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Radical Housing Journal
"The first issue of the Radical Housing Journal focuses on practices and theories of organizing as connected to post-2008 housing struggles. As 2008 was the dawn of the subprime mortgage and financial crisis, and as the RHJ coalesced ten years later in its aftermath, we found this framing apropos. The 2008 crisis was, after all, a global event, constitutive of new routes and formations of global capital that in turn impacted cities, suburbs, and rural spaces alike in highly uneven, though often detrimental, ways. Attentive to this, we hoped to think through its globality and translocality by foregrounding “post-2008” as field of inquiry. What new modes of knowledge pertinent to the task of housing justice organizing could be gained by thinking 2008 through an array of geographies, producing new geographies of theory?"
housing  organization  organizing  2008  mortgages  greatrecession  finance  translocality  global  capitalism  cities  urban  urbanism 
14 days ago by robertogreco
The Making of a Democratic Economy | Ted Howard | RSA Replay - YouTube
"While not often reported on in the press, there is a growing movement – a Community Wealth Building movement – that is taking hold, from the ground up, in towns and cities in the United States and in the United Kingdom, in particular.

Ted Howard, co-founder and president of the Democracy Collaborative, voted one of ‘25 visionaries who are changing your world’, visits the RSA to share the story of the growth of this movement, and the principles underlying it. Join us to explore innovative models of a new economy being built in cities from Cleveland, Ohio to Preston, Lancashire, and to discuss how we might dramatically expand the vision and reality of a democratic economy."
economics  tedhoward  inequality  democracy  extraction  extractiveeconomy  us  uk  2018  capitalism  privatization  finance  wealth  power  elitism  trickledowneconomics  labor  work  universalbasicincome  ubi  austerity  democraticeconomy  precarity  poverty  change  sustainability  empowerment  socialism  socialchange  regulations  socialsafetynet  collectivism  banking  employment  commongood  unemployment  grassroots  organization  greatdepression  greatrecession  alaska  california  socialsecurity  government  governance  nhs  communities  communitywealthbuilding  community  mutualaid  laborovercapital  local  absenteeownership  localownership  consumerism  activism  participation  participatory  investment  cleveland  systemicchange  policy  credit  communityfinance  development  cooperatives  creditunions  employeeownership  richmond  virginia  nyc  rochester  broadband  publicutilities  nebraska  energy  utilities  hospitals  universities  theprestonmodel  preston  lancashire 
november 2018 by robertogreco
The Wrongest Profession | Dean Baker
[via: https://economicsociology.org/2018/07/21/bb-populism-rostows-economics-and-vietnam-war-informal-economy-grows-universities-privatization-failures-deficit-hawks-deceive-you-inequality-one-sided-economists/ ]

"How economists have botched the promise of widely distributed prosperity—and why they have no intention of stopping now"



"OVER THE PAST TWO DECADES, the economics profession has compiled an impressive track record of getting almost all the big calls wrong. In the mid-1990s, all the great minds in the field agreed that the unemployment rate could not fall much below 6 percent without triggering spiraling inflation. It turns out that the unemployment rate could fall to 4 percent as a year-round average in 2000, with no visible uptick in the inflation rate.

As the stock bubble that drove the late 1990s boom was already collapsing, leading lights in Washington were debating whether we risked paying off the national debt too quickly. The recession following the collapse of the stock bubble took care of this problem, as the gigantic projected surpluses quickly turned to deficits. The labor market pain from the collapse of this bubble was both unpredicted and largely overlooked, even in retrospect. While the recession officially ended in November 2001, we didn’t start creating jobs again until the fall of 2003. And we didn’t get back the jobs we lost in the downturn until January 2005. At the time, it was the longest period without net job creation since the Great Depression.

When the labor market did finally begin to recover, it was on the back of the housing bubble. Even though the evidence of a bubble in the housing sector was plainly visible, as were the junk loans that fueled it, folks like me who warned of an impending housing collapse were laughed at for not appreciating the wonders of modern finance. After the bubble burst and the financial crisis shook the banking system to its foundations, the great minds of the profession were near unanimous in predicting a robust recovery. Stimulus was at best an accelerant for the impatient, most mainstream economists agreed—not an essential ingredient of a lasting recovery.

While the banks got all manner of subsidies in the form of loans and guarantees at below-market interest rates, all in the name of avoiding a second Great Depression, underwater homeowners were treated no better than the workers waiting for a labor market recovery. The Obama administration felt it was important for homeowners, unlike the bankers, to suffer the consequences of their actions. In fact, white-collar criminals got a holiday in honor of the financial crisis; on the watch of the Obama Justice Department, only a piddling number of bankers would face prosecution for criminal actions connected with the bubble.

There was a similar story outside the United States, as the International Monetary Fund, along with the European Central Bank and the European Union, imposed austerity when stimulus was clearly needed. As a result, southern Europe is still far from recovery. Even after another decade on their current course, many southern European countries will fall short of their 2007 levels of income. The situation looks even worse for the bottom half of the income distribution in Greece, Spain, and Portugal.

Even the great progress for the world’s poor touted in the famous “elephant graph” turns out to be largely illusory. If China is removed from the sample, the performance of the rest of the developing world since 1988 looks rather mediocre. While the pain of working people in wealthy countries is acute, they are not alone. Outside of China, people in the developing world have little to show for the economic growth of the last three and a half decades. As for China itself, the gains of its huge population are real, but the country certainly did not follow Washington’s model of deficit-slashing, bubble-driven policies for developing countries.

In this economic climate, it’s not surprising that a racist, xenophobic, misogynist demagogue like Donald Trump could succeed in politics, as right-wing populists have throughout the wealthy world. While his platform may be incoherent, Trump at least promised the return of good-paying jobs. Insofar as Clinton and other Democrats offered an agenda for economic progress for American workers, hardly anyone heard it. And to those who did, it sounded like more of the same."



"At this point, the deficit hawks typically start raising apocalyptic fears about higher taxes impoverishing our children. I have three responses to this claim.

The first is that we are all paying much higher Social Security and Medicare taxes than our parents and grandparents did. Are we therefore the victims of generational inequity? What’s more, the main reason Social Security costs are rising is that our kids will live longer lives than we will. In other words, the dire specter of a generously subsidized cohort of older Americans is actually a sign of widespread social progress. (High Medicare costs are due to an incredibly inefficient health care system, but that’s another story—one that deficit hawks are also in the midst of monkey-wrenching in order to delegitimize any state-supported solution.)

My second reply is that we should be worried about after-tax income, not the tax rate. Recall that austerity policies favored by deficit hawks may have already cost us the equivalent of an increase in the payroll tax of 14 percentage points. We’re supposed to get hysterical over the prospect that our kids may pay 2 to 3 more percentage points in payroll taxes, but be unconcerned about this huge and needless loss of before-tax income?

More generally, if we manage to reverse the wage stagnation of the past thirty-plus years and see ordinary workers once more take a share of the gains of economic growth, their before-tax pay will be 40 to 50 percent higher in three decades than it is today. If they have to give back some of these gains in higher payroll taxes in order to support a longer retirement, it’s hard to see just what the problem would be. (The bigger question, of course, is whether we can succeed in creating a political economy in which ordinary workers will once again share in generalized economic growth.) And taxes are just one way in which the government imposes costs on citizens. Donald Trump wants to have a massive infrastructure program financed by the creation of toll roads. These tolls will be paid to private companies and will not count as taxes. Feel better?

On a much larger scale, the government grants patent and copyright monopolies as an incentive for research and creative work. In the case of prescription drugs alone, these patent monopolies cost close to $350 billion a year (approximately 1.9 percent of GDP) over what the price of drugs would be in a truly free market. Even as deficit hawks try to convince us that the government can’t afford to borrow another $50 billion a year to finance the research done by the pharmaceutical industry, they tell us not to worry about the extra $350 billion we pay for drugs because of government-granted patent monopolies. This monomaniacal obsession with tax burdens, to the exclusion of any reckoning with the burden of patent monopolies, shows yet again that the deficit hawks’ oft-professed concern for our children’s well-being is purely rhetorical, and in no way serious.

We should remember that we will pass down a whole society to our kids—including the natural environment that underwrites the quality of life of future generations. If the cost of ensuring that large numbers of children do not grow up in poverty and that the planet is not destroyed by global warming is a somewhat higher current or future tax burden, that hardly seems like a bad deal—especially if the burden is apportioned fairly. Now suppose, by contrast, that we hand our kids a country in which large segments of the population are unhealthy and uneducated and the environment has been devastated by global warming, but we have managed to pay off the national debt. That is, after all, the future that many in the mainstream of the economics profession are prescribing for the country. Somehow, I don’t see future generations thanking us."
economics  economists  us  policy  politics  deanbaker  health  healthcare  deficits  government  governance  gdp  priorities  labor  markets  capitalism  socialsecurity  bubbles  greatrecession  2018  china  portugal  spain  españa  greece  eu  paulryan  timothygeitner  donaldtrump  taxes 
july 2018 by robertogreco
Richard Walker: The Golden State Adrift. New Left Review 66, November-December 2010.
"Since the apotheosis of the state’s favourite son Ronald Reagan, California has been at the forefront of the neoliberal turn in global capitalism. The story of its woes will sound familiar to observers across Europe, North America and Japan, suffering from the neoliberal era’s trademark features: financial frenzy, degraded public services, stagnant wages and deepening class and race inequality. But given its previous vanguard status, the Golden State should not be seen as just one more case of a general malaise. Its dire situation provides not only a sad commentary on the economic and political morass into which liberal democracies have sunk; it is a cautionary tale for what may lie ahead for the rest of the global North."



"California’s government is in profound disarray. The proximate cause is the worst fiscal crisis in the United States, echoing at a distance that of New York in the 1970s. Behind the budgetary mess is a political deadlock in which the majority no longer rules, the legislature no longer legislates, and offices are up for sale. At a deeper level, the breakdown stems from the long domination of politics by the moneyed elite and an ageing white minority unwilling to provide for the needs of a dramatically reconstituted populace.

The Golden State is now in permanent fiscal crisis. It has the largest budget in the country after the federal government—about $100 billion per year at its 2006 peak—and the largest budget deficit of any state: $35 billion in 2009–10 and $20 billion for 2010–11. The state’s shortfall accounts for one-fifth of the total $100 billion deficit of all fifty states. These fiscal woes are not new. They stem in large measure from the woefully inadequate and inequitable tax system, in which property is minimally taxed—at 1 per cent of cash value—and corporations bear a light burden: at most 10 per cent. Until the late 1970s, California had one of the most progressive tax systems in the country, but since then there has been a steady rollback of taxation. In the 1970s, it was one of the top four states in taxation and spending relative to income, whereas it is now in the middle of the pack.

The lynchpin of the anti-tax offensive is Proposition 13, passed by state-wide referendum in 1978, which capped local property taxes and required a two-thirds majority in the state legislature for all subsequent tax increases—a daunting barrier if there is organized opposition. Proposition 13 was the brainchild of Howard Jarvis, a lobbyist for the Los Angeles Apartment Owners’ Association. Support for it came not so much from voters in revolt against Big Government as from discontent with rising housing costs and property-tax assessments. But it was to prove a bridgehead for American neoliberalism, which triumphed two years later with Reagan’s ascent to the presidency."



"The fiscal crisis overlays a profound failure of politics and government in California. The origins of the stalemate lie in the decline of the legislative branch, which has popularity ratings even lower than Schwarzenegger’s. Led by Assembly Speaker Jesse Unruh in the 1960s, California’s legislature was admired across the country for its professionalism. But by the 1980s, under Speaker Willie Brown, it had become largely a patronage system for the Democratic Party, which has controlled the state legislature continuously since 1959. Republicans went after Brown and the majority party by means of a ballot proposition imposing term limits on elected officials in 1990. Term limits neutered the legislature, taking away its collective knowledge, professional experience and most forceful voices, along with much of the staff vital to well-considered legislation. Sold as a way of limiting the influence of ‘special interests’, term limits have reinforced the grip of industry lobbyists over legislators."



"Efforts to jettison Proposition 13, such as that by the public-sector unions in 2004, have been stillborn because the Democratic Party leadership refuses to touch the ‘third rail’ of California politics. Most left-liberal commentators attribute this impasse to an anti-tax electorate and organized opposition from the right, but this does not square with the evidence. Electorally, the Democrats have easily dominated the state for the last four decades: both houses of the legislature, one or both us Senate seats, the majority of the House delegation, and the mayoralties of Los Angeles, San Jose, Oakland and San Francisco; and, from Clinton onwards, every Democrat presidential candidate has carried the state by at least 10 per cent.

Rather than electoral vulnerability, it is the Democrats’ fundamental identification with the agenda of Silicon Valley, Hollywood and financiers—and dependence on money from these sources—that explains their unwillingness to touch the existing system."



"The victor, septuagenarian Democrat Jerry Brown, was governor of the state from 1975–83 and mayor of Oakland from 1999–2007; his most recent post was that of state Attorney General. Once a knight-errant of the liberal-left, it was his blunders in dealing with a budget surplus that paved the way for Proposition 13, and his harping on the theme of an ‘era of limits’ made him a rhetorical precursor to neoliberalism. In Oakland, his main contribution was to revivify the downtown area through massive condo development in the midst of the housing boom; he was also instrumental in pushing through charter schools. Brown’s low-key campaign kept its promises vague, but adhered to a broadly neoliberal agenda: pledging to cut public spending, trim the pensions of public employees, and put pressure on the unions to ‘compromise’. He has a fine nose for the political winds, but lacks any strong connection to a popular base."



"Yet whites have continued to dominate electoral politics, still making up two-thirds of the state’s regular voters. The majority of colour is vastly under-represented, because so many are non-citizens (60 per cent), underage (45 per cent) or not registered to vote. Turnout rates among California’s eligible Latinos are an abysmal 30 per cent, and the number of Latino representatives in city councils, the legislature and Congress remains far below what would be proportionate; Antonio Villaraigosa is the first Latino Mayor of Los Angeles since the 19th century. The fading white plurality continues to exert a disproportionate influence on the state. Markedly older, richer and more propertied, the white electorate has correspondingly conservative views: for many, immigrants are the problem, the Spanish language a threat, and law and order a rallying cry. Even the centrist white voter tends to view taxes as a burden, schools of little interest, and the collective future as someone else’s problem."



"The current economic and fiscal crises are just the latest symptoms of the slow decline of California’s postwar commonwealth. Here, as much as anywhere in the us, the golden age of American capitalism was built on a solid foundation of public investment and competent administration. Here, too, the steady advance of neoliberalism has undermined the public sector, and threatens to poison the wellsprings of entrepreneurial capitalism as well. This is especially apparent in the realm of education, from primary to university levels. The state’s once-great public-school system has been brought to its knees. Primary and secondary education (K–12: from kindergarten to twelfth grade) has fallen from the top of national rankings to the bottom by a range of measures, from test scores to dropout rates; the latter is currently at 25 per cent. There are many reasons for the slide, but the heart of the matter is penury—both of pupils and of the schools themselves, as economic inequalities and budget cuts bear down on California’s children."



"The upper middle class shield themselves by simply taking their children out of the public-school system and sending them to private institutions instead; previously rare, such withdrawals have now become commonplace—along with another alternative for the well-off, which is to move to prosperous, whiter suburbs where the tax base is richer. If public funds are insufficient, parents raise money amongst themselves for school endowments. In July of this year, a combination of civil-society groups launched a lawsuit over the injustice of school funding, hoping to produce a ‘son of Serrano’ ruling."



"California has been living off the accrued capital of the past. The New Deal and postwar eras left the state with an immense legacy of infrastructural investments. Schools and universities were a big part of this, along with the world’s most advanced freeway network, water-storage and transfer system, and park and wilderness complex. For the last thirty years, there has been too little tax revenue and too little investment. To keep things running, Sacramento has gone deeper and deeper into debt through a series of huge bond issues for prisons, parks and waterworks. By this sleight of hand, Californians have been fooled into thinking they could have both low taxes and high quality public infrastructure. The trick was repeated over and over, in a clear parallel to the nationwide accumulation of excessive mortgage debt. As a result, California now has the worst bond rating of any state."
richardwalker  california  via:javierarbona  2010  politics  policy  proposition13  inequality  education  schools  publicschools  highereducation  highered  government  termlimits  democrats  neoliberalism  liberalism  progressivism  elitism  nancypelosi  jerrybrown  ronaldreagan  race  demographics  history  1973  poverty  children  class  economics  society  technosolutionism  siliconvalley  finance  housingbubble  2008  greatrecession  taxes 
april 2017 by robertogreco
California Dreaming - The bankrupt Golden State (vpro backlight documentary) - YouTube
"California is a strong brand, the state of new beginnings, dreams and movie stars, of surfers and a wonderful climate. But the Golden State is bankrupt and the city of Los Angeles is running out of cash. Public services are being cut and unemployment keeps rising. At the same time, optimism, entrepreneurship and the belief in the power of America are stronger than ever.

In Los Angeles, we meet five people who are going through a transformation in their lives during this crisis. Justin and Christine lost their jobs and are now living in a van with their two young sons. Charles has gotten out of prison after fourteen years. Mizuko prepares her children for the future by making them at ease in virtual reality. Laura has taken advantage of the crisis by buying land cheaply and starting an urban farm and artists collective Fallen Fruit maps the abundant free 'public fruit' available in the city.

Who are the pioneers who are reinventing the new America and how do they see the future?

Director: Bregtje van der Haak"
california  2010  documentary  losangeles  homeboyindustries  mimiito  bregtjevanderhaak  greatrecession  fallenfruit  wendygeuel 
january 2017 by robertogreco
The Oppressive Gospel of ‘Minimalism’ - The New York Times
[See also: http://www.theatlantic.com/entertainment/archive/2016/03/marie-kondo-and-the-privilege-of-clutter/475266/ ]

"“Minimalism” was eventually canonized as an art-historical movement, but the name came to mean something different as it was adopted into consumer culture and turned into a class signifier. What was once a way artists shocked viewers became over the decades a style as delimited and consumable as any Martha Stewart tablescape. The word was defanged, no longer a critical insult and no longer a viable strategy within art — though it never quite gave up its veneer of provocation. Even austerity can be made decadent: To wealthy practitioners, minimalism is now little more than a slightly intriguing perversion, like drinking at breakfast. “One of the real problems with design-world minimalism is that it’s just become a signifier of the global elite,” Raskin says. “The richer you are, the less you have.”

The minimalists’ aesthetic of raw materials and aggressive simplicity leaked into fashion, design and architecture, where it became a luxury product, helped along at times by the artists themselves. Judd’s SoHo loft building is now an icon of sanitized minimalism, open to tourists. His Chinati Foundation, a permanent installation of concrete and metal boxes in and around a decommissioned military base in Marfa, Tex., is a site of hipster pilgrimage. It even appears in Ben Lerner’s “10:04,” a novel redolent of late-capitalist anxiety. The protagonist visits the town on an artist’s residency, where he wanders the desert landscape, parties with young people and accidentally ingests ketamine — but it’s Judd’s installation that provides an epiphany. The sculptures, he writes, “combined to collapse my sense of inside and outside.” Judd’s work “had itself come to contain the world.”

Today’s minimalism, by contrast, is visually oppressive; it comes with an inherent pressure to conform to its precepts. Whiteness, in a literal sense, is good. Mess, heterogeneity, is bad — the opposite impulse of artistic minimalism. It is anxiety-inducing in a manner indistinguishable from other forms of consumerism, not revolutionary at all. Do I own the right things? Have I jettisoned enough of the wrong ones? In a recent interview with Apartamento magazine set against interior shots of his all-white home in Rockaway, Queens, the tastemaker and director of MoMA PS1 Klaus Biesenbach explained, “I don’t aim to own things.”

Minimalism is now conflated with self-optimization, the trend that also resulted in fitness trackers and Soylent (truly a minimalist food — it looks like nothing, but inspires thoughts of everything else). Often driven by technol­ogy, this optimization is expensive and exclusively branded by and for the elite. In Silicon Valley, the minimalism fetish can perhaps be traced back to Steve Jobs’s famously austere 1980s apartment (he sat on the floor) and the attendant simplicity of Apple products. Pare down, and you, too, could run a $700 billion company. A thriving Reddit forum on minimalism debates the worth of Muji products and which hobbies count as minimalist-appropriate, in a communal attempt to live the most effective, if perhaps not the most joyful, life.

These minimalist-arrivistes present it as a logical end to lifestyle, culture and even morality: If we attain only the right things, the perfect things, and forsake all else, then we will be free from the tyranny of our desires. But time often proves aesthetic permanence, as well as moral high ground, to be illusory. And already, the pendulum is swinging back.

Writing in The Atlantic in March, Arielle Bernstein described minimalism’s ban on clutter as a “privilege” that runs counter to the value ascribed to an abundance of objects by those who have suffered from a lack of them — less-empowered people like refugees or immigrants. The movement, such as it is, is led in large part by a group of men who gleefully ditch their possessions as if to disavow the advantages by which they obtained them. But it takes a lot to be minimalist: social capital, a safety net and access to the internet. The technology we call minimalist might fit in our pockets, but it depends on a vast infrastructure of grim, air-conditioned server farms and even grimmer Chinese factories. As Lerner’s protagonist observes in “10:04,” even a dull convenience like a can of instant coffee grounds reaches him thanks to a fragile and tremendously wasteful network of global connections, a logistics chain that defies all logic, one undergirded by exploited laborers and vast environmental degradation.

There’s an arrogance to today’s minimalism that presumes it provides an answer rather than, as originally intended, a question: What other perspectives are possible when you look at the world in a different way? The fetishized austerity and performative asceticism of minimalism is a kind of ongoing cultural sickness. We misinterpret material renunciation, austere aesthetics and blank, emptied spaces as symbols of capitalist absolution, when these trends really just provide us with further ways to serve our impulse to consume more, not less."
minimalism  2016  mariekondo  asceticism  possessions  culture  society  consumption  ariellebernstein  kylechayka  siliconvalley  affluence  inequality  privilege  austerity  greatrecession  donaldjudd  davidraskin  aesthetics  technology  abundance  tidying 
july 2016 by robertogreco
Brexit Is Only the Latest Proof of the Insularity and Failure of Western Establishment Institutions
"IN SUM, THE West’s establishment credibility is dying, and their influence is precipitously eroding — all deservedly so. The frenetic pace of online media makes even the most recent events feel distant, like ancient history. That, in turn, makes it easy to lose sight of how many catastrophic and devastating failures Western elites have produced in a remarkably short period of time.

In 2003, U.S. and British elites joined together to advocate one of the most heinous and immoral aggressive wars in decades: the destruction of Iraq; that it turned out to be centrally based on falsehoods that were ratified by the most trusted institutions, as well as a complete policy failure even on its own terms, gutted public trust.

In 2008, their economic worldview and unrestrained corruption precipitated a global economic crisis that literally caused, and is still causing, billions of people to suffer — in response, they quickly protected the plutocrats who caused the crisis while leaving the victimized masses to cope with the generational fallout. Even now, Western elites continue to proselytize markets and impose free trade and globalization without the slightest concern for the vast inequality and destruction of economic security those policies generate."



"Because that reaction is so self-protective and self-glorifying, many U.S. media elites — including those who knew almost nothing about Brexit until 48 hours ago — instantly adopted it as their preferred narrative for explaining what happened, just as they’ve done with Trump, Corbyn, Sanders, and any number of other instances where their entitlement to rule has been disregarded. They are so persuaded of their own natural superiority that any factions who refuse to see it and submit to it prove themselves, by definition, to be regressive, stunted, and amoral."



"BUT THERE’S SOMETHING deeper and more interesting driving the media reaction here. Establishment journalistic outlets are not outsiders. They’re the opposite: They are fully integrated into elite institutions, are tools of those institutions, and thus identify fully with them. Of course they do not share, and cannot understand, anti-establishment sentiments: They are the targets of this establishment-hating revolt as much as anyone else. These journalists’ reaction to this anti-establishment backlash is a form of self-defense. As NYU journalism professor Jay Rosen put it last night, “Journalists today report on hostility to the political class, as if they had nothing to do with it,” but they are a key part of that political class and, for that reason, “if the population — or part of it — is in revolt against the political class, this is a problem for journalism.”

There are many factors explaining why establishment journalists now have almost no ability to stem the tide of anti-establishment rage, even when it’s irrational and driven by ignoble impulses. Part of it is that the internet and social media have rendered them irrelevant, unnecessary to disseminate ideas. Part of it is that — due to their distance from them — they have nothing to say to people who are suffering and angry about it other than to scorn them as hateful losers. Part of it is that journalists — like anyone else — tend to react with bitterness and rage, not self-assessment, as they lose influence and stature.

But a major factor is that many people recognize that establishment journalists are an integral part of the very institutions and corrupted elite circles that are authors of their plight. Rather than being people who mediate or inform these political conflicts, journalists are agents of the forces that are oppressing them. And when journalists react to their anger and suffering by telling them that it’s invalid and merely the byproduct of their stupidity and primitive resentments, that only reinforces the perception that journalists are their enemy, thus rendering journalistic opinion increasingly irrelevant.

Brexit — despite all of the harm it is likely to cause and despite all of the malicious politicians it will empower — could have been a positive development. But that would require that elites (and their media outlets) react to the shock of this repudiation by spending some time reflecting on their own flaws, analyzing what they have done to contribute to such mass outrage and deprivation, in order to engage in course correction. Exactly the same potential opportunity was created by the Iraq debacle, the 2008 financial crisis, the rise of Trumpism and other anti-establishment movements: This is all compelling evidence that things have gone very wrong with those who wield the greatest power, that self-critique in elite circles is more vital than anything.

But, as usual, that’s exactly what they most refuse to do. Instead of acknowledging and addressing the fundamental flaws within themselves, they are devoting their energies to demonizing the victims of their corruption, all in order to de-legitimize those grievances and thus relieve themselves of responsibility to meaningfully address them. That reaction only serves to bolster, if not vindicate, the animating perceptions that these elite institutions are hopelessly self-interested, toxic, and destructive and thus cannot be reformed but rather must be destroyed. That, in turn, only ensures that there will be many more Brexits, and Trumps, in our collective future."
glenngreenald  economics  europe  politics  brexit  2016  vincentbevins  michaelsandel  elitism  garyyounge  ianjack  jeremycorbyn  hillaryclinton  donaltrump  neoliberalism  policy  government  eu  uk  us  establishment  inequality  greatrecession  2008  freemarket  markets  finance  refugees  iraq  libya  tonyblair  financialcrisis  disenfranchisement  alienation  corruption  journalism  media  jayrosen  class  classism  globalization  insularity  oppression  authority  berniesanders  christopherhayes  capitalism  nationalism  racism  xenophobia  condescension  michaeltracey  authoritarianism  fascism 
june 2016 by robertogreco
TARP: A Love Story — The Billfold
"Regardless, even if I could explain my love of TARP, it was clear. Nobody else outside my banker friends liked it. They hated it.

They hated it with everything they had. Some hated it with rants. But most hated it with a knowing resignation. They had seen this shit before.

It was the extreme example of a rigged system. Truck driver: “It wasn’t the needle that broke the camel’s back. It was the anvil that broke it.”

I also saw first hand why it resonated so badly with them. They were right, the system was rigged. At every level.

There really were two Americas. Two opportunity sets. Two education systems. Two legal systems. Two sets of rules.

The elites (Sorry about that word) got the better of it all. Better opportunities. Better educations. Better laws. Better bailouts.

And TARP was just a continuation of that, regardless of the relative merits of it at the time.

It represented how shit plays out in America: If you have money, you get cut all the breaks. If you don’t, you suffer all the breaks.

Nobody wanted to hear, “You know TARP benefited you too…” They have heard that shit all their lives. Everything is spun that way.

Me: “Really, it was also the best policy for you.” Them: “Funny how the person telling us that is always sitting on a pile of gold while we stand in shit.”

So regardless of what I think about the past beauty of TARP. The reality is: TARP was all about maintaining two separate and unequal systems.

So I look back at that distant day on the trading floor, when I first fell in love with TARP. It was only a marriage of convenience. For me.

I look back at that young banker and think. Damn he had it good. Damn he had it so easy. Damn he was so naïve. Damn did he ever love that TARP.

And damn if that TARP didn’t ever love him back."
2009  tarp  bailouts  elites  elitism  chrisarnade  greatrecession  banking  finance  class  middleclass  financialcrisis  politics  policy  us  classism 
june 2016 by robertogreco
Iceland put bankers in jail rather than bailing them out — and it worked - Vox
"Yesterday, Iceland's prime minister, Sigmundur Gunnlaugsson, announced a plan that will essentially close the books on his country's approach to handling the financial crisis — an approach that deviated greatly from the preferences of global financial elites and succeeded quite well. Instead of embracing the orthodoxy of bank bailouts, austerity, and low inflation, Iceland did just the opposite. And even though its economy was hammered by the banking crisis perhaps harder than any other in the world, its labor didn't deteriorate all that much, and it had a great recovery.

How great? Well, compare the evolution of Iceland's unemployment rate with what happened in Ireland, the star pupil of the Very Serious People:

[chart]

Or compare it with the United States:

[chart]

How did Iceland pull it off?

Let the banks go bust

For starters, rather than scrambling to mobilize public resources to make sure banks didn't default on their various obligations, Iceland let the banks go bust. Executives of the country's most important bank were prosecuted as criminals.

Reject austerity

[chart]

Iceland was nonetheless hit by a very serious recession that caused its debt-to-GDP ratio to soar. But even after several years of steady increases, the government didn't panic. It prioritized recovery. And when recovery was underway and the ratio began to fall, the government let it fall gently.

Devalue and accept inflation

[chart]

There's no free lunch in life, and no country recovers from a severe recession without some bad things happening. But while most developed countries have gone through years of grindingly high unemployment paired with super-low inflation, Iceland did the reverse. It let the value of its currency tumble, which naturally brought about higher prices.

But as a result, the country's export industries rapidly gained ground in international markets. Unemployment rose, but maxed out at a modest 7.6 percent before falling steadily to a very low level. In the US and Europe, the priority has been on low inflation to protect the asset values of the wealthy. Iceland prioritized jobs, and it worked.

Impose temporary capital controls

In the context of bank defaults and a plunging currency, the government felt it was necessary to impose an additional measure — capital controls, regulations restricting Icelandic citizens' ability to take their money out of the country. This is a serious violation of free market orthodoxy. More importantly, it can be a major hassle to ordinary people's lives and an impediment to starting new businesses. In some countries, like Argentina, capital controls become a breeding ground of corruption and mischief.

That leads some to believe that no matter how well heterodox policies work economically, they're ultimately doomed to political failure.

Iceland shows that's not the case. Getting policy right is difficult, but it can be done. And the upside to doing the right thing — devaluing the currency massively, then imposing capital controls to contain the fallout, then ending the capital controls once the economy recovers — can be enormous. Iceland has had a rough time over the past seven or eight years, but so have a lot of other countries. Things are looking up there now because the country's leaders had the wisdom to reject elements of the self-satisfied conventional wisdom that have proven so harmful elsewhere."
iceland  banking  greatrecession  austerity  finance  2015  economics  matthewyglesias  unemployment  employment  labor  policy  politics  regulation  capitalcontols  currency  devaluation  inflation 
june 2015 by robertogreco
Robert Reich (The Political Roots of Widening Inequality)
"A deeper understanding of what has happened to American incomes over the last 25 years requires an examination of changes in the organization of the market. These changes stem from a dramatic increase in the political power of large corporations and Wall Street to change the rules of the market in ways that have enhanced their profitability, while reducing the share of economic gains going to the majority of Americans.

This transformation has amounted to a redistribution upward, but not as “redistribution” is normally defined. The government did not tax the middle class and poor and transfer a portion of their incomes to the rich. The government undertook the upward redistribution by altering the rules of the game.

Intellectual property rights—patents, trademarks, and copyrights—have been enlarged and extended, for example. This has created windfalls for pharmaceuticals, high tech, biotechnology, and many entertainment companies, which now preserve their monopolies longer than ever. It has also meant high prices for average consumers, including the highest pharmaceutical costs of any advanced nation.

At the same time, antitrust laws have been relaxed for corporations with significant market power. This has meant large profits for Monsanto, which sets the prices for most of the nation’s seed corn; for a handful of companies with significant market power over network portals and platforms (Amazon, Facebook, and Google); for cable companies facing little or no broadband competition (Comcast, Time Warner, AT&T, Verizon); and for the largest Wall Street banks, among others. And as with intellectual property rights, this market power has simultaneously raised prices and reduced services available to average Americans. (Americans have the most expensive and slowest broadband of any industrialized nation, for example.)

Financial laws and regulations instituted in the wake of the Great Crash of 1929 and the consequential Great Depression have been abandoned—restrictions on interstate banking, on the intermingling of investment and commercial banking, and on banks becoming publicly held corporations, for example—thereby allowing the largest Wall Street banks to acquire unprecedented influence over the economy. The growth of the financial sector, in turn, spawned junk-bond financing, unfriendly takeovers, private equity and “activist” investing, and the notion that corporations exist solely to maximize shareholder value.

Bankruptcy laws have been loosened for large corporations—notably airlines and automobile manufacturers—allowing them to abrogate labor contracts, threaten closures unless they receive wage concessions, and leave workers and communities stranded. Notably, bankruptcy has not been extended to homeowners who are burdened by mortgage debt and owe more on their homes than the homes are worth, or to graduates laden with student debt. Meanwhile, the largest banks and auto manufacturers were bailed out in the downturn of 2008–2009. The result has been to shift the risks of economic failure onto the backs of average working people and taxpayers.

Contract laws have been altered to require mandatory arbitration before private judges selected by big corporations. Securities laws have been relaxed to allow insider trading of confidential information. CEOs have used stock buybacks to boost share prices when they cash in their own stock options. Tax laws have created loopholes for the partners of hedge funds and private-equity funds, special favors for the oil and gas industry, lower marginal income-tax rates on the highest incomes, and reduced estate taxes on great wealth.

All these instances represent distributions upward—toward big corporations and financial firms, and their executives and shareholders—and away from average working people."



"The underlying problem, then, is not that most Americans are “worth” less in the market than they had been, or that they have been living beyond their means. Nor is it that they lack enough education to be sufficiently productive. The more basic problem is that the market itself has become tilted ever more in the direction of moneyed interests that have exerted disproportionate influence over it, while average workers have steadily lost bargaining power—both economic and political—to receive as large a portion of the economy’s gains as they commanded in the first three decades after World War II. As a result, their means have not kept up with what the economy could otherwise provide them.

To attribute this to the impersonal workings of the “free market” is to disregard the power of large corporations and the financial sector, which have received a steadily larger share of economic gains as a result of that power. As their gains have continued to accumulate, so has their power to accumulate even more.

Under these circumstances, education is no panacea. Reversing the scourge of widening inequality requires reversing the upward distributions within the rules of the market, and giving workers the bargaining leverage they need to get a larger share of the gains from growth. Yet neither will be possible as long as large corporations and Wall Street have the power to prevent such a restructuring. And as they, and the executives and managers who run them, continue to collect the lion’s share of the income and wealth generated by the economy, their influence over the politicians, administrators, and judges who determine the rules of the game may be expected to grow.

The answer to this conundrum is not found in economics. It is found in politics. The changes in the organization of the economy have been reinforcing and cumulative: As more of the nation’s income flows to large corporations and Wall Street and to those whose earnings and wealth derive directly from them, the greater is their political influence over the rules of the market, which in turn enlarges their share of total income.

The more dependent politicians become on their financial favors, the greater is the willingness of such politicians and their appointees to reorganize the market to the benefit of these moneyed interests. The weaker unions and other traditional sources of countervailing power become economically, the less able they are to exert political influence over the rules of the market, which causes the playing field to tilt even further against average workers and the poor.

Ultimately, the trend toward widening inequality in America, as elsewhere, can be reversed only if the vast majority, whose incomes have stagnated and whose wealth has failed to increase, join together to demand fundamental change. The most important political competition over the next decades will not be between the right and left, or between Republicans and Democrats. It will be between a majority of Americans who have been losing ground, and an economic elite that refuses to recognize or respond to its growing distress."
robertreich  2015  economics  inequality  histoy  corporatism  politics  policy  wealth  productivity  globalization  markets  capitalism  labor  work  insecutiry  greatrecession  recession  unemployment  underemployment  finance  banks  banking  wallstreet  education  government  ideology 
may 2015 by robertogreco
Academia’s 1 Percent | Vitae
"A more useful indicator of whether your doctoral program is a pathway to employment lies in whom the department hires. Because chances are, you will see the same few institutional names again and again. During my own time in graduate school, my department hired several faculty members, all with different specialties and skills, all with one thing in common: Harvard, Harvard, Harvard, Harvard.

The evidence is not only anecdotal. A recent study by Aaron Clauset, Samuel Arbesman, and Daniel B. Larremore shows that “a quarter of all universities account for 71 to 86 percent of all tenure-track faculty in the U.S. and Canada in these three fields. Just 18 elite universities produce half of all computer science professors, 16 schools produce half of all business professors, and eight schools account for half of all history professors.” This study follows the discovery by political scientist Robert Oprisko that more than half of political-science professorships were filled by applicants from only 11 universities.

What that means is something every Ph.D. from a less-prestigious institution knows all too well: No amount of publishing, teaching excellence, or grants can compensate for an affiliation that is less than favorable in the eyes of a search committee. The fate of aspiring professors is sealed not with job applications but with graduate-school applications. Institutional affiliation has come to function like inherited wealth. Those who have it operate in a different market, more immune from the dark trends – unemployment, adjunctification – that dog their less-prestigious peers."



"Rather than go to an expensive, elite program, a fiscally responsible student might be inclined to select a solid program with good funding in a cheap city. But academia was not designed for the fiscally responsible: It was designed for those for whom money is a nonissue. Academia’s currency is prestige, but prestige is always backed up by money, whether the expenditure for life in a costly city, the expectation of unpaid or underpaid labor, or research trips assumed to be paid out-of-pocket.

As university infrastructure grows more elaborate and US News and World Report rankings become increasingly valued, elite colleges often appear less concerned with providing an education than selling a lifestyle. Whereas students have often chosen a college believing that its reputation would enhance their own, colleges now solicit wealthy students believing that the students’ prestige will enhance the college. The same is true of faculty. As Clauset and his Slate co-writer Joel Warner note, “For a university, the easiest way to burnish your reputation is to hire graduates from top schools, thereby importing a bit of what made these institutions elite in the first place.”

Where does this leave the majority of Ph.D.’s who are not affiliated with the small group of approved institutions?

Last week, adjuncts across the country staged a walkout to protest poor pay and working conditions. Adjuncting itself is a product of an academe that operates on an almost Calvinist faith in its 1 percent: Adjuncts are viewed as “tainted” by their own job experience, and their low status regarded as “proof” that they never deserved a tenure-track position. Though graduates of elite universities were certainly among the striking adjuncts – the academic job market is bad enough that even the Ivy League is not entirely immune – most adjuncts tend to come from less prestigious institutions, with their contingent positions a seeming punishment for failing to start out right.

No one’s career should end at its beginning. But for thousands of Ph.D. students, that is exactly what is happening. The candor of studies like Clauset’s and Oprisko’s should be applauded. It is only in recognizing institutional bias -- and exploring the issues of class that surround it -- that hiring can be made more equitable."
academia  education  jobs  phd  sarahkendzior  aaronclauset  samuelarbesman  daniellarremore  robertoprisko  inequality  greatrecession  elitism  glosedsystems  employment  highered  highereducation  adjunctification 
march 2015 by robertogreco
10 (Not Entirely Crazy) Theories Explaining the Great Crime Decline | The Marshall Project
"Over the course of the 1990s, crime rates dropped, on average, by more than one-third. It was a historic anomaly; one that scholar Frank Zimring dubbed “the great American crime decline.” No one was sure how long the trend would last. Then, in 2010, the Bureau of Justice Statistics announced that the homicide rate had reached a four-decade low. (Since then, overall crime rates have remained relatively flat.)While everyone agrees this is fantastic news, no one, least of all researchers and experts, can agree on exactly why it happened. Below are 10 popular theories for the decline, from abortion to lead to technology to the broken windows theory, with unvarnished views from three leading researchers—Zimring; Richard Rosenfeld, chairman of a National Academy of Sciences roundtable on crime trends; and John Roman of The Urban Institute—on which are the most plausible.

The “abortion filter” […]

The happy pill thesis […]

The lead hypothesis […]

Aging boomers […]

The tech thesis […]

Crack is whack […]

The roaring ’90s (and Obama-mania) […]

The prison boom […]

Police on the beat […]

Immigration and Gentrification […]"
crime  theories  theory  marshallproject  abortion  lead  prozac  ritalin  behavior  moods  babyboomers  population  demographics  technology  airconditioning  television  tv  cars  debitcards  currency  transactions  crack  drugs  economics  unemployment  greatrecession  recession  prison  incarceration  police  lawenforcement  gentrification  immigration  boomers 
november 2014 by robertogreco
Richard Wolff presents Democracy at Work: A Cure for Capitalism at the Baltimore Radical Bookfair - YouTube
"Called the leading social economist in the nation by Cornel West, Richard D. Wolff, professor of economics at the New School, host of WBAI's "Economic Update," and prominent critic of capitalism lays out his vision for a world without bosses, in which workers run their own workplaces democratically."

[More on Mondragon:
http://www.theguardian.com/commentisfree/2012/jun/24/alternative-capitalism-mondragon
http://en.wikipedia.org/wiki/Mondragon_Corporation ]
richardwolff  democracy  economics  capitalism  hierarchy  hierarchies  horizontality  labor  2012  unions  organizaedlabor  socialism  communism  inequality  history  unemployment  newdeal  fdr  socialsafetynet  society  government  taxes  taxation  egalitarianism  mondragon  spain  españa  greatdepression  greatrecession  recessions 
april 2014 by robertogreco
Pure Capitalism = Pure Fantasy? | Interview Richard Wolff - YouTube
[See also: http://truth-out.org/opinion/item/17256-pure-capitalism-is-pure-fantasy ]

"Abby Martin talks to Richard Wolff, Professor Emeritus at the University of Massachusetts, and author of 'Democracy at Work: A Cure for Capitalism', about the recent school closures in Chicago, and how it reflects a systemic problem within the current capitalist model."
richardwolff  economics  2013  abbymartin  austerity  capitalism  policy  government  inequality  taxes  socialsecurity  democracy  employment  greatrecession  work  wealth  schoolclosures  chicago  politics  corruption  corporatism  horizontality  hierarchy  cooperation  grassroots 
february 2014 by robertogreco
Millennial Searchers - NYTimes.com
"Many researchers believe that millennials are focusing more on happiness than prior generations, and that the younger ones in that age cohort are doing so even more than the older ones who did not take the brunt of the recession. Rather than chasing the money, they appear to want a career that makes them happy — a job that combines the perks of Google with the flexibility of a start-up.

But a closer look at the data paints a slightly different picture. Millennials appear to be more interested in living lives defined by meaning than by what some would call happiness. They report being less focused on financial success than they are on making a difference. A 2011 report commissioned by the Career Advisory Board and conducted by Harris Interactive, found that the No. 1 factor that young adults ages 21 to 31 wanted in a successful career was a sense of meaning. Though their managers, according to the study, continue to think that millennials are primarily motivated by money, nearly three-quarters of the young adults surveyed said that “meaningful work was among the three most important factors defining career success.”

MEANING, of course, is a mercurial concept. But it’s one that social scientists have made real progress understanding and measuring in recent years. Social psychologists define meaning as a cognitive and emotional assessment of the degree to which we feel our lives have purpose, value and impact. In our joint research, we are looking closely at what the building blocks of a meaningful life are. Although meaning is subjective — signifying different things to different people — a defining feature is connection to something bigger than the self. People who lead meaningful lives feel connected to others, to work, to a life purpose, and to the world itself. There is no one meaning of life, but rather, many sources of meaning that we all experience day to day, moment to moment, in the form of these connections.

It’s also important to understand what meaning is not. Having a sense of meaning is not the same as feeling happy. In a new longitudinal study done by one of us, Jennifer L. Aaker, with Roy F. Baumeister, Kathleen D. Vohs and Emily N. Garbinsky, 397 Americans were followed over a monthlong period and asked the degree to which they considered their lives to be meaningful and happy, as well as beliefs and values they held, and what type of choices they had made in their lives."



"Some studies have suggested that millennials are narcissistic and flaky in their professional and personal lives, and are more selfish than prior generations. But new data suggests that these negative trends are starting to reverse. In a study published this summer in the journal Social Psychological and Personality Science, the researchers Heejung Park, Jean M. Twenge and Patricia M. Greenfield looked at surveys that have, each year since the 1970s, tracked the attitudes of hundreds of thousands of 12th graders. Although concern for others had been decreasing among high school seniors and certain markers of materialism — like valuing expensive products such as cars — had been increasing for nearly four decades, these trends began to reverse after 2008. Whereas older millennials showed a concern for meaning, the younger millennials who came of age during the Great Recession started reporting more concern for others and less interest in material goods."
meaning  meaningmaking  millennials  2013  viktorfrankl  emilyesfahanismith  kenniferaaker  purpose  life  living  happiness  greatrecession  materialism  careers  success  work 
december 2013 by robertogreco
Report Paints Grim Picture of Arts, Culture Economy After Recession
"Pretty much every sector of the economy was battered during the great recession, but the artistic and creative community suffered more than most. And, at least as of two years ago, there was little sign of recovery.

That distressing news is contained in a report released this morning by the U.S. Bureau of Economic Analysis and the National Endowment for the Arts. It finds that, for 2011, “the value added from arts and cultural production accounted for nearly 3.2 percent, or $504 billion,” of the nation’s Gross Domestic Product (GDP), a common gauge of economic activity.

That figure was in the 3.5 to 3.7 percent range in the first half of the 2000s. It dipped to 3.2 percent in 2009, and has been stuck there ever since.

That still represents a significant slice of the overall economy. In 2011, two million Americans were employed in the arts and culture category, including 310,000 in the motion-picture industry, and 100,000 each for museums and the performing arts.

But employment levels in this sector took a real dive in 2009—much greater than the economy as a whole—and had yet to fully recover as of 2011. Employment in cultural production (as broadly defined by the federal government) declined roughly one percent from 2010 to 2011—a much smaller figure than the previous few years, but still on the negative side of the ledger.

The total gross output of “arts and cultural goods and services” in 2011 was just under $916 billion. The advertising industry generated the biggest slice of that total: nearly $200 billion. Arts education, including fine arts schools and college and university fine arts and performing arts departments, placed second, at just under $104 billion.

Close behind were cable television production and distribution ($100 billion); motion pictures and video ($83 billion); independent artists and the performing arts ($49 billion); and book, newspaper, and magazine publishing ($41 billion).

In case you were wondering, the advertising-industry figure is limited to the creative side. To put it in Mad Men terms, Don Draper and Peggy Olson’s salaries are included; Pete Campbell’s is not.

So NEA senior deputy chairman Joan Shigekawa is correct to note that, beyond its "contributions of ideas and creativity to the nation's economy," the output of artists, writers, and other creative types is economically significant in itself. But its impact is significantly smaller than it was in 2000 or 2005. Even if there has been an upturn in the past two years, it will likely have a long way to go to reach its pre-recession levels."

[Also posted here: http://www.salon.com/2013/12/08/how_the_recession_killed_culture_partner/ ]
economics  culture  art  arts  advertising  nea  greatrecession  us  2013 
december 2013 by robertogreco
The men who set themselves on fire - Opinion - Al Jazeera English
"Unemployment is not only the loss of a job. It is the loss of dignity. It is the loss of the present and, over time, the ability to imagine a future. It is hopelessness and shame, an open struggle everyone witnesses but pretends not to see. It is a social and political crisis we tell a man to solve, and blame him when he cannot.

When you are unemployed, your past is dismissed as unworthy. Your future is denied. Self-immolation is making yourself, in the moment, matter.

The most famous recent case of an unemployed man setting himself on fire was Mohamed Bouazizi, the Tunisian street vendor whose actions are said to have spurred the Arab Spring revolutions. When Bouazizi killed himself in December 2010, the youth unemployment rate was 30 percent in Tunisia and 25 percent in Egypt, where uprisings quickly followed.

In Spain, three years later, youth unemployment is 57 percent. In Greece, it is 64 percent. The youth unemployment rate is 23.5 percent for the combined European Union and 16 percent for the United States, a statistic which does not take into account the millions whose jobs do not pay enough to take them out of poverty. The youth unemployment rates of Western nations now mirror or surpass those of the Arab world before the uprisings."

When Bouazizi self-immolated, the case was initially covered as an act of economic desperation. Only after it triggered a mass outcry was it acknowledged as a political statement, a final stand against decades of corruption and autocracy. It is pointless to ask whether the self-immolation of an unemployed man is an economic or political act: the two are inseparable.

The knowledge of their inseparability is in part what inspires these men to act. One can call it austerity or one can call it apathy, but the end result is that states are letting their citizens die - slowly and silently in poverty, or publicly in flame.

As journalist Kevin Drum observes, in every previous recession, government spending rose. In this recession, they cut benefits, food stamps, jobs. They cut and blame us when we bleed.

In authoritarian states ruled by tyrants, in democracies allegedly ruled by law, we find the same result: hard-working people let down by the systems which are supposed to support them. When the most you can ask from your society is that it will spare you, you have no society of which to speak.



Self-immolation has long been an act of protest against corrupt and tyrannical rule: Tibetans against the Chinese, Czechoslovakians against the Soviets. The difference between these acts of protest and the unemployed men on fire is that today we are not sure who is in charge.

The US government, after all, cannot even govern itself. State attempts at improving social welfare are trumped not by public will or political disagreement but by what appears to be a preplanned, funded attempt by fringe conservatives to shut the government down.

In every country with massive unemployment - which is, increasingly, every country - citizens see the loss of a functioning social contract, and the apathy with which that loss is received.

We do not know the identity of the man on fire. We do not know what prompted him to kill himself in open view in the nation's capital. We know he was a man who died. That should be enough. In every act of agony, that should be enough."
work  employment  despair  desperation  unemployment  austerity  2013  sarahkendzior  via:jenlowe  economics  society  greatrecession  self-immolation  socialcontract 
december 2013 by robertogreco
David Simon: 'There are now two Americas. My country is a horror show' | World news | The Observer
[video of the full talk here: http://www.youtube.com/watch?v=DNttT7hDKsk ]

"The idea that the market will solve such things as environmental concerns, as our racial divides, as our class distinctions, our problems with educating and incorporating one generation of workers into the economy after the other when that economy is changing; the idea that the market is going to heed all of the human concerns and still maximise profit is juvenile. It's a juvenile notion and it's still being argued in my country passionately and we're going down the tubes. And it terrifies me because I'm astonished at how comfortable we are in absolving ourselves of what is basically a moral choice. Are we all in this together or are we all not?"



"And that's what The Wire was about basically, it was about people who were worth less and who were no longer necessary, as maybe 10 or 15% of my country is no longer necessary to the operation of the economy. It was about them trying to solve, for lack of a better term, an existential crisis. In their irrelevance, their economic irrelevance, they were nonetheless still on the ground occupying this place called Baltimore and they were going to have to endure somehow.

That's the great horror show. What are we going to do with all these people that we've managed to marginalise? It was kind of interesting when it was only race, when you could do this on the basis of people's racial fears and it was just the black and brown people in American cities who had the higher rates of unemployment and the higher rates of addiction and were marginalised and had the shitty school systems and the lack of opportunity.

And kind of interesting in this last recession to see the economy shrug and start to throw white middle-class people into the same boat, so that they became vulnerable to the drug war, say from methamphetamine, or they became unable to qualify for college loans. And all of a sudden a certain faith in the economic engine and the economic authority of Wall Street and market logic started to fall away from people. And they realised it's not just about race, it's about something even more terrifying. It's about class. Are you at the top of the wave or are you at the bottom?

So how does it get better? In 1932, it got better because they dealt the cards again and there was a communal logic that said nobody's going to get left behind. We're going to figure this out. We're going to get the banks open. From the depths of that depression a social compact was made between worker, between labour and capital that actually allowed people to have some hope.

We're either going to do that in some practical way when things get bad enough or we're going to keep going the way we're going, at which point there's going to be enough people standing on the outside of this mess that somebody's going to pick up a brick, because you know when people get to the end there's always the brick. I hope we go for the first option but I'm losing faith."



"The last job of capitalism – having won all the battles against labour, having acquired the ultimate authority, almost the ultimate moral authority over what's a good idea or what's not, or what's valued and what's not – the last journey for capital in my country has been to buy the electoral process, the one venue for reform that remained to Americans.

Right now capital has effectively purchased the government, and you witnessed it again with the healthcare debacle in terms of the $450m that was heaved into Congress, the most broken part of my government, in order that the popular will never actually emerged in any of that legislative process."
davidsimon  2013  us  capitalism  politics  economics  warondrugs  lawenforcement  socialism  karlmarx  marxism  healthcare  addiction  prisonindustrialcomplex  race  neworleans  baltimore  labor  class  greatdepression  greatrecession  marginalization  work  corruption  systems  process  systemsthinking  bureaucracy  incarceration  elections  campaignfunding  nola 
december 2013 by robertogreco
Fear of a Slacker Revolution | Possible Futures
"When the right attacks OWS as a bunch of countercultural slackers and as the vanguard of class warfare, they very presciently apprehend the significance of a moment in which the capitalist work ethic and the artificially perpetuated scarcity it’s predicated on are being roundly rejected. One in which the utopian demand for cultural freedom joins the labor movement’s push for a more robust share of the spoils of capitalism. One in which old lefties singing Woody Guthrie tunes join rappers decrying “the man” and burly union dudes standing up to profitable corporations demanding concessions from their workers join hippie drum-circle groovers insisting that “the beginning is near.” The history of the movement is being written before our eyes. So far, there is one thing that many among the Occupiers and their opponents seem to agree on—all signs point to Occupy unfolding as a continuation of the unfinished project of the slacker revolution of the 1960s."
ows  occupywallstreet  2011  labor  utopianthinking  revolution  deschooling  capitalism  leisurearts  culturalfreedom  freedom  history  class  classwarfare  inequality  disparity  incomegap  wealthdistribution  us  society  protest  unions  slackers  banking  finance  repression  greatrecession  1960s  activism  afl-cio  artleisure 
december 2011 by robertogreco
How a Financial Pro Lost His House - NYTimes.com
"Still, the questions linger. As I ponder all this — and I think about it a lot — it occurs to me that we are a nation of risk-takers. Some of us were overoptimistic; some were ignorant; some were deluded; some were greedy; some just had bad timing. We erred to different degrees. Our experiences varied; each story is different. Now you know mine."

[Wow. "A nation of risk-takers"? Not by my definition. This was just gambling and rampant consumerism.

This is the tale of a "financial pro", yet there are still many arguing to end Social Security and put everyone in charge of their own retirements. Plus, who in their right mind is going to buy this guy's book? Or hire him to help them manage their finances?]
finance  money  housingbubble  2011  carlrichards  greatrecession  gambling 
november 2011 by robertogreco
John Lanchester · The Non-Scenic Route to the Place We’re Going Anyway: The Belgian Solution · LRB 8 September 2011
"There is, just, time for this change of course to happen, before it’s all too late. But I fear that the grip of anti-spending ideology is so strong throughout the West, and the politicians’ fear of the banks is so entrenched, that the ten-year slog looks more likely. Oh strangest of all strangenesses, the deep longing for the whole world to be more like Belgium."
johnlancaster  2011  finance  crisis  economics  policy  eu  politics  us  uk  greatrecession  debt  debtceiling  debtcrisis  belgium 
september 2011 by robertogreco
Can you remember the last time you felt a national... | Underpaid Genius
[Don't fully agree with all that Boyd writes here, not Friedman for that matter, but this is good.]

"We have a culture where individualism has become so pathological that we cannot heap up our collective experience as victims and craft it into solidarity. As Steinbeck said, ‘Socialism never took root in America because the poor see themselves not as an exploited proletariat, but as temporarily embarrassed millionaires’, which is why so many poor people in America vote for the GOP: they identify with the rich, even though the rich are screwing them over.

But a sufficient dose of austerity — once the street lights are turned off, school class size grows to 50+ because of layoffs, and cities and town cannot afford to rebuild streets after floods and fires — that might start to mobilize people."
stoweboyd  us  society  socialism  greatrecession  austerity  thomasfriedman  2011  economics  policy  politics  individualism 
september 2011 by robertogreco
Douglas Rushkoff - Blog - CNN.com: Are Jobs Obsolete? ["We're living in an economy where productivity is no longer the goal, employment is."]
"We start by accepting that food and shelter are basic human rights. The work we do -- the value we create -- is for the rest of what we want: the stuff that makes life fun, meaningful, and purposeful.

This sort of work isn't so much employment as it is creative activity. Unlike Industrial Age employment, digital production can be done from the home, independently, and even in a peer-to-peer fashion without going through big corporations. We can make games for each other, write books, solve problems, educate and inspire one another -- all through bits instead of stuff. And we can pay one another using the same money we use to buy real stuff.

For the time being, as we contend with what appears to be a global economic slowdown by destroying food and demolishing homes, we might want to stop thinking about jobs as the main aspect of our lives that we want to save. They may be a means, but they are not the ends."
douglasrushkoff  jaronlanier  economics  2011  jobs  work  leisurearts  labor  meaning  basics  gamechanging  paradigmshifts  society  greatrecession  history  making  doing  creativity  stuff  purpose  technology  productivity  food  employment  unemployment  obsolescence  healthcare  post-productiveeconomy  artleisure 
september 2011 by robertogreco
EconoMonitor : Nouriel Roubini's Global EconoMonitor » Is Capitalism Doomed?
"The right balance today requires creating jobs partly through additional fiscal stimulus aimed at productive infrastructure investment. It also requires more progressive taxation; more short-term fiscal stimulus with medium- and long-term fiscal discipline; lender-of-last-resort support by monetary authorities to prevent ruinous runs on banks; reduction of the debt burden for insolvent households and other distressed economic agents; and stricter supervision and regulation of a financial system run amok; breaking up too-big-to-fail banks and oligopolistic trusts.<br />
<br />
Over time, advanced economies will need to invest in human capital, skills and social safety nets to increase productivity and enable workers to compete, be flexible and thrive in a globalized economy. The alternative is – like in the 1930s – unending stagnation, depression, currency and trade wars, capital controls, financial crisis, sovereign insolvencies, and massive social and political instability."
2011  nourielroubini  recession  greatdepression  greatrecession  politics  policy  economics  investment  infrastructure  stimulus  socialsafetynet  toobigtofail  globalization  stagnation 
august 2011 by robertogreco
BBC News - In Steinbeck's footsteps: America's middle-class underclass
"In The Grapes of Wrath, John Steinbeck describes the harrowing journey of the Joad family - migrant workers forced to leave their home during the Great Depression - a story still relevant to those facing the realities of America's current economic crisis."<br />
<br />
"With the south-west in the grip of its worst drought for 60 years, old-timers here are beginning to talk about the Dust Bowl years, years Steinbeck chronicled in his Pulitzer Prize-winning book of migration, poverty and social injustice.<br />
<br />
I decided to retrace the route Steinbeck's fictional family took from Oklahoma City to Bakersfield, just north of Los Angeles. I hired a boaty old Mercury and put my foot down."
immigration  recession  unemployment  economy  johnsteinbeck  grapesofwrath  greatdepression  greatrecession  economics  2011  tentcities  poverty  oklahoma  newmexico  arizona  california  migration 
july 2011 by robertogreco
Photo essay: People engaging with the economic collapse | Marketplace From American Public Media
"For Brooklyn-based artist Robyn Hasty, the most interesting question is what happens after crisis -- how people change the way they live. For the past seven months, Hasty has been crisscrossing the country, taking images for a photo series she calls Homeland. Her photo technique goes back 150 years. It's called wet plate. You can see her work in an audio slideshow below and actual photos of what she captured by clicking here. At her recent stop in Los Angeles, we caught up with her to learn more about the project."
2011  greatrecession  economics  bikekitchen  losangeles  photography  collectivehouse  community  money  cohousing  collective 
june 2011 by robertogreco
Tax the Super Rich now or face a revolution Paul B. Farrell - MarketWatch
"1. Warning: Super Rich want tax cuts, creating youth unemployment… 2. Warning: rich get richer on commodity prices, poor get angrier… 3. Warning: Global poor ticking time bomb targeting Super Rich… 4. Warning: Next revolution coming across ‘Third World America’… 5. Warning: Super Rich must be detoxed of their greed addiction… 6. Warning: Politicians infected by Super-Rich Delusion, revolution"
politics  economics  taxes  us  superrich  wealth  2011  thirdworldamerica  poor  poverty  unemployment  disparity  incomegap  global  rich  youth  revolution  paulfarrell  greed  instabiity  greatdepression  greatrecession  greatrepression  commodities  food  wealthdistribution  instability 
april 2011 by robertogreco
The Interventionist's Toolkit: Places: Design Observer
"Driven by local and community issues and intended as polemics that question conventional practice, these projects reflect an ad hoc way of working; they are motivated more by grassroots activism than by the kind of home-ec craft projects (think pickling, Ikea-hacking and knitting) sponsored by mainstream shelter media, usually under the Do-It-Yourself rubric. (Although they do slot nicely into the imperative-heavy pages of Good and Make magazines.) They are often produced by emerging architects, artists and urbanists working outside professional boundaries but nonetheless engaging questions of the built environment and architecture culture. And the works reference edge-condition practitioners of earlier generations who also faced shifts within the profession and recessionary outlooks: Gordon Matta Clark, Archigram, Ant Farm, the early Diller + Scofidio, among others."
politics  urban  social  urbanism  activism  interventioniststoolkit  designobserver  favelachic  diy  economics  crisis  greatrecession  recession  serendipitor  amphibiousarchitecture  architecture  design  urbanfarming  farming  make  making  mirkozardini  anarchism  anarchitects  anarchitecture  space  place  diyurbanism  culture  archigram  matta-clark  antfarm  dillerscofidio  agitpropproject  the2837university  ios  diller+scofidio  agriculture  gordonmatta-clark 
february 2011 by robertogreco
Obama and the Passions - NYTimes.com
"Contrary to Enlightenment expectations, the uncontrolled pursuit of interests, whether by individual or a class, proved just as proficient at disturbing social peace as the mindless pursuit of glory. Neither reason, grace, nor considerations of self-interest could settle the problem of the passions once and for all…<br />
<br />
The Great Recession & Tea Party’s ire, directed at Democrats & Republicans alike, suggest that this second political dispensation is coming to an end & that Americans’ passions are ready to be redirected once again. Having been dealt a bad hand, President Obama may have only a slim chance of doing that, but he has absolutely none if he limits himself to appealing to people’s interests. That’s not been the American experience of change. In our politics, history doesn’t happen when a leader makes an argument, or even strikes a pose. It happens when he strikes a chord. & you don’t need charts & figures to do that; in fact they get in the way. You only need 2 words…"
politics  passion  change  2010  reagan  reaganomics  kennedy  jfk  interests  economics  policy  reform  greatrecession  teaparty  adamsmith  hobbes  socrates  reason  behavior  society 
january 2011 by robertogreco
What Is It About 20-Somethings? - NYTimes.com [This piece has popped up everywhere.]
"KENISTON CALLED IT youth, Arnett calls it emerging adulthood; whatever it’s called, the delayed transition has been observed for years. …“It’s somewhat terrifying,” writes a 25-year-old…“to think about all the things I’m supposed to be doing in order to ‘get somewhere’ successful: ‘Follow your passions, live your dreams, take risks, network w/ the right people, find mentors, be financially responsible, volunteer, work, think about or go to grad school, fall in love & maintain personal well-being, mental health & nutrition.’ When is there time to just be & enjoy?” Adds a 24-year-old: “…It’s almost as if having a range of limited options would be easier.”

While the complaints of these young people are heartfelt, they are also the complaints of the privileged.

The fact that emerging adulthood is not universal is one of the strongest arguments against Arnett’s claim that it is a new developmental stage. If emerging adulthood is so important, why is it even possible to skip it?"
babyboomers  change  culture  education  future  millennials  greatrecession  generationy  adulthood  2010  life  maturation  society  parenting  parenthood  growingup  adolescence  prolongedadolescence  childlaborlaws  sociology  psychology  us  generation  youth  generations  marriage  careers  highereducation  gradschool  intimacy  isolation  possibility  jobs  work  neuroscience  brain  cognition  puberty  helicopterparents  developmentalpsychology  emergingadulthood  self  autonomy  independence  schooling  schooliness  decisionmaking  uncertainty  helicopterparenting  boomers 
august 2010 by robertogreco
Unemployment Media « Snarkmarket
"It’s the dark side of Clay Shirky’s cog­ni­tive sur­plus, where tech­nol­ogy and edu­ca­tion haven’t just cre­ated a new pool of leisure time, but a pool of high-skill knowl­edge work­ers dev­as­tated by struc­tural unem­ploy­ment, with noth­ing to do but cre­ate and imag­ine and argue, strug­gling to hold on to the lives they imag­ined for them­selves, or used to lead."
cognitivesurplus  clayshirky  snarkmarket  timcarmody  writing  unemployment  greatrecession  productivity  freelancing  content  blogs  blogging  education  2010 
august 2010 by robertogreco
The Last Psychiatrist: This Is Why The American Dream Is Out Of Reach [responding to: http://www.nytimes.com/2010/07/07/business/economy/07generation.html?pagewanted=all]
"his parents themselves did not follow Scott's path: grandfather…& dad…were right at the start of businesses, they didn't slide into middle management at Sterility Corp. But after taking those chances that ultimately resulted in prosperity & blah blah blah, they taught their children to do the opposite: look for new parents. Someone else to pay the life insurance policy…<br />
<br />
The parents & grandparents, like so many parents today, are disappointed in their son because he's not taking their advice, but in fact their son is taking their advice to its inevitable conclusion: he's holding out for the perfect corporate job. What they meant to advise him was to improvise towards a career like hopping a creek; but what they taught him to do was wait for the package…<br />
<br />
Where Scott is going wrong is not that he is holding out for a "better" job that isn't there; he's holding out for a job that shouldn't be there. We don't need more corporate management guys…What we need are more businesses."
business  economics  economy  employment  management  parenting  psychology  success  entrepreneurship  us  americandream  risk  security  jobs  unemployment  greatrecession  risktaking  highered  bubbles  higheredbubble  generations 
august 2010 by robertogreco
slacktivist: Credit scoring and unemployment [via: http://www.tuttlesvc.org/2010/07/credit-scoring-and-long-term.html]
"elegantly nasty conundrum this creates for those who lost their jobs in the global financial crisis: "Many Americans these days are discovering Catch-22 of unemployment...You might fall behind on your bills because you've lost your job, & you might not be able to land a new job because you've fallen behind on your bills."
2010  unemployment  creditscores  greatrecession  creditscoring  stackeddecks  economics 
july 2010 by robertogreco
Robert Reich (Slouching Toward a Double Dip or a Lousy Recovery at Best)
"irony is that had there been no bank bailout in 2008-09, no large stimulus & no extraordinary efforts by Fed to pump trillions of $ into economy, we’d have had another Great Depression. & because it would have sucked almost everyone down with it, nation would have demanded larger & more fundamental reforms that might have lifted everyone & set US & world on more sustainable path toward growth & shared prosperity: rebuilding of nation’s infrastructure & alternative energies, single-payer health care, cap on size of big banks & resurrection of Glass-Steagall, earnings insurance, an Earned Income Tax Credit that extended into middle class & a truly progressive tax coupled w/ price on carbon to pay for all of this over long term.

No one in their right mind would have wished for another Great Depression, of course. But we seem to have got the worst of all worlds. The bank bailout, the stimulus, and the Fed brought us back from the brink just enough to dampen zeal for anything more."
robertreich  economics  greatdepression  greatrecession  missedopportunities  bailouts  2008  2009  2010  banking  finance  glass-steagall  taxes  sustainability  energy  policy  politics  infrastructure  equality  stimulus 
july 2010 by robertogreco
cityofsound: Sunday May 16th, Helsinki and London
"The return to London had actually been via Helsinki, due to two projects there. Helsinki Vantaa is a wonderful airport, all soft sunlight, wooden floors, warm stone and steel, with free wifi and a civilized unhurried air, a near-perfect first impression of Europe...
greatrecession  london  uk  danhill  finland  helsinki  airports  cityofsound 
july 2010 by robertogreco
Diary of an Unemployed Class of '10 Philosophy Major in New York City, Part 1 - The Awl
"I’m pretty sure "boutique" has become a business-world euphemism for "insignificant and unsuccessful"—the quivering in my friends’ voices when they describe the boutique hedge fund or boutique consulting firms they work for indicate as much. Would that make me a boutique recent college graduate? I just realized I’ve been in New York for a full week!"
unemployment  nyc  academics  botique  recession  2010  greatrecession 
july 2010 by robertogreco
Pension funds chasing highest returns on investment force behind recession | Business | The Guardian
"These savers have racked up trillions of dollars over the last 30 years and own much of the wealth created during that period. Their power is vast. They own the homes, the stock markets and they lent their cash to the banks, governments and companies and as we know to our cost, there were plenty of them.
rcession  greed  2010  greatrecession  investments  pensions  risk  europe  us  uk  california  retirement  savings  alangreenspan 
april 2010 by robertogreco
The Atlantic Online | March 2010 | How a New Jobless Era Will Transform America | Don Peck
"The Great Recession may be over, but this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. It will leave an indelible imprint on many blue-collar men. It could cripple marriage as an institution in many communities. It may already be plunging many inner cities into a despair not seen for decades. Ultimately, it is likely to warp our politics, our culture, and the character of our society for years to come."
economics  jobs  politics  psychology  sociology  recession  us  greatrecession  culture  work  character  generations 
february 2010 by robertogreco
Recession’s Emerging Credo - Do More, Buy Less - NYTimes.com
"Quietly but noticeably over the past year, Americans have rejiggered their lives to elevate experiences over things. Because of the Great Recession, a recent New York Times/CBS News poll has found, nearly half of Americans said they were spending less time buying nonessentials, and more than half are spending less money in stores and online.
greatrecession  experience  simplicity  slow  do  doing  glvo  economics  families  time  balance  postmaterialism  postconsumerism 
february 2010 by robertogreco
Time for a new New Deal for California
"The benefits of California's public schools (once the nation's finest) and the world's greatest public university system have been incalculable. We know - we're both products of that educational opportunity. Now is the time for Californians to remember the lesson of what a great, public-spirited generation did for us. Instead of leaving our children a ruined public sector, we should be crying out for a new New Deal."
california  via:javierarbona  greatdepression  greatrecession  education  newdeal  government  politics  policy  2009  crisis  budget 
december 2009 by robertogreco
How Free-Market Delusions Destroyed the Economy | | AlterNet
"From its inception, the free market has spawned discontent, but rare are the moments when that discontent coalesces across society, when a sufficiently large group of people can trace their unhappiness to free market politics, and demand change. The New Deal in the United States and the postwar European welfare states were partly a result of a consortium of social forces pushing for new limits to markets, and a renegotiation of the relationship between individuals and society. What's new about this crisis is that it's pervasively global, and comes at the last moment at which we might prevent a global climate catastrophe."
capitalism  greatrecession  crisis  economics  climatechange  policy  disconntent  global  pobverty  wealth  banking  society 
december 2009 by robertogreco
The Great American Migration Slowdown: Regional and Metropolitan Dimensions - Brookings Institution
"Mired in housing debt and struggling through the Great Recession, more Americans are choosing to stay put rather than uproot themselves and their families. In a new report, William Frey uses Census and IRS data to analyze recent migration trends across the United States showing significant shifts in how frequently, and to where, Americans are moving."
migration  us  demographics  foreclosures  debt  greatrecession  economics 
december 2009 by robertogreco
TED Blog: The best of times, the worst of times
"Historically, American happiness nose-dives in tandem with economic downturns. But despite the recession, current indicators paradoxically show that Americans are, right now, quite happy indeed. Although happiness spiked downward with last fall’s market drop, by this summer, it was at an all-time high. Americans are more optimistic about their health, well-being, and finances than a year ago, and plan to have a merrier Christmas this year, though they will spend less money. Why?
2009  ted  economics  health  happiness  consumption  us  crisis  recession  greatrecession 
november 2009 by robertogreco
Op-Ed Columnist - In Defense of the ‘Balloon Boy’ Dad - NYTimes.com
"If Heene’s balloon was empty, so were the toxic financial instruments, inflated by the thin air of unsupported debt, that cratered the economy he inhabits. The press hyped both scams, and the public eagerly bought both. But between the bogus balloon and the banks’ bubble, there’s no contest as to which did the most damage to the country. The ultimate joke is that Heene, unlike the reckless gamblers at the top of Citigroup and A.I.G., may be the one with a serious shot at ending up behind bars."
via:javierarbona  celebrity  economics  recession  greatrecession  2009  hoax  fraud  inconsistency  finance  justice  frankrich  doublestandards  banking  citigroup  aig 
october 2009 by robertogreco

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