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brookegoodman

Trump's menacing message follows 1960s script (opinion) - CNN - 0 views

  • Michael D'Antonio is the author of the book "Never Enough: Donald Trump and the Pursuit of Success" and co-author with Peter Eisner of "The Shadow President: The Truth About Mike Pence." The opinions expressed in this commentary are those of the author. View more opinion articles on CNN.
  • The President's message early Friday morning was menacingly clear: Are you outraged that a black man died after a video showed a white cop kneeling on his neck as he yelled, "I can't breathe"? Steal something as you protest and you, too, will die.
  • Trump has seen this play out before. Headley was just one of several strongmen who were seen as heroes among frightened white people during the Civil Rights Movement. Frank Rizzo was another. When he was the Philadelphia police commissioner, he responded to a peaceful student protest in 1967 calling for more courses on African-American history (among other demands), by infamously urging cops to go after the students. Violence broke out, and 57 people were arrested.
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  • Trump faced his own charges of racism in the 1970s when Richard Nixon's Justice Department sued the Trump family's real estate firm for discriminatory rental practices against black people. Instead of working to make things right, Trump employed what became his signature move: he went on the attack. He hired the notorious Roy Cohn -- a defense attorney who had been Sen. Joseph McCarthy's top aide during his red-baiting campaign -- to file a $100 million countersuit for making false statements (those allegations were dismissed by the court). The original lawsuit was eventually settled and the Trumps signed a consent decree.
  • From the White House, Trump has made his attitudes on race clear with his comments about "s**thole countries." He also targeted Democratic congresswomen of color and said that they should "go back and help fix the crime infested places from which they came" (three of the four women were born in the US).
  • Now, in 2020, Donald Trump is a President whose re-election prospects are burdened by the weight of his failed response to the Covid-19 pandemic. More than 100,000 Americans were killed by the virus while Trump denied the severity of the public health threat, boosted an unproven treatment that studies suggest could be dangerous, and mused about quack cures involving household cleaners and light. Though his rival Joe Biden has, for the most part, remained at home in Delaware, the former VP has managed to build a lead in many polls, causing Trump's advisers to warn he is in trouble with the voters.
Javier E

How the Stinking Rich Ate the Economy - The Atlantic - 0 views

  • among the Really and Stinking Rich -- the top 0.1 percent, who currently make at least $1.7 million -- 43 percent were executives, managers, and supervisors at nonfinancial firms, and 18 percent were financiers. Together they accounted for the majority.
  • The professions next in line were law (7 percent), medicine (6 percent), and real estate (4 percent).
  • American chief executives typically get paid two to three times what their European counterparts earn
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  • The group to watch -- the group that expanded its share of the top earners' pie -- was the nation's financiers. Back in 1979, the financial sector represented only 11 percent of the Really and Stinking Rich. By 2005, financiers represented 18 percent
  • Between 1980 and 2000, the assets held by commercial banks, securities firms, and the securitizations they created grew from [the equivalent of] 55 percent of GDP to [the equivalent of] 95 percent
  • The growth was faster still for the largest banks. Between 1990 and 1999, the ten largest bank holding companies' share of all bank assets grew from 26 percent to 45 percent, and their share of all deposits doubled from 17 percent to 34 percent.
  • In effect, Wall Street ate the economy.
delgadool

Calamities Challenge California's Economic Foundation - The New York Times - 0 views

  • The pandemic and wildfires have underscored issues of housing and growth. Will the disruptions and dislocations force the state to chart a new course?
  • Now California and its $3 trillion economy are confronting a profound question: How much will go back to normal, and how much has been permanently changed?
  • For decades, California has operated under a trade-off: In exchange for high taxes and a high cost of living, its companies reap the rewards of an educated populace, an inviting lifestyle and a culture of innovation.The events of 2020 have forced a closer look at the calculus.
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  • But between climate change and remote work, the state is facing questions that uniquely cut to the core of its economic identity.
  • f workers untethered from their offices flee the state, or companies start basing more high-paid workers elsewhere, it will have huge ramifications for California’s outlook
  • The median price for single-family homes and condos in the state is closing in on $600,000, according to the real estate site Zillow, more than twice the national level. The figure reflects a longstanding shortage that has also caused rising rents, crowded households and two-hour commutes used to offset the cost of living. Much more than taxes, the reason that companies move jobs out of the state is lower-priced housing and the lower labor costs that go with it.
  • Economists and planners have long counseled that the best way to relieve this pressure is to build more housing near the coastal job centers, but California has continued to sprawl, a pattern that has undermined the state’s own emission-reduction goals by encouraging longer commutes, while placing more homes in fire zones. In 2010, the last year with available data, nearly a third of California housing was in the so-called wildland-urban interface, where wildfire risk is greatest, according to the U.S. Forest Service.
  • This would seem like an easy enough mandate. After all, California has invested heavily in renewable energy, was the first state to mandate solar power in new homes, and is run by a governor who has spoken of a “a climate damn emergency” and recently signed an executive order banning sales of new gas-powered cars in 15 years.
  • Having a prosperous and growing economy ultimately means finding new ways to add jobs and homes. So California’s looming battles over climate change promise to be another round in a debate that predates statehood, which is how many people it really wants, and how much water will be required to sustain them.
  • A world that is warmer, drier and more crowded may not be the world they asked for, but they’ll still be looking for jobs, while coping with the world as it is.
xaviermcelderry

Trump's Taxes Show Chronic Losses and Years of Income Tax Avoidance - The New York Times - 1 views

  • The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.
  • Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750. He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.
    • martinelligi
       
      investigation with IRV
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    • martinelligi
       
      TV show made by Trump, contestants compete for a job with him
  • often direct conflict of interest with his job as presiden
  • “Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015,” Mr. Garten said in a statement.
  • Ultimately, Mr. Trump has been more successful playing a business mogul than being one in real life.
  • An adverse ruling could cost him more than $100 million.
  • “There’s nothing to learn from them,” he told The Associated Press in 2016. There is far more useful information, he has said, in the annual financial disclosures required of him as president — which he has pointed to as evidence of his mastery of a flourishing, and immensely profitable, business universe.
  • Most of Mr. Trump’s core enterprises — from his constellation of golf courses to his conservative-magnet hotel in Washington — report losing millions, if not tens of millions, of dollars year after year.
  • He reported paying taxes, in turn, on a number of his overseas ventures. In 2017, the president’s $750 contribution to the operations of the U.S. government was dwarfed by the $15,598 he or his companies paid in Panama, the $145,400 in India and the $156,824 in the Philippines.
  • The leak of Mr. Nixon’s small tax payment caused a precedent-setting uproar: Henceforth, presidents, and presidential candidates, would make their tax returns available for the American people to see.
  • that he might release the returns if President Barack Obama released his birth certificate.
  • He often claims that he cannot do so while unde
  • r audit — an argument refuted by his own I.R.S. commissioner.
  • Throughout his career, Mr. Trump’s business losses have often accumulated in sums larger than could be used to reduce taxes on other income in a single year. But the tax code offers a workaround: With some restrictions, business owners can carry forward leftover losses to reduce taxes in future years. That provision has been the background music to Mr. Trump’s life.
  • “They say, ‘Trump is getting rich off our nation,’” he said at a rally in Minneapolis last October. “I lose billions being president, and I don’t care. It’s nice to be rich, I guess, but I lose billions.”
    • martinelligi
       
      depreciation: a reduction in the value of an asset with the passage of time, due in particular to wear and tear.
  • “consulting fees” as a business expense across nearly all of his projects.
  • Mr. Trump reduced his taxable income by treating a family member as a consultant, and then deducting the fee as a cost of doing business.
  • The “consultants” are not identified in the tax records. But evidence of this arrangement was gleaned by comparing the confidential tax records to the financial disclosures Ivanka Trump filed when she joined the White House staff in 2017. Ms. Trump reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Vancouver and Hawaii.
  • Hair stylists, table linens, property taxes on a family estate — all have been deducted as business expenses.
  • he ethical quandaries created by Mr. Trump’s decision to keep his business while in the White House have been documented. But the full financial measure of his extraordinary confluence of interests — a president with a wealth of business entanglements at home and in myriad geopolitical hot spots — has remained elusive.
  • how heavily he has come to rely on leveraging his brand in ways that pose potential or direct conflicts of interest while he is president.
  • he president’s conflicts have been most evident with Turkey, where the business community and the authoritarian government of President Recep Tayyip Erdogan have not hesitated to leverage various Trump enterprises to their advantage.
  • Some of the largest payments from business groups for events or conferences at Mar-a-Lago and other Trump properties have come since Mr. Trump became president, the tax records show.
  • Beyond one-time payments for events or memberships, large corporations also pay rent for space in the few commercial buildings Mr. Trump actually owns.
  • his barrage of derogatory remarks about immigrants quickly cost him two of his biggest and easiest sources of cash — licensing deals with clothing and mattress manufacturers that had netted him more than $30 million. NBC, his partner in Miss Universe — source of nearly $20 million in profits — announced that it would no longer broadcast the pageant; he sold it soon after.
  • each new acquisition only fed the downward draft on his bottom line.
  • He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.
  • Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.
  • The tax data examined by The Times provides a road map of revelations, from write-offs for the cost of a criminal defense lawyer and a mansion used as a family retreat to a full accounting of the millions of dollars the president received from the 2013 Miss Universe pageant in Moscow.
  • Indeed, his financial condition when he announced his run for president in 2015 lends some credence to the notion that his long-shot campaign was at least in part a gambit to reanimate the marketability of his name.
Javier E

Telosa: Marc Lore and Bjarke Ingels unveil plans for 5-million-person city in the Ameri... - 0 views

  • The former Walmart executive last week unveiled plans for Telosa, a sustainable metropolis that he hopes to create, from scratch, in the American desert. The ambitious 150,000-acre proposal promises eco-friendly architecture, sustainable energy production and a purportedly drought-resistant water system. A so-called "15-minute city design" will allow residents to access their workplaces, schools and amenities within a quarter-hour commute of their homes.
  • Although planners are still scouting for locations, possible targets include Nevada, Utah, Idaho, Arizona, Texas and the Appalachian region, according to the project's official website.
  • The first phase of construction, which would accommodate 50,000 residents across 1,500 acres, comes with an estimated cost of $25 billion. The whole project would be expected to exceed $400 billion, with the city reaching its target population of 5 million within 40 years.
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  • "Cities that have been built to date from scratch are more like real estate projects," Lore said in a promotional video for the project. "They don't start with people at the center. Because if you started with people at the center, you would immediately think, 'OK, what's the mission and what are the values?'
  • On Telosa's official website, Lore explains that he was inspired by American economist and social theorist Henry George. The investor cites capitalism's "significant flaws," attributing many of them to "the land ownership model that America was built on."
  • BIG's founder, Danish architect Bjarke Ingels, is meanwhile quoted as saying that Telosa "embodies the social and environmental care of Scandinavian culture, and the freedom and opportunity of a more American culture."
  • It is not the first new city being planned by Ingels' firm, which famously installed a ski slope on top of a Copenhagen power plant and has co-designed Google's new headquarters in London and California. In January 2020, Japanese carmaker Toyota revealed that it had commissioned BIG to create a master plan for a new 2,000-person city in the foothills of Mount Fuji. Although significantly smaller than Telosa, the project, dubbed Woven City, promises autonomous vehicle testing, smart technology and robot-assisted living.
Javier E

How 9/11 changed us - Washington Post - 0 views

  • “The U.S. government must define what the message is, what it stands for,” the report asserts. “We should offer an example of moral leadership in the world, committed to treat people humanely, abide by the rule of law, and be generous and caring to our neighbors. . . . We need to defend our ideals abroad vigorously. America does stand up for its values.”
  • the authors pause to make a rousing case for the power of the nation’s character.
  • Rather than exemplify the nation’s highest values, the official response to 9/11 unleashed some of its worst qualities: deception, brutality, arrogance, ignorance, delusion, overreach and carelessness.
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  • Reading or rereading a collection of such books today is like watching an old movie that feels more anguishing and frustrating than you remember. The anguish comes from knowing how the tale will unfold; the frustration from realizing that this was hardly the only possible outcome.
  • This conclusion is laid bare in the sprawling literature to emerge from 9/11 over the past two decades
  • Whatever individual stories the 9/11 books tell, too many describe the repudiation of U.S. values, not by extremist outsiders but by our own hand.
  • In these works, indifference to the growing terrorist threat gives way to bloodlust and vengeance after the attacks. Official dissembling justifies wars, then prolongs them. In the name of counterterrorism, security is politicized, savagery legalized and patriotism weaponized.
  • that state of exception became our new American exceptionalism.
  • The latest works on the legacy of 9/11 show how war-on-terror tactics were turned on religious groups, immigrants and protesters in the United States. The war on terror came home, and it walked in like it owned the place.
  • It happened fast. By 2004, when the 9/11 Commission urged America to “engage the struggle of ideas,” it was already too late; the Justice Department’s initial torture memos were already signed, the Abu Ghraib images had already eviscerated U.S. claims to moral authority.
  • “It is for now far easier for a researcher to explain how and why September 11 happened than it is to explain the aftermath,” Steve Coll writes in “Ghost Wars,” his 2004 account of the CIA’s pre-9/11 involvement in Afghanistan. Throughout that aftermath, Washington fantasized about remaking the world in its image, only to reveal an ugly image of itself to the world.
  • “We anticipate a black future for America,” bin Laden told ABC News more than three years before the 9/11 attacks. “Instead of remaining United States, it shall end up separated states and shall have to carry the bodies of its sons back to America.”
  • bin Laden also came to grasp, perhaps self-servingly, the benefits of luring Washington into imperial overreach, of “bleeding America to the point of bankruptcy,” as he put it in 2004, through endless military expansionism, thus beating back its global sway and undermining its internal unity.
  • To an unnerving degree, the United States moved toward the enemy’s fantasies of what it might become — a nation divided in its sense of itself, exposed in its moral and political compromises, conflicted over wars it did not want but would not end.
  • “The most frightening aspect of this new threat . . . was the fact that almost no one took it seriously. It was too bizarre, too primitive and exotic.” That is how Lawrence Wright depicts the early impressions of bin Laden and his terrorist network among U.S. officials
  • The books traveling that road to 9/11 have an inexorable, almost suffocating feel to them, as though every turn invariably leads to the first crush of steel and glass.
  • With the system “blinking red,” as CIA Director George Tenet later told the 9/11 Commission, why were all these warnings not enough? Wright lingers on bureaucratic failings
  • Clarke’s conclusion is simple, and it highlights America’s we-know-better swagger, a national trait that often masquerades as courage or wisdom. “America, alas, seems only to respond well to disasters, to be undistracted by warnings,” he writes. “Our country seems unable to do all that must be done until there has been some awful calamity.”
  • The problem with responding only to calamity is that underestimation is usually replaced by overreaction. And we tell ourselves it is the right thing, maybe the only thing, to do.
  • A last-minute flight change. A new job at the Pentagon. A retirement from the fire station. The final tilt of a plane’s wings before impact. If the books about the lead-up to 9/11 are packed with unbearable inevitability, the volumes on the day itself highlight how randomness separated survival from death.
  • Had the World Trade Center, built in the late 1960s and early 1970s, been erected according to the city building code in effect since 1938, Dwyer and Flynn explain, “it is likely that a very different world trade center would have been built.
  • Instead, it was constructed according to a new code that the real estate industry had avidly promoted, a code that made it cheaper and more lucrative to build and own skyscrapers. “It increased the floor space available for rent . . . by cutting back on the areas that had been devoted, under the earlier law, to evacuation and exit,” the authors write. The result: Getting everybody out on 9/11 was virtually impossible.
  • The towers embodied the power of American capitalism, but their design embodied the folly of American greed. On that day, both conditions proved fatal.
  • Garrett Graff quotes Defense Department officials marveling at how American Airlines Flight 77 struck a part of the Pentagon that, because of new anti-terrorism standards, had recently been reinforced and renovated
  • “In any other wedge of the Pentagon, there would have been 5,000 people, and the plane would have flown right through the middle of the building.” Instead, fewer than 200 people were killed in the attack on the Pentagon, including the passengers on the hijacked jet. Chance and preparedness came together.
  • The bravery of police and firefighters is the subject of countless 9/11 retrospectives, but these books also emphasize the selflessness of civilians who morphed into first responders
  • The passengers had made phone calls when the hijacking began and had learned the fate of other aircraft that day. “According to one call, they voted on whether to rush the terrorists in an attempt to retake the plane,” the commission report states. “They decided, and acted.”
  • The civilians aboard United Airlines Flight 93, whose resistance forced the plane to crash into a Pennsylvania field rather than the U.S. Capitol, were later lionized as emblems of swashbuckling Americana
  • Such episodes, led by ordinary civilians, embodied values that the 9/11 Commission called on the nation to display. Except those values would soon be dismantled, in the name of security, by those entrusted to uphold them.
  • Lawyering to death.The phrase appears in multiple 9/11 volumes, usually uttered by top officials adamant that they were going to get things done, laws and rules be damned
  • “I had to show the American people the resolve of a commander in chief that was going to do whatever it took to win,” Bush explains. “No yielding. No equivocation. No, you know, lawyering this thing to death.” In “Against All Enemies,” Clarke recalls the evening of Sept. 11, 2001, when Bush snapped at an official who suggested that international law looked askance at military force as a tool of revenge. “I don’t care what the international lawyers say, we are going to kick some ass,” the president retorted.
  • The message was unmistakable: The law is an obstacle to effective counterterrorism
  • Except, they did lawyer this thing to death. Instead of disregarding the law, the Bush administration enlisted it. “Beginning almost immediately after September 11, 2001, [Vice President Dick] Cheney saw to it that some of the sharpest and best-trained lawyers in the country, working in secret in the White House and the United States Department of Justice, came up with legal justifications for a vast expansion of the government’s power in waging war on terror,
  • Through public declarations and secret memos, the administration sought to remove limits on the president’s conduct of warfare and to deny terrorism suspects the protections of the Geneva Conventions by redefining them as unlawful enemy combatants. Nothing, Mayer argues of the latter effort, “more directly cleared the way for torture than this.”
  • Tactics such as cramped confinement, sleep deprivation and waterboarding were rebranded as “enhanced interrogation techniques,” legally and linguistically contorted to avoid the label of torture. Though the techniques could be cruel and inhuman, the OLC acknowledged in an August 2002 memo, they would constitute torture only if they produced pain equivalent to organ failure or death, and if the individual inflicting such pain really really meant to do so: “Even if the defendant knows that severe pain will result from his actions, if causing such harm is not his objective, he lacks the requisite specific intent.” It’s quite the sleight of hand, with torture moving from the body of the interrogated to the mind of the interrogator.
  • the memo concludes that none of it actually matters. Even if a particular interrogation method would cross some legal line, the relevant statute would be considered unconstitutional because it “impermissibly encroached” on the commander in chief’s authority to conduct warfare
  • You have informed us. Experts you have consulted. Based on your research. You do not anticipate. Such hand-washing words appear throughout the memos. The Justice Department relies on information provided by the CIA to reach its conclusions; the CIA then has the cover of the Justice Department to proceed with its interrogations. It’s a perfect circle of trust.
  • In these documents, lawyers enable lawlessness. Another May 2005 memo concludes that, because the Convention Against Torture applies only to actions occurring under U.S. jurisdiction, the CIA’s creation of detention sites in other countries renders the convention “inapplicable.”
  • avid Cole describes the documents as “bad-faith lawyering,” which might be generous. It is another kind of lawyering to death, one in which the rule of law that the 9/11 Commission urged us to abide by becomes the victim.
  • Similarly, because the Eighth Amendment’s prohibition on cruel and unusual punishment is meant to protect people convicted of crimes, it should not apply to terrorism detainees — because they have not been officially convicted of anything. The lack of due process conveniently eliminates constitutional protections
  • Years later, the Senate Intelligence Committee would investigate the CIA’s post-9/11 interrogation program. Its massive report — the executive summary of which appeared as a 549-page book in 2014 — found that torture did not produce useful intelligence, that the interrogations were more brutal than the CIA let on, that the Justice Department did not independently verify the CIA’s information, and that the spy agency impeded oversight by Congress and the CIA inspector general.
  • “The CIA’s effectiveness representations were almost entirely inaccurate,” the Senate report concluded. It is one of the few lies of the war on terror unmasked by an official government investigation and public report, but just one of the many documented in the 9/11 literature.
  • Officials in the war on terror didn’t deceive or dissemble just with lawmakers or the public. In the recurring tragedy of war, they lied just as often to themselves.
  • “The decision to invade Iraq was one made, finally and exclusively, by the president of the United States, George W. Bush,” he writes.
  • n Woodward’s “Bush at War,” the president admitted that before 9/11, “I didn’t feel that sense of urgency [about al-Qaeda], and my blood was not nearly as boiling.”
  • A president initially concerned about defending and preserving the nation’s moral goodness against terrorism found himself driven by darker impulses. “I’m having difficulty controlling my bloodlust,” Bush confessed to religious leaders in the Oval Office on Sept. 20, 2001,
  • Bloodlust, moral certainty and sudden vulnerability make a dangerous combination. The belief that you are defending good against evil can lead to the belief that whatever you do to that end is good, too.
  • Draper distills Bush’s worldview: “The terrorists’ primary objective was to destroy America’s freedom. Saddam hated America. Therefore, he hated freedom. Therefore, Saddam was himself a terrorist, bent on destroying America and its freedom.”
  • The president assumed the worst about what Hussein had done or might do, yet embraced best-case scenarios of how an American invasion would proceed.
  • “Iraqis would rejoice at the sight of their Western liberators,” Draper recaps. “Their newly shared sense of national purpose would overcome any sectarian allegiances. Their native cleverness would make up for their inexperience with self-government. They would welcome the stewardship of Iraqi expatriates who had not set foot in Baghdad in decades. And their oil would pay for everything.”
  • It did not seem to occur to Bush and his advisers that Iraqis could simultaneously hate Hussein and resent the Americans — feelings that could have been discovered by speaking to Iraqis and hearing their concerns.
  • few books on the war that gets deep inside Iraqis’ aversion to the Americans in their midst. “What gives them the right to change something that’s not theirs in the first place?” a woman in a middle-class Baghdad neighborhood asks him. “I don’t like your house, so I’m going to bomb it and you can rebuild it again the way I want it, with your money?
  • The occupation did not dissuade such impressions when it turned the former dictator’s seat of government into its own luxurious Green Zone, or when it retrofitted the Abu Ghraib prison (“the worst of Saddam’s hellholes,” Shadid calls it) into its own chamber of horrors.
  • Shadid hears early talk of the Americans as “kuffar” (heathens), a 51-year-old former teacher complains that “we’ve exchanged a tyrant for an occupier.”
  • Shadid understood that governmental legitimacy — who gets to rule, and by what right — was a matter of overriding importance for Iraqis. “The Americans never understood the question,” he writes; “Iraqis never agreed on the answer.
  • When the United States so quickly shifted from liberation to occupation, it lost whatever legitimacy it enjoyed. “Bush handed that enemy precisely what it wanted and needed, proof that America was at war with Islam, that we were the new Crusaders come to occupy Muslim land,” Clarke writes. “It was as if Usama bin Laden, hidden in some high mountain redoubt, were engaging in long-range mind control of George Bush, chanting ‘invade Iraq, you must invade Iraq.’ ”
  • The foolishness and arrogance of the American occupation didn’t help. In “Imperial Life in the Emerald City: Inside Iraq’s Green Zone,” Rajiv Chandrasekaran explains how, even as daily security was Iraqis’ overwhelming concern, viceroy L. Paul Bremer, Bush’s man in Baghdad, was determined to turn the country into a model free-market economy, complete with new investment laws, bankruptcy courts and a state-of-the-art stock exchange.
  • a U.S. Army general, when asked by local journalists why American helicopters must fly so low at night, thus scaring Iraqi children, replied that the kids were simply hearing “the sound of freedom.”Message: Freedom sounds terrifying.
  • For some Americans, inflicting that terror became part of the job, one more tool in the arsenal. In “The Forever War” by Dexter Filkins, a U.S. Army lieutenant colonel in Iraq assures the author that “with a heavy dose of fear and violence, and a lot of money for projects, I think we can convince these people that we are here to help them.”
  • Chandrasekaran recalls the response of a top communications official under Bremer, when reporters asked about waves of violence hitting Baghdad in the spring of 2004. “Off the record: Paris is burning,” the official told the journalists. “On the record: Security and stability are returning to Iraq.”
  • the Iraq War, conjured in part on the false connections between Iraq and al-Qaeda, ended up helping the terrorist network: It pulled resources from the war in Afghanistan, gave space for bin Laden’s men to regroup and spurred a new generation of terrorists in the Middle East. “A bigger gift to bin Laden was hard to imagine,” Bergen writes.
  • “U.S. officials had no need to lie or spin to justify the war,” Washington Post reporter Craig Whitlock writes in “The Afghanistan Papers,” a damning contrast of the war’s reality vs. its rhetoric. “Yet leaders at the White House, the Pentagon and the State Department soon began to make false assurances and to paper over setbacks on the battlefield.” As the years passed, the deceit became entrenched, what Whitlock calls “an unspoken conspiracy” to hide the truth.
  • Afghanistan was where al-Qaeda, supported by the Taliban, had made its base — it was supposed to be the good war, the right war, the war of necessity and not choice, the war endorsed at home and abroad.
  • If Iraq was the war born of lies, Afghanistan was the one nurtured by them
  • Whitlock finds commanding generals privately admitting that they long fought the war “without a functional strategy.” That, two years into the conflict, Rumsfeld complained that he had “no visibility into who the bad guys are.”
  • That Army Lt. Gen. Douglas Lute, a former coordinator of Iraq and Afghanistan policy, acknowledged that “we didn’t have the foggiest idea of what we were undertaking.”
  • That U.S. officials long wanted to withdraw American forces but feared — correctly so, it turns out — that the Afghan government might collapse. “Bin Laden had hoped for this exact scenario,” Whitlock observes. “To lure the U.S. superpower into an unwinnable guerrilla conflict that would deplete its national treasury and diminish its global influence.”
  • All along, top officials publicly contradicted these internal views, issuing favorable accounts of steady progress
  • Bad news was twisted into good: Rising suicide attacks in Kabul meant the Taliban was too weak for direct combat, for instance, while increased U.S. casualties meant America was taking the fight to the enemy.
  • deceptions transpired across U.S. presidents, but the Obama administration, eager to show that its first-term troop surge was working, “took it to a new level, hyping figures that were misleading, spurious or downright false,” Whitlock writes. And then under President Donald Trump, he adds, the generals felt pressure to “speak more forcefully and boast that his war strategy was destined to succeed.”
  • in public, almost no senior government officials had the courage to admit that the United States was slowly losing,” Whitlock writes. “With their complicit silence, military and political leaders avoided accountability and dodged reappraisals that could have changed the outcome or shortened the conflict.”
  • Deputy Secretary of State Richard Armitage traveled to Moscow shortly after 9/11 to give officials a heads up about the coming hostilities in Afghanistan. The Russians, recent visitors to the graveyard of empires, cautioned that Afghanistan was an “ambush heaven” and that, in the words of one of them, “you’re really going to get the hell kicked out of you.”
  • a war should not be measured only by the timing and the competence of its end. We still face an equally consequential appraisal: How good was this good war if it could be sustained only by lies?
  • In the two decades since the 9/11 attacks, the United States has often attempted to reconsider its response
  • They are written as though intending to solve problems. But they can be read as proof that the problems have no realistic solution, or that the only solution is to never have created them.
  • the report sets the bar for staying so high that an exit strategy appears to be its primary purpose.
  • he counterinsurgency manual is an extraordinary document. Implicitly repudiating notions such as “shock and awe” and “overwhelming force,” it argues that the key to battling an insurgency in countries such as Iraq and Afghanistan is to provide security for the local population and to win its support through effective governance
  • It also attempts to grasp the nature of America’s foes. “Most enemies either do not try to defeat the United States with conventional operations or do not limit themselves to purely military means,” the manual states. “They know that they cannot compete with U.S. forces on those terms. Instead, they try to exhaust U.S. national will.” Exhausting America’s will is an objective that al-Qaeda understood well.
  • “Counterinsurgents should prepare for a long-term commitment,” the manual states. Yet, just a few pages later, it admits that “eventually all foreign armies are seen as interlopers or occupiers.” How to accomplish the former without descending into the latter? No wonder so many of the historical examples of counterinsurgency that the manual highlights, including accounts from the Vietnam War, are stories of failure.
  • “Soldiers and Marines are expected to be nation builders as well as warriors,” the manual proclaims, but the arduous tasks involved — reestablishing government institutions, rebuilding infrastructure, strengthening local security forces, enforcing the rule of law — reveal the tension at the heart of the new doctrine
  • In his foreword, Army Lt. Col. John Nagl writes that the document’s most lasting impact may be as a catalyst not for remaking Iraq or Afghanistan, but for transforming the Army and Marine Corps into “more effective learning organizations,” better able to adapt to changing warfare. And in her introduction, Sarah Sewall, then director of Harvard’s Carr Center for Human Rights Policy, concludes that its “ultimate value” may be in warning civilian officials to think hard before engaging in a counterinsurgency campaign.
  • “The thing that got to everyone,” Finkel explains in the latter book, “was not having a defined front line. It was a war in 360 degrees, no front to advance toward, no enemy in uniform, no predictable patterns, no relief.” It’s a powerful summation of battling an insurgency.
  • Hitting the wrong house is what counterinsurgency doctrine is supposed to avoid. Even successfully capturing or killing a high-value target can be counterproductive if in the process you terrorize a community and create more enemies. In Iraq, the whole country was the wrong house. America’s leaders knew it was the wrong house. They hit it anyway.
  • Another returning soldier, Nic DeNinno, struggles to tell his wife about the time he and his fellow soldiers burst into an Iraqi home in search of a high-value target. He threw a man down the stairs and held another by the throat. After they left, the lieutenant told him it was the wrong house. “The wrong f---ing house,” Nic says to his wife. “One of the things I want to remember is how many times we hit the wrong house.”
  • “As time passes, more documents become available, and the bare facts of what happened become still clearer,” the report states. “Yet the picture of how those things happened becomes harder to reimagine, as that past world, with its preoccupations and uncertainty, recedes.” Before making definitive judgments, then, they ask themselves “whether the insights that seem apparent now would really have been meaningful at the time.”
  • Two of the latest additions to the canon, “Reign of Terror” by Spencer Ackerman and “Subtle Tools” by Karen Greenberg, draw straight, stark lines between the earliest days of the war on terror and its mutations in our current time, between conflicts abroad and divisions at home. These works show how 9/11 remains with us, and how we are still living in the ruins.
  • When Trump declared that “we don’t have victories anymore” in his 2015 speech announcing his presidential candidacy, he was both belittling the legacy of 9/11 and harnessing it to his ends. “His great insight was that the jingoistic politics of the War on Terror did not have to be tied to the War on Terror itself,” Ackerman writes. “That enabled him to tell a tale of lost greatness.” And if greatness is lost, someone must have taken it.
  • “Trump had learned the foremost lesson of 9/11,” Ackerman writes, “that the terrorists were whomever you said they were.”
  • The backlash against Muslims, against immigrants crossing the southern border and against protesters rallying for racial justice was strengthened by the open-ended nature of the global war on terror.
  • the war is not just far away in Iraq or Afghanistan, in Yemen or Syria, but it’s happening here, with mass surveillance, militarized law enforcement and the rebranding of immigration as a threat to the nation’s security rather than a cornerstone of its identity
  • the Authorization for Use of Military Force, drafted by administration lawyers and approved by Congress just days after the attacks, as the moment when America’s response began to go awry. The brief joint resolution allowed the president to use “all necessary and appropriate force” against any nation, organization or person who committed the attacks, and to prevent any future ones.
  • It was the “Ur document in the war on terror and its legacy,” Greenberg writes. “Riddled with imprecision, its terminology was geared to codify expansive powers.” Where the battlefield, the enemy and the definition of victory all remain vague, war becomes endlessly expansive, “with neither temporal nor geographical boundaries.”
  • This was the moment the war on terror was “conceptually doomed,” Ackerman concludes. This is how you get a forever war.
  • There were moments when an off-ramp was visible. The killing of bin Laden in 2011 was one such instance, Ackerman argues, but “Obama squandered the best chance anyone could ever have to end the 9/11 era.”
  • The author assails Obama for making the war on terror more “sustainable” through a veneer of legality — banning torture yet failing to close the detention camp at Guantánamo Bay and relying on drone strikes that “perversely incentivized the military and the CIA to kill instead of capture.”
  • There would always be more targets, more battlefields, regardless of president or party. Failures became the reason to double down, never wind down.
  • The longer the war went on, the more that what Ackerman calls its “grotesque subtext” of nativism and racism would move to the foreground of American politics
  • Absent the war on terror, it is harder to imagine a presidential candidate decrying a sitting commander in chief as foreign, Muslim, illegitimate — and using that lie as a successful political platform.
  • Absent the war on terror, it is harder to imagine a travel ban against people from Muslim-majority countries. Absent the war on terror, it is harder to imagine American protesters labeled terrorists, or a secretary of defense describing the nation’s urban streets as a “battle space” to be dominated
  • In his latest book on bin Laden, Bergen argues that 9/11 was a major tactical success but a long-term strategic failure for the terrorist leader. Yes, he struck a vicious blow against “the head of the snake,” as he called the United States, but “rather than ending American influence in the Muslim world, the 9/11 attacks greatly amplified it,” with two lengthy, large-scale invasions and new bases established throughout the region.
  • “A vastly different America has taken root” in the two decades since 9/11, Greenberg writes. “In the name of retaliation, ‘justice,’ and prevention, fundamental values have been cast aside.”
  • the legacy of the 9/11 era is found not just in Afghanistan or Iraq, but also in an America that drew out and heightened some of its ugliest impulses — a nation that is deeply divided (like those “separated states” bin Laden imagined); that bypasses inconvenient facts and embraces conspiracy theories; that demonizes outsiders; and that, after failing to spread freedom and democracy around the world, seems less inclined to uphold them here
  • Seventeen years after the 9/11 Commission called on the United States to offer moral leadership to the world and to be generous and caring to our neighbors, our moral leadership is in question, and we can barely be generous and caring to ourselves.
  • Still reeling from an attack that dropped out of a blue sky, America is suffering from a sort of post-traumatic stress democracy. It remains in recovery, still a good country, even if a broken good country.
  • 9/11 was a test. Thebooks of the lasttwo decades showhow America failed.
  • Deep within the catalogue of regrets that is the 9/11 Commission report
lucieperloff

How Democrats Would Tax Billionaires to Pay for Their Agenda - The New York Times - 0 views

  • Senate Democrats plan to tax the richest of the rich, hoping to extract hundreds of billions of dollars from the mountains of wealth that billionaires sit on to help pay for their social safety net and climate change policies.
  • Such tax avoidance could be adapted to the new system, for instance by shifting wealth from tradable assets like stocks to less liquid ones like real estate or companies.
  • on anyone with more than $1 billion in assets or more than $100 million in income for three consecutive years
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  • Democrats say the billionaires tax could be one of the most politically popular elements of their social safety net and climate change bill, which is expected to cost at least $1.5 trillion and could be completed as soon as Wednesday.
  • “I think there is an absolute understanding that at a time of massive income and wealth inequality, when you have people like Jeff Bezos, in a given year, not paying a nickel in federal income taxes, that these guys are going to have to start paying their fair share,” said Senator Bernie Sanders, the Vermont independent.
  • It would for the first time tax billionaires on the unrealized gains in the value of their liquid assets, such as stocks, bonds and cash, which can grow for years as vast capital stores that can be borrowed off to live virtually income tax free.
  • Democrats’ tax proposal would impose a new interest charge on them, which would be paid when those assets were sold, on top of the existing capital gains tax.
  • They could also deem up to $1 billion of tradable stock in a single corporation to be a non-tradable asset, to ensure that founders of a company could maintain their controlling shares.
  • For instance, any gift or bequest that did not go to a spouse or charity would be considered a taxable event, subject to capital gains taxation.
  • “direct taxes” — a term without clear definition — should be apportioned among the states so that each state’s residents pay a share equal to the share of the state’s population.
Javier E

Why the Florida Fantasy Withstands Reality - The Atlantic - 0 views

  • The tragedy of Ian ought to help more Floridians understand the consequences of environmental destruction, perfunctory planning, and climate denial.
  • our politics might be less disastrous if more people understood why it still feels like paradise.
  • For too long, too much of the Florida economy has been an ecological Ponzi scheme that depends on bringing in 1,000 new residents a day, including the mortgage brokers and drywall installers and landscapers whose livelihoods depend on bringing 1,000 more new residents the next day. There’s no culture of long-term planning or investing, no ethic of limits or responsibility or risk management. Florida has always been about now, mine, more.
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  • ne thing I’ve learned in my years of whining about Florida’s unsustainable trajectory in the climate era is that most Floridians don’t care.
  • especially if they’re newly retired to Florida. They’re here to enjoy the warm weather in a state with no income tax, not to build a better tomorrow for future generations.
  • Usually, it’s just nice. It’s certainly way nicer than Boston or Brooklyn, or Michigan or Minnesota, in the winter.
  • DeSantis has risen to national prominence behind a very Florida form of now-mine-more messaging, proclaiming this the “free state” of Florida, where you don’t have to worry about public-health scolds telling you to wear a mask or get a vaccine, or pointy-headed planners telling you where to build your house or when to water your lawn. He’s selling irresponsibility as a virtue. Worrying about consequences is for losers.
  • My insurer went bankrupt last month, one of six to go under in Florida this year, and the state took over my policy, as it surely did for thousands of Floridians who will now file claims. But the Republican leaders who have assumed for the past quarter-century that the feds will bail us out after the Big One were probably right. We’ve gotten too big to fail.
Javier E

What Elon Musk's 'Age of Abundance' Means for the Future of Capitalism - WSJ - 0 views

  • When it comes to the future, Elon Musk’s best-case scenario for humanity sounds a lot like Sci-Fi Socialism.
  • “We will be in an age of abundance,” Musk said this month.
  • Sunak said he believes the act of work gives meaning, and had some concerns about Musk’s prediction. “I think work is a good thing, it gives people purpose in their lives,” Sunak told Musk. “And if you then remove a large chunk of that, what does that mean?”
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  • Part of the enthusiasm behind the sky-high valuation of Tesla, where he is chief executive, comes from his predictions for the auto company’s abilities to develop humanoid robots—dubbed Optimus—that can be deployed for everything from personal assistants to factory workers. He’s also founded an AI startup, dubbed xAI, that he said aims to develop its own superhuman intelligence, even as some are skeptical of that possibility. 
  • Musk likes to point to another work of Sci-Fi to describe how AI could change our world: a series of books by the late-, self-described-socialist author Iain Banks that revolve around a post-scarcity society that includes superintelligent AI. 
  • That is the question.
  • “We’re actually going to have—and already do have—a massive shortage of labor. So, I think we will have not people out of work but actually still a shortage of labor—even in the future.” 
  • Musk has cast his work to develop humanoid robots as an attempt to solve labor issues, saying there aren’t enough workers and cautioning that low birthrates will be even more problematic. 
  • Instead, Musk predicts robots will be taking jobs that are uncomfortable, dangerous or tedious. 
  • A few years ago, Musk declared himself a socialist of sorts. “Just not the kind that shifts resources from most productive to least productive, pretending to do good, while actually causing harm,” he tweeted. “True socialism seeks greatest good for all.”
  • “It’s fun to cook food but it’s not that fun to wash the dishes,” Musk said this month. “The computer is perfectly happy to wash the dishes.”
  • In the near term, Goldman Sachs in April estimated generative AI could boost the global gross domestic product by 7% during the next decade and that roughly two-thirds of U.S. occupations could be partially automated by AI. 
  • Vinod Khosla, a prominent venture capitalist whose firm has invested in the technology, predicted within a decade AI will be able to do “80% of 80%” of all jobs today.
  • “I believe the need to work in society will disappear in 25 years for those countries that adapt these technologies,” Khosla said. “I do think there’s room for universal basic income assuring a minimum standard and people will be able to work on the things they want to work on.” 
  • Forget universal basic income. In Musk’s world, he foresees something more lush, where most things will be abundant except unique pieces of art and real estate. 
  • “We won’t have universal basic income, we’ll have universal high income,” Musk said this month. “In some sense, it’ll be somewhat of a leveler or an equalizer because, really, I think everyone will have access to this magic genie.” 
  • All of which kind of sounds a lot like socialism—except it’s unclear who controls the resources in this Muskism society
  • “Digital super intelligence combined with robotics will essentially make goods and services close to free in the long term,” Musk said
  • “What is an economy? An economy is GDP per capita times capita.” Musk said at a tech conference in France this year. “Now what happens if you don’t actually have a limit on capita—if you have an unlimited number of…people or robots? It’s not clear what meaning an economy has at that point because you have an unlimited economy effectively.”
  • In theory, humanity would be freed up for other pursuits. But what? Baby making. Bespoke cooking. Competitive human-ing. 
  • “Obviously a machine can go faster than any human but we still have humans race against each other,” Musk said. “We still enjoy competing against other humans to, at least, see who was the best human.”
  • Still, even as Musk talks about this future, he seems to be grappling with what it might actually mean in practice and how it is at odds with his own life. 
  • “If I think about it too hard, it, frankly, can be dispiriting and demotivating, because…I put a lot of blood, sweat and tears into building companies,” he said earlier this year. “If I’m sacrificing time with friends and family that I would prefer but then ultimately the AI can do all these things, does that make sense?”“To some extent,” Musk concluded, “I have to have a deliberate suspension of disbelief in order to remain motivated.”
Javier E

Supreme Court Adopts Ethics Code After Reports of Undisclosed Gifts and Travel - The Ne... - 0 views

  • In a statement, the justices said they had established the code of conduct “to set out succinctly and gather in one place the ethics rules and principles that guide the conduct of the members of the court.” Left unclear was how the rules would be enforced or by whom.
  • The code, laid out over nine pages, does not place specific restrictions on gifts, travel or real estate deals. But it does caution the justices that they should not take part in outside activities that “detract from the dignity of the justice’s office,” “interfere with the performance of the justice’s official duties,” “reflect adversely on the justice’s impartiality” or “lead to frequent disqualification.”
  • The rules also prohibit justices from allowing “family, social, political, financial or other relationships to influence official conduct or judgment.” The document cites examples of when justices must recuse themselves from a case, including when they have a “personal bias” or a financial interest.
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  • “This is a small but significant step in the right direction,”
  • she was troubled by the court’s failure to acknowledge past transgressions and the lack of a mechanism to enforce the new restrictions.
  • “It’s good that they did this,” he said. “It’s good that they feel some obligation to respond to public criticism and act like they care.”But, he added, “in terms of the content, it doesn’t seem to move the ball much.”
  • The main difference between the new code and the one that applies to other federal judges is in its treatment of recusal. In commentary the court issued along with the code, the justices said they must be wary of disqualifying themselves from cases because — unlike judges on lower courts — they cannot be replaced when they do
  • “Because of the broad scope of the cases that come before the Supreme Court and the nationwide impact of its decisions,” the commentary said, the provision on recusal “should be construed narrowly.”
  • In all, said James Sample, a law professor at Hofstra University, the new code is a modest improvement.“Will this code of conduct solve the problems?” he asked. “No. There will certainly be questions as to enforcement. There will be questions as to details, and you can quibble over certain of the provisions. But this is a significant step.”
Javier E

'Life without consequences': the fraternity bros who built a multimillion-dollar drug r... - 0 views

  • uses the drug ring to show how the fraternity ethos shapes elite societies as a whole, beyond the College of Charleston: with impunity.
  • Marshall shows how being asked to join a fraternity means having a safe place to behave badly between high school and the job that frat puts you on the fast track towards. In his book, he quotes a Cornell Greek life website: “While only 2% of America’s population is involved in fraternities, 80% of Fortune 500 executives, 76% of US senators and congressmen, 85% of supreme court justices, and all but two presidents since 1825 have been fraternity men.”
  • the former fraternity members Marshall interviewed for Among the Bros said their experience selling drugs in college was good prep for their careers: “They’d say things like, ‘I learned supply chain economics, salesmanship, delegation and marketing.’” As a reader, it’s hard to not feel pangs of anger at how for some (“some” being young white men), recklessness could be a stepping stone to a six-figure salary.
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  • It’s hard to wrap your mind around men having fond memories of brutal treatment, but Marshall explained that it was not so simple as looking back on one event of hazing and condemning the entire system: “It’s almost a rational choice of thinking, ‘This was my entry into an oil and gas or real estate job. This is how I got into private equity or politics. And there’s always going to be a group of people who are always going to look out for me whenever I need a favor.’
  • And for those in the bubble, there’s an attitude that the more intense the hazing experience was, the better story you might have, the more other men will respect you.
  • Above all, Marshall’s book explores coming of age in a world that will not hold you accountable, even by law enforcement: “When you can get away with anything, it does lead to an arrested development. If you drive drunk and don’t go get a DUI, how do you learn not to drive drunk? If you commit a much worse crime and don’t get punished, how do you learn not to?”
  • All the men involved in Kappa Alpha’s drug ring were white – in fact, they were often described by their fellow students at the College of Charleston and law enforcement as looking like normal white boys. They were protected by wealthy parents, the best lawyers, and a “boys will be boys” culture. They were emboldened to test the boundaries of their privilege, and they came out with barely a scratch.
lilyrashkind

China faces a nearly $1 trillion funding gap. It will need more debt to fill it. - 0 views

  • The Chinese government faces a growing shortfall of cash, analysts say, as they predict an increase of debt to fill the gap.The analysts did not share specific figures on how much additional debt might be needed. But they pointed to growing pressure on growth that would require more support from deb
  • BEIJING — The Chinese government faces a growing shortfall of cash, analysts say, as they predict an increase of debt to fill the gap.“The latest wave of Omicron and the widespread lockdowns in place since mid-March have resulted in a sharp contraction in government revenue, including land sales revenue,” Ting Lu, chief China economist at Nomura, and a team said in a report last week.
  • “Much of the incoming ‘stimulus measures’, be it special government bonds or incremental lending by policy banks, will be merely used to fill this funding gap,” the Nomura analysts said.
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  • “Many cities without Omicron outbreaks also suffered, as their economies are linked to those currently under lockdown,” Zhang said in an email in mid-May. “The economic costs are not limited to a small number of cities, it is a national problem.”
  • Excluding tax cuts and refunds, the Ministry of Finance said local fiscal revenue grew by 5.4% during the first four months of the year from a year ago. Eight of China’s 31 province-level regions saw a drop in fiscal revenue during that time, the ministry said, without naming them.Incomplete data for the period from Wind Information showed the regions of Qinghai, Shandong, Liaoning, Hebei, Guizhou, Hubei, Hunan and Tianjin posted year-on-year declines in fiscal revenue for the first four months of the year. Tianjin was the worst with a 27% decline.
  • Even before the latest Covid outbreak, land sales, a significant source of local government revenue, have plunged following Beijing’s crackdown on real estate developers’ high reliance on debt. Local governments are also responsible for implementing tax cuts and refunds that Beijing has announced to support growth.
  • Although financial data isn’t readily available for many Chinese cities, the southern tech hub of Shenzhen released figures showing a 44% year-on-year drop in fiscal revenue in April to 25.53 billion yuan. That followed a 7% year-on-year decline in March to 22.95 billion yuan.
  • Beijing in March already announced an increase in transfer of funds from the central to local governments. When asked in May whether that would be expanded, the Ministry of Finance noted some funding for next year would be transferred ahead of time to help local governments with tax refunds and cuts this year.
  • In late April, Chinese President Xi Jinping called for a nationwide push to develop infrastructure ranging from waterways to cloud computing infrastructure. It was not clear at what scale or timeframe the projects would be constructed.
  • “We expect the debt to continue to climb this year as a result of these economic pressures,” Yuan said, noting it remains to be seen how Beijing decides to balance economic growth with debt levels this year.
Javier E

London Is Losing Its Crown as a Luxury Shopping Destination - WSJ - 0 views

  • London is missing out on a spending boom by wealthy American and Middle Eastern tourists that began last summer and has benefited big cities on the European continent, mainly Paris and Milan. In January, VAT receipts from Middle Eastern visitors to continental Europe, a good proxy for luxury spending, were up 224% compared with the same month of 2019, based on data from tax refund company Global Blue
  • American spending was even heavier, with receipts up 297% over the period. The strong dollar means the discount available on luxury goods in Europe has been historically wide recently and U.S. tourists outspent all other nationalities in every month of 2022.
  • Britons are spending heavily on tax-free goods in the European Union. 
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  • London’s luxury retailers are lobbying the U.K. government to reinstate VAT-free shopping for visitors. Big department stores like Harrods, owned by Qatar’s sovereign wealth fund, and Selfridges, which was sold for £4 billion in 2021 to Thai and Australian investors, relied heavily on tourist spending before the pandemic.
  • If overseas visitors continue to shop in Europe instead of Britain, landlords on the U.K. capital’s poshest streets could suffer. In 2022, London’s New Bond Street slipped out of the top-three ranking of the world’s most expensive retail streets, according to real estate firm Cushman & Wakefield. It was overtaken by Via Montenapoleone in Milan, where rents are now 9% above 2019 levels.
Javier E

The Morning Dispatch: Why Your Rent Is Up - 0 views

  • housing prices nationwide were 19.2 percent higher in January 2022 than January 2021.
  • to put that average 19.2 percent figure in perspective, a house that sold for $600,000 a year ago would typically go for about $715,000 now.
  • Incomes have not kept pace, rising an average of 5.5 percent over the same time period.
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  • Per real estate company Redfin, rent prices jumped a record 15 percent year over year in January. 
Javier E

House prices are crumbling - and so is Britain's faith in property ownership | John Har... - 0 views

  • one of the most absurd features of modern Britain is that “we’re not building houses in a housing crisis”
  • The average British home now costs about nine times average earnings: one estimate I recently read reckoned that the last time UK houses were this expensive was in 1876.
  • Across England, between 2021 and 2022, 21,600 social homes were either sold or demolished, but only 7,500 were built.
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  • There is, needless to say, no escape route into social housing. There are reckoned to be about 1.2m households on local waiting lists in England
  • thanks to post-2010 austerity, 40 local authority areas – including Peterborough, Luton, the Isle of Wight and parts of Greater Manchester – had neither built nor acquired any new social housing between 2016 and 2021
  • : it was just a mundane and reassuring reality, and the foundation of millions of lives.
  • The private rented sector is what it has always been, only more so: a repository for people held back from either home ownership or social housing, where lives are often damaged by the rawest kind of business practices.
  • 56% of first-time buyers aged under 35 needed a “financial gift” from their parents to buy a flat or house. Even if prices slowly fall, the old Tory vision of the property-owning democracy seems to have shrunk into a rigid oligarchy, built on very familiar foundations of class, age and wealth.
  • Recent(ish) history suggests there might be an alternative: council housing with lifelong, secure tenancies. Fifty or so years ago, thanks to investment by both Labour and Conservative governments, about a third of us lived in homes like that
  • even if access to the bank of Mum and Dad means you can just about afford to buy, isn’t the current reality of shoved-up interest rates and declining property prices a reminder of what that may well entail? Chasing security now means being at the mercy of its complete opposite: the hurly burly of financial markets, and fears of negative equity and repossession.
  • The foreground of Labour policy, however, is all about home ownership. Not unreasonably, Keir Starmer sees buying a house as “the bedrock of security and aspiration”, and often makes glowing references to the pebble-dashed semi in which he grew up
  • Given the chance, he will apparently lead a government set on pursuing a 70% target for home ownership, up from England’s current figure of 64%. Th
  • the party’s first actions in government will include “helping first-time buyers on to the housing ladder and building more affordable homes by reforming planning rules”. Labour, we are told, “is the party of home ownership in Britain today”.
  • There are signs that Labour has at least the beginnings of an answer. Lisa Nandy insists that she will be the first housing minister in decades to ensure that social housing provides for more people than the private rented sector; her mantra, she says, will be “council housing, council housing, council housing”
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