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James Goodman

Net Worth, Self-Worth and How We Look at Money - NYTimes.com - 0 views

  • The Klontz study asked 422 people about 72 money-related beliefs and then analyzed correlations among the answers. This produced four broad categories that Mr. Klontz called “money scripts”: money avoidance, money worship, money status and money vigilance. How does he define them?
  • Those who are in the money avoidance camp share beliefs that make them distance themselves from money. Mr. Klontz said this group may be worried about abusing credit cards. They may believe that they do not deserve to have money and may sabotage their own financial well-being. People in this group tend to have low incomes and net worth. They also tend to be younger. People who fall into the money worship camp would seem to be the opposite, but their behaviors are equally destructive. They believe that an increase in income or a windfall will make everything better and love the status derived from the things that money can buy. This belief also lands people in debt because they use whatever credit they have to buy things that will impress others.
  • “They believe money will solve all of your problems,” Mr. Klontz said. “This is the money belief pattern that afflicts the majority of Americans.” Anxiety about money status occurs when people’s self-worth is linked to their net worth. These people often take bigger financial risks because they want to have the stories of big gains to impress their friends. (Don’t expect them to tell you when those big bets do not pay off.) The only affliction that did not have an overwhelmingly negative impact on people’s financial future was money vigilance. People with this disorder do not like to share information about their income or wealth, but they also do not spend foolishly. Still, excessive wariness about spending can keep these people from enjoying the benefits of what money can buy. On the other hand, while they did not necessarily have higher incomes, they paid off their credit card bills each month. “Maybe some anxiety and vigilance around money is good for your bottom line,” Mr. Klontz said. Not surprisingly, the four money scripts illustrate problems that have less to do with money than with what money represents. But what may be surprising is that the study found few links between who held what belief and their family background, race, gender, education level or income.
James Goodman

Chris Hedges: The Treason of the Intellectuals - Chris Hedges' Columns - Truthdig - 0 views

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    "These liberal warmongers, 10 years later, remain both clueless about their moral bankruptcy and cloyingly sanctimonious. They have the blood of hundreds of thousands of innocents on their hands. The power elite, especially the liberal elite, has always been willing to sacrifice integrity and truth for power, personal advancement, foundation grants, awards, tenured professorships, columns, book contracts, television appearances, generous lecture fees and social status. They know what they need to say. They know which ideology they have to serve. They know what lies must be told-the biggest being that they take moral stances on issues that aren't safe and anodyne. They have been at this game a long time. And they will, should their careers require it, happily sell us out again. "
James Goodman

Inertia, Not Progress Defines the Decade After 9/11 : The New Yorker - 0 views

  • But the main reason that 9/11 didn’t become a source of jobs, or of ideas for revitalizing the economy, was that the country wasn’t thinking about its own weaknesses. President George W. Bush defined his era in terms of war, and the public largely saw it the same way. September 11th was a tragedy that, in the years that followed, tragically consumed the nation’s attention.The attacks were supposed to have signalled one of the great transformations in the country’s history. Bush talked about ridding the world of evil, columnists wrote of “World War Three,” and almost all Americans felt that, in their private lives and in the national life, nothing would ever be the same. But the decade that followed did not live up to expectations. In most of the ways that mattered, 9/11 changed nothing.
  • The Second World War brought a truce in the American class war that had raged throughout the thirties, and it unified a bitterly divided country. By the time of the Japanese surrender, the Great Depression was over and America had been transformed. This isn’t to deny that there were fierce arguments, at the time and ever since, about the causes and goals of both the Civil War and the Second World War. But 1861 and 1941 each created a common national narrative (which happened to be the victors’ narrative): both wars were about the country’s survival and the expansion of the freedoms on which it was founded. Nothing like this consensus has formed around September 11th. On the interstate south of Mount Airy, there’s a recruiting billboard with the famous image of marines raising the flag at Iwo Jima, and the slogan “For Our Nation. For Us All.” In recent years, “For Us All” has been a fantasy. Indeed, the decade since the attacks has destroyed the very possibility of a common national narrative in this country.
  • “We are at war against terror.” Those were fateful words. Defining the enemy by its tactic was a strange conceptual diversion that immediately made the focus too narrow (what about the ideology behind the terror?) and too broad (were we at war with all terrorists and their supporters everywhere?). The President could have said, “We are at war against Al Qaeda,” but he didn’t. Instead, he escalated his rhetoric, in an attempt to overpower any ambiguities. Freedom was at war with fear, he told the country, and he would not rest until the final victory. In short, the new world of 2001 looked very much like the bygone worlds of 1861 and 1941. The President took inspiration from a painting, in the White House Treaty Room, depicting Lincoln on board a steamship with Generals Grant and Sherman: it reminded Bush of Lincoln’s “clarity of purpose.” The size of the undertaking seemed to give Bush a new comfort. His entire sense of the job came to depend on being a war President.
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  • What were the American people to do in this vast new war? In his address to Congress on September 20, 2001—the speech that gave his most eloquent account of the meaning of September 11th—the President told Americans to live their lives, hug their children, uphold their values, participate in the economy, and pray for the victims. These quiet continuities were supposed to be reassuring, but instead they revealed the unreality that lay beneath his call to arms. Wasn’t there anything else? Should Americans enlist in the armed forces, join the foreign service, pay more taxes, do volunteer work, study foreign languages, travel to Muslim countries? No—just go on using their credit cards. Bush’s Presidency would emulate Woodrow Wilson’s and Warren G. Harding’s simultaneously. Never was the mismatch between the idea of the war and the war itself more apparent. Everything had changed, Bush announced, but not to worry—nothing would change.
  • At the time of the attacks, few educated Americans born after 1950 had any direct experience of war or persecution or cataclysmic failure. After 9/11, this gap in the résumés of intellectuals gave them both a sense of inadequacy—an outbreak of envy for the Greatest Generation—and a compensatory tendency to inflate the drama of the war on terror and their own role in it. This took place at a level of abstraction that is made possible when the fighting is eight thousand miles away. As a result, a number of the country’s best minds mistook the post-September 11th era for a new American golden age.
  • After the attacks, Americans asked, “Why do they hate us?” This turned out to be the wrong line of inquiry. The most pressing questions were about us, not them: our leaders, our institutions, our ability to act as a cohesive nation and make rational decisions, our power to take action abroad in a way that would not be a self-defeating waste. Starting with the intelligence failures that did not foresee the attacks, every major American institution flunked the test of the September 11th decade. The media got the W.M.D.s wrong. The military failed to plan for chaos in postwar Iraq. Congress neglected its oversight duties. The political system produced no statesmen. C.E.O.s and financiers couldn’t see past short-term profits. The Bush Administration had one major success: it succeeded in staving off another terrorist attack in America. It botched almost everything else.
  • After 9/11, life in America changed in a few palpable ways: you needed I.D. to get into an office building, and boarding an airplane became an ordeal. But all the structural trends stayed on course: the stock market, after a setback, maintained its relentless upward climb; inequality soared, as Wall Street fortunes reached unimaginable new heights, while average wages began to decline; just about every remaining textile job in Surry County disappeared; Americans sank deeper into debt and depended more on their houses for wealth; the iMac progressed to the iPad; CBS News continued its descent into irrelevance and Fox News its corrosive rise, while newspapers kept cutting back or closing shop. The political division of America into red and blue hardened into the mutually hostile and unintelligible universes in which we live today. Bush, already viewed as illegitimate by many Democrats, became one of the most hated Presidents in American history; the writer Nicholson Baker even published a novella about the merits of assassinating him. Meanwhile, the Republican Party fell completely under the control of its most extreme elements, and “traitor” became a routine term for its opponents. For all the talk of national unity and a new sense of purpose, the terror attacks did nothing to bring together the country. America after September 11th was like a couch potato who survives a heart attack, vows to start a strict regimen of diet and exercise, and after a few weeks still finds himself camped out in the living room.
  • The Bush Administration collapsed in the late summer of 2005—not in Falluja or Kandahar but in the submerged neighborhoods of New Orleans. The response to Hurricane Katrina gave Americans such a devastating picture of official failure that it suggested something fatally wrong with an entire approach to governing. Iraq, of course, had provided evidence of high-level arrogance, incompetence, and neglect for two years, and Afghanistan for even longer than that, but, because these places were far away and American troops were risking their lives to serve the nation, the public wasn’t ready to withdraw its support. When the footage came out of the Gulf Coast—when, for the second time in four years, a great American city looked like Kabul or Kinshasa—it was Iraq in fast motion, and right around the corner. Government at all levels, but especially in Washington, had failed to plan for the worst outcome, even when the entire country saw it coming. An Administration staffed by cronies neglected to take care of citizens for whom it had the greatest responsibility. Katrina made brutally clear that the White House had substituted passive, self-congratulatory bravado for serious organized effort. Like Iraq, New Orleans represented a failure of individual leaders, but also of national institutions.
  • After Katrina, support for the Iraq war evaporated. Having been asked for very little ever since September 11th, other than to take the Administration’s way on faith, Americans had little trouble reframing their allegiances. This was the price of a foreign policy based on assertion rather than on persuasion. The war on terror had been a kind of confidence game: it depended on a belief in American virtue and ability that had proved unwarranted. With the exception of his advocacy of the surge, in 2007, Bush became an increasingly irrelevant figure, and his foreign policy crawled away from grand projects for “world order.” When Vice-President Cheney called for new wars with Iran and Syria, there were no takers.
  • In the years after Katrina, Americans began to see that the same unstable combination of hoopla and neglect that had characterized the war on terror also characterized the decade’s supposed economic boom. While the media were riveted by the spectacle of celebrity wealth, large areas of the country were—like Surry County—left to rot. The boom had been built on sand: housing speculation, overvalued stocks, reckless deregulation, irresponsible deficits. When the foundation started to crumble with the first wave of mortgage defaults, in 2007, the scale of the destruction became the latest of the decade’s surprises. Hardly anyone foresaw how far the economy would fall; hardly anyone imagined how many people it would take on the way down. Even the economic advisers of the next Administration badly misjudged the crisis. The trillions of dollars spent and, often, misspent on wars and domestic bureaucracies were no longer available to fill the hole left by the implosion of the private economy. Reborn champions of austerity pointed to the deficits in order to make the case that the country couldn’t afford to spend its way back to health. And, like the attacks that were supposed to change everything, the recession—which was given the epithet “Great” and was constantly compared with the Depression of the nineteen-thirties—inspired very little change in economic policy. Without effective leadership, the country blindly reverted to the status quo ante, with the same few people making a lot of money, if a little less than before, and the same people doing badly, if a little worse.
  • This malignant persistence since September 11th is the biggest surprise of all. In previous decades, sneak attacks, stock-market crashes, and other great crises became hinges on which American history swung in dramatically new directions. But events on the same scale, or nearly so, no longer seem to have that power; moneyed interests may have become too entrenched, élites too self-seeking, institutions too feeble, and the public too polarized and passive for the country to be shocked into fundamental change.
James Goodman

Greed is Not a Virtue by David Korten - Agenda for a New Economy - 0 views

  • We humans are living out an epic morality play. For millennia humanity’s most celebrated spiritual teachers have taught that society works best and we all enjoy our greatest joy and fulfillment when we share, cooperate, and are honest in our dealings with one another.
  • But for the past few decades, this truth has been aggressively challenged by a faith called market fundamentalism—an immoral and counter-factual economic ideology that has assumed the status of a modern state religion. Its believers worship the God of money. Stock exchanges and global banks are their temples. They proclaim that everyone does best when we each seek to maximize our individual financial gain without regard to the
  • consequences for others. In the eyes of a market fundamentalist, to sacrifice profit for some presumed social or environmen
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  • al good is immoral. The result is a public culture that proclaims greed is a virtue and sharing is a s
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    David Korten: Profit-centered market fundamentalism has become a national religion. This is the fourteenth of a series of blogs based on excerpts adapted from the 2nd edition of Agenda for a New Economy: From Phantom Wealth to Real Wealth. I wrote Agenda to spur a national conversation on economic policy issues and options that are otherwise largely ignored. This blog series is intended to contribute to that conversation. -DK
James Goodman

Occupy Wall Street's Victory: It has shaken up American politics. Here's what it should... - 0 views

  • Occupy Wall Street Has Already Won
  • Occupy Wall Street has already won, perhaps not the victory most of its participants want, but a momentous victory nonetheless. It has already altered our political debate, changed the agenda, shifted the discussion in newspapers, on cable TV, and even around the water cooler. And that is wonderful.
  • And then OWS showed up. They brought something that had been in short supply: passion—the necessary ingredient that powers citizen activism. The tempered, carefully modulated, and finely nuanced statements of Beltway politicians and policy wonks do not alter the debate.
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  • Suddenly, the issues of equity, fairness, justice, income distribution, and accountability for the economic cataclysm–issues all but ignored for a generation—are front and center. We have moved beyond the one-dimensional conversation about how much and where to cut the deficit. Questions more central to the social fabric of our nation have returned to the heart of the political debate. By forcing this new discussion, OWS has made most of the other participants in our politics—who either didn’t want to have this conversation or weren’t able to make it happen—look pretty small.
  • Of course, the visceral emotions that accompany citizen activism generate not only an energy that can change politics but an incoherence that is easily mocked. OWS is not a Brookings Institution report with five carefully researched policy points and an appendix of data. It is a leaderless movement, and it can often be painfully simplistic in its economic critique, lacking in subtlety in its political strategies, and marred by fringe elements whose presence distracts and demeans. Yet, the point of OWS is not to be subtle, parsed, or nuanced. Its role is to drag politics to a different place, to provide the exuberance and energy upon which reform can take place.
  • The major social movements that have transformed our country since its founding all began as passionate grassroots activism that then radiated out. Only later do traditional politicians get involved. The history of the civil rights movement, women’s rights movement, labor movement, peace movement, environmental movement, gay rights movement, and, yes, even the Tea Party, follow this model. In every instance, visceral emotions about justice, right, and wrong ignited a movement. Precise demands and strategies followed later. So the critique of OWS as unformed and sometimes shallow may be correct, but it is also irrelevant. Just as importantly, most of those who are so critical of OWS have failed to recognize inflection points in our politics. They fail to recognize that the public is responding to OWS because it is desperate for somebody to speak with the passion, and even anger, that has filled the public since the inequities and failures of our economy have become so apparent.
  • There is much ground to cover before real reform, but as a voice challenging a self-satisfied, well-protected status quo, OWS is already powerful and successful.
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