio more cautiously, etc., etc., but didn't. It was reckless and profligate.

This bums me out, b/c I feel like Borders' bankruptcy is now part of that Death of Bookstores narrative—when in fact it's much less exciting than that. It's just the story of a company run badly."

[Read the thread too.]
thisandthat  borders  business  bankruptcy  mismanagement  realestate  money  finance  internet  web  booksellers  books  retail  2011 
july 2011 by robertogreco
Post by Robin Sloan; "the Borders bankruptcy isn't essentially about the book business"
"I think it might have something to do w/ the franchises you cite, +Tim Carmody. I think the real locus of love & engagement today is not books (e- or otherwise) but rather fandoms. You know this is the case when you don't ever cite a particular volume. Instead it's just: Twilight. Harry Potter. Middle Earth. Game of Thrones. (And there's an interesting cross-media dynamic in that last example: the TV incarnation has essentially usurped the naming rights for the whole fandom. I call the book series "Game of Thrones" now—not "A Song of Ice and Fire.")

Now, as it turns out, books are a great way to kick off sprawling cross-media stories, and manga are even better; words are still a world-builder's best tools. But importantly, the thing people get wrapped up in, the thing they feel this crazy allegiance for, isn't the words, or the paper, or the E-Ink. It's the fictional world."
robinsloan  timcarmody  bordersbooks  books  booksellers  print  publishing  retail  bankruptcy  2011  genre  franchises  fiction  literature 
july 2011 by robertogreco
ClubOrlov: America—The Grim Truth [A bit over the top, but there are some major truths in here, especially about the worry that results from the financial precariousness we feel as part of our system, lack of social safety net]
"Americans, I have some bad news for you:

You have the worst quality of life in the developed world—by a wide margin.

If you had any idea of how people really lived in Western Europe, Australia, New Zealand, Canada and many parts of Asia, you’d be rioting in the streets calling for a better life. In fact, the average Australian or Singaporean taxi driver has a much better standard of living than the typical American white-collar worker.

I know this because I am an American, and I escaped from the prison you call home.

I have lived all around the world, in wealthy countries and poor ones, and there is only one country I would never consider living in again: The United States of America. The mere thought of it fills me with dread.

Consider this…"
politics  collapse  us  economics  health  healthcare  expats  2010  via:mathowie  finance  well-being  qualityoflife  food  pharmaceuticals  work  balance  australia  fragmentation  teaparty  immigration  emmigration  canada  newzealand  japan  europe  comparison  middleeast  guns  safety  society  fear  dystopia  unemployment  decline  oil  peakoil  grimfutures  change  policy  freedom  germany  finland  italy  france  scandinavia  singlepayerhealthsystem  government  socialsafetynet  bankruptcy 
december 2010 by robertogreco
Frank Chimero: Kuidaore, literally meaning “to eat oneself...
"Kuidaore, literally meaning “to eat oneself bankrupt”, is an expression used to describe Osaka people’s obsession with food.
food  economics  wealth  policy  bankruptcy  japan  osaka  feudalsystem  disposableincome  extravagance  indulgence  class  society  kuidaore 
june 2010 by robertogreco
BLDGBLOG: Crash State
"Yet, for the time being, water stills flows from California's taps, the traffic signals still work, and rural towns still have electricity—but what might happen if California really did "collapse"? What would it look like if the state actually did declare bankruptcy, defaulting on billions of dollars in public debt?"
california  infrastructure  urbanism  society  future  collapse  crisis  economics  finance  bankruptcy  2009  bldgblog 
december 2009 by robertogreco
What Happens When California Defaults? | Newgeography.com [via: http://varnelis.net/microblog/goodbye_omadesigned_windmills]
"Given California’s recent history, it is difficult to believe that the people with the authority and responsibility for California’s finances can act responsibly, but that is what we need. Responsible action would be creating a gimmick-free budget that places California finances on a sustainable path, and provides an environment that allows for opportunity and job creation. But, sadly, Sacramento probably cannot draft an honest balanced budget, and will thus need to plan for California’s eventual default. They need to work with Federal Government and Federal Reserve Bank officials to insure a coordinated plan to limit damage to financial markets. That plan needs to be ready to release when markets go crazy, which is exactly what could happen when participants realize that default is possible. It could be needed sooner than they think."
future  economics  us  government  california  finance  money  bankruptcy  state  2009 
december 2009 by robertogreco
Felix Salmon » California: The haves and have-nots
"***People who get California IOUs: *Grants to aged, blind or disabled persons *People needing temporary assistance for basic family needs *People in drug prevention, treatment, and recovery services *Persons with developmental disablities *People in mental health treatment *Small Business Vendors
california  bureaucracy  bankruptcy  crisis  institutions  government 
july 2009 by robertogreco
MichaelMoore.com : Goodbye, GM ...by Michael Moore
"But you and I and the rest of America now own a car company! I know, I know -- who on earth wants to run a car company? Who among us wants $50 billion of our tax dollars thrown down the rat hole of still trying to save GM? Let's be clear about this: The only way to save GM is to kill GM. Saving our precious industrial infrastructure, though, is another matter and must be a top priority. If we allow the shutting down and tearing down of our auto plants, we will sorely wish we still had them when we realize that those factories could have built the alternative energy systems we now desperately need. And when we realize that the best way to transport ourselves is on light rail and bullet trains and cleaner buses, how will we do this if we've allowed our industrial capacity and its skilled workforce to disappear?"
gm  michaelmoore  detroit  economics  recession  bankruptcy  cleanenergy  retoolinggm  us  future  energy  oil  generalmotors  environment  transportation  trains  industry  transformation  gamechanging 
june 2009 by robertogreco
YouTube - The Coming Collapse of the Middle Class
"Distinguished law scholar Elizabeth Warren teaches contract law, bankruptcy, and commercial law at Harvard Law School. She is an outspoken critic of America's credit economy, which she has linked to the continuing rise in bankruptcy among the middle-class."
elizabethwarren  economics  middleclass  bankruptcy  collapse  statistics  health  money  finance  credit  debt  families  crisis  history  politics  culture  society  us  income  class 
may 2009 by robertogreco

Copy this bookmark:





to read