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Javier E

The Struggle Inside The Wall Street Journal - The New York Times - 0 views

  • Many staff members believe that the paper’s top editor, Gerard Baker, previously a feisty conservative commentator, is trying to Murdoch-ize the paper. “There is a systemic issue,” one reporter told me. The dissatisfaction went public last week, with stories in Politico and the Huffington Post.
  • As a longtime reader, admirer and competitor of The Journal, I think the internal critics are right. You can see the news pages becoming more politicized. You can also see The Journal’s staff pushing back, through both great journalism (including exposes on the Trump administration) and quiet insubordination.
  • One way to understand the fight is through the lens of Fox News. Its former leader, Roger Ailes, knew that the country had become more polarized and that many viewers didn’t want sober objectivity. He also knew that most reporters leaned left, and their beliefs sometimes seeped into coverage.
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  • So Ailes came up with a brilliantly cynical strategy. He created a conservative news channel that dispensed with objectivity, and sometimes with facts, while claiming it was more objective — “Fair and Balanced” — than the competition.
  • Baker believes that most media is hopelessly biased, Journal staffers say. He views his critics as liberal whiners, and his approach as the fair and balanced one.
  • I happen to agree that liberal bias can be a media problem. On important issues — abortion, education, parenting and religion, to name a few — left-leaning beliefs too often distort coverage. The Journal, and every newspaper, should indeed fight that problem.
  • But that’s very different from saying reporters protect any political party. They don’t. Journalists’ incentives and instincts all point the other way. Which is why the media reported so aggressively on Hillary Clinton’s emails, damaging her badly.
  • has there ever been a more important time for sophisticated and fearless financial journalism?
Javier E

@GSElevator Tattletale Exposed (He Was Not in the Goldman Elevator) - NYTimes.com - 0 views

  • The ability of people like Mr. Lefevre to create anonymous Twitter accounts underscores concerns about the veracity of what is published and the identity of authors. It also raises questions about whether publishers are blurring the line between real life and the made-up kind.
  • At the time, an account called @CondeElevator had sprung up, supposedly chronicling the goings-on in the elevator of the media company Condé Nast. “I thought, ‘This is ridiculous that people are infatuated with Condé Nast. If they only saw the elitist, sexist and out-of-touch things bankers say.’ People had no idea what it is really like.”
  • He said his intent was neither to mock nor glamorize Wall Street. “I do not have an agenda to paint the people or this culture one way or the other,” he said, adding that he was “always a cynical banker” when he worked on Wall Street but “I loved it. We did a lot of crazy stuff. It’s not like I had a great epiphany along the way.
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  • insisted that many of the exchanges he published on Twitter were true: “I’ve been collecting these stories for years.”
  • “I don’t consider it selling out or pandering to a lower common denominator; I think of it more as adapting to what the widest possible audience of people responds favorably to.”
  • “A lot of times I pander, I’ll be honest with you. I pander for retweets,” he said, referring to users blasting copies of a tweet to their own followers, multiplying its reach.
  • “Early on, I tweeted more about specific people or deals, inside jokes/commentary, and even a few ad hominem attacks. That gave me a certain validation and credibility. But over time, the tweets have been increasingly styled to have a bit more commercial appeal.
  • Still, he said that working on Wall Street was an eye-opener. “I went into investment banking and I saw a group of people that aren’t as impressive as I thought they were — or as impressive as they thought they were. They defined themselves as human beings by their jobs.”
  • A sampling of musings from GSElevator’s Twitter account: #1: I just want to be rich enough to not be motivated by money. — GS Elevator Gossip (@GSElevator) 14 Dec 13 #1: Only Neanderthals resort to violence. I prefer crushing one’s spirit, hope, or ego. — GS Elevator Gossip (@GSElevator) 25 Dec 13 #1: Some chick asked me what I would do with 10 million bucks. I told her I’d wonder where the rest of my money went. — GS Elevator Gossip (@GSElevator) 12 Nov 13
Javier E

Americans Aren't Saving Enough for Retirement, but One Change Could Help - NYTimes.com - 0 views

  • On average, a typical working family in the anteroom of retirement — headed by somebody 55 to 64 years old — has only about $104,000 in retirement savings
  • more than half of all American households will not have enough retirement income to maintain the living standards they were accustomed to before retirement,
  • 83 percent of baby boomers and Generation Xers in the bottom fourth of the income distribution will eventually run short of money.
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  • More than a quarter of those with incomes between the middle of the income distribution and the 75th percentile will probably run short.
  • The standard prescription is that Americans should put more money aside in investments. The recommendation, however, glosses over a critical driver of unpreparedness: Wall Street is bleeding savers dry.
  • “A greater part of the problem is the failure of investors to earn their fair share of market returns.”
  • His observation suggests a different policy prescription: shoring up Americans’ retirement requires, first of all, aligning the interests of investment advisers and their clients.
  • Actively managed mutual funds, in which many workers invest their retirement savings, are enormously costly.
  • Altogether, costs add up to 2.27 percent per year, Mr. Bogle estimates.
  • By contrast, a passive index fund, like Vanguard’s Total Stock Market Index Fund, costs merely 0.06 percent a year in all.
  • Assuming an annual market return of 7 percent, he says, a 30-year-old worker who made $30,000 a year and received a 3 percent annual raise could retire at age 70 with $927,000 in the pot by saving 10 percent of her wages every year in a passive index fund. (Such a nest egg, at the standard withdrawal rate of 4 percent, would generate an inflation-adjusted $37,000 a year more or less indefinitely.) If she put it in a typical actively managed fund, she would end up with only $561,000.
  • In 1979, almost two in five private sector workers had a defined-benefit pension that would pay out a check until they died. Today only 14 percent do. Almost one in three, by contrast, must make do with a retirement savings account alone to supplement their Social Security check.
  • nobody was paying attention to the safeguards that might be needed when corporate retirement funds managed by sophisticated professionals were replaced by individual 401(k)s and Individual Retirement Accounts.
  • “Wall Street makes no money on low-cost index funds,” said David F. Swensen, who runs the investment portfolio for Yale. “That is the problem.”
  • Harvard and colleagues from M.I.T. and the University of Hamburg sent “mystery shoppers” to visit financial advisers. They found that advisers mostly recommended investment strategies that fit their own financial interests. They reinforced their clients’ misguided biases, encouraging them to chase returns and advising against low-cost options like low-fee index funds.
  • For all their flaws, 401(k) plans have a fiduciary responsibility to act in participants’ best interest. Managers of I.R.A.s, by contrast, are not legally bound to put their clients’ interests first. They must offer “suitable” products — a much squishier standard.
  • The White House’s Council of Economic Advisers argues that “conflicted advice” by advisers who get payments from the funds they recommend reduces the annual returns to investment by 1 percentage point, a more modest penalty than Mr. Bogle’s analysis
  • In 2010, the Labor Department proposed imposing fiduciary responsibility on I.R.A. advisers. The resistance from Wall Street was so fierce that the Obama administration was forced to back down. Last month, the administration tried again.
  • Unlike regulations in Canada and some Western European countries, which have essentially banned kickbacks from funds to investment advisers, the Obama administration’s proposed rule does not directly attack conflicts of interest.
Javier E

Economic history: What can we learn from the Depression? | The Economist - 0 views

  • Can economic historians give policy-makers advice on the basis of what they believed caused the Great Depression? A discussion of this topic by Britain’s top economic historians in a lecture at Cambridge University on November 4th suggested the question is more complex than it first appears
  • what has made producing lessons more difficult is that many traditional views about the causes of the Depression have been overturned by academics in recent decades.
  • Although the rise of protectionism increased the velocity and depth of the depression when tariffs started rising in 1930, they were still only responsible for part of the fall in world GDP during the Depression
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  • The idea that the Wall Street crash caused the depression has also gone out of favour in recent years.
  • As with the rise of protectionism, it seems that the Wall Street crash was a symptom of problems in the global economy, rather than the underlying cause of them.
  • Economic historians now focus on a different candidate to take the blame for the sudden economic collapse of the 1930s: the structure of the world financial system before 1929. In particular, the work of the economic historians such as Mr Eichengreen and Peter Temin has recently stressed the importance of the malfunctioning of the gold standard currency system as the cause of the Depression, as well as its severity.
  • This system came to a head when the global economy started what, at first, seemed to be a very ordinary business cycle downturn in the late-1920s. When the drop in global demand caused balance-of-payments crises in countries around the world due to gold outflows, they were forced to use fiscal and monetary means to deflate their economies to protect the fixed value of their currencies (they also resorted to tariffs).This amplified the recession into a depression.
  • According to some monetarist historians, the four waves of banking crises in the 1930-33 period that bankrupted half of America’s banks were caused by the Federal Reserve tightening monetary policy in response to gold outflows.
  • According to research by Mr Eichengreen, countries that escaped the gold standard and changed to floating exchange rates first, such as Britain in 1931 and America in 1933, tended to recover earlier and far faster. The critique of monetary policy as a conduit of Depression dates back to Milton Friedman and Anna Schwartz's "Monetary History of the United States", first published in 1963
  • Policy-makers have drawn some lessons from the 1930s. Unlike in the Depression, central banks in Britain and America avoided unnecessary monetary tightening. Instead, they slashed interest rates and used unconventional monetary stimulus such as quantitative easing in an effort to fend off deflation (a scourge of the Depression). The role of banking crises in turning a normal recession into a deep depression has also been recognised. Governments pulled out the stops to prevent the Lehman failure from generating a global financial meltdown, keenly aware of the role of financial contagion in the 1930s. 
  • lessons from the Great Depression for Europe's current problems may be more difficult to discern than one might assume. The euro zone is a fixed-exchange-rate system, with elements similar to those of the gold standard. But the political and economic constraints holding back policy-makers are different from those that prevailed in the 1930s. Economists now say that the higher level of financial integration in Europe today makes leaving the euro-zone a much riskier prospect than was leaving the gold standard was back in the 1930s. And the euro zone has a central bank that can print euros—something the gold-standard system lacked.
  • Perhaps economic historians can make a better contribution by ensuring the past is not abused in debates about modern-day crises. For instance, putting all the blame on Wall Street for the Great Depression—or on bankers in the current crisis—does not stand up to historical scrutiny. The responsibility may more properly lie in a complex combination of factors, like how global financial systems are structured. But this still needs be interpreted from modern day evidence rather than in over-simplistic “lessons” from the past
Javier E

Why Trump Now? - The New York Times - 0 views

  • The economic forces driving this year’s nomination contests have been at work for decades. Why did the dam break now?
  • The share of the gross national product going to labor as opposed to the share going to capital fell from 68.8 percent in 1970 to 60.7 percent by 2013
  • the number of manufacturing jobs dropped by 36 percent, from 19.3 million in 1979 to 12.3 million in 2015, while the population increased by 43 percent, from 225 million to 321 million.
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  • The postwar boom, when measured by the purchasing power of the average paycheck, continued into the early 1970s and then abruptly stoppe
  • Starting in 2000, two related developments added to worsening conditions for the middle and working classes.
  • that year marked the end of net upward mobility. Before 2000, the size of both the lower and middle classes had shrunk, while the percentage of households with inflation-adjusted incomes of $100,000 or more grew. Americans were moving up the ladder.
  • After 2000, the middle class continued to shrink, but so did the percentage of households making $100,000 or more. The only group to grow larger after 2000 was households with incomes of $35,000 or less. Americans were moving down the ladder.
  • The second adverse trend is that trade with China, which shot up after China’s entry into the World Trade Organization in December 2001, imposed far larger costs on American workers than most economists anticipated
  • If one had to project the impact of China’s momentous economic reform for the U.S. labor market with nothing to go on other than a standard undergraduate economics textbook, one would predict large movements of workers between U.S. tradable industries (say, from apparel and furniture to pharmaceuticals and jet aircraft), limited reallocation of jobs from tradables to non-tradables, and no net impacts on U.S. aggregate employment. The reality of adjustment to the China shock has been far different. Employment has certainly fallen in U.S. industries most exposed to import competition. But so too has overall employment in local labor markets in which these industries were concentrated. Offsetting employment gains either in export-oriented tradables or in non-tradables have, for the most part, failed to materialize.
  • High wage workers find it relatively easy to adjust and “do not experience an earnings loss,” argue Autor and his colleagues. Low wage workers, in contrast, “suffer large differential earnings loss, as they obtain lower earnings per year both while working at the initial firm and after relocating to new employers.”
  • The recipe for populism seems pretty clear: take a surge in manufacturing imports from China and continued automation in the US workplace and add a tepid macroeconomy. The result is a combustible stew sure to sour the stomach of party leaders nationwide.
  • The stew, to continue Hanson’s metaphor, began to boil over with the cataclysmic financial collapse in September 2008, which many people left and right felt was caused by reckless financial engineering on Wall Street. The collapse and the destruction it left in its wake was, without question, the most important economic and political event in recent years.
  • “It was the financial crisis, what it revealed about government-Wall Street links, and the fumbling of the response to it that put the nail in the coffin of trust in government,
  • , TARP insulated the very institutions and executives that caused the collapse and the disastrous recession that followed.
  • The widespread sense that all the elites in Washington and New York conspired to bail out the miscreants who caused the disaster and then gave them bonuses, while the rest of us lost our houses or saw their value, the biggest and often only asset of Americans, plummet, lost our jobs or saw them frozen and stagnant, and then saw gaping inequality grow even more, is just palpable.
  • A Bloomberg poll last September found that 78 percent of voters would like to see Citizens United overturned, and this view held across a range of partisan loyalties: Republicans at 80 percent; Democrats at 83; and independents at 71.
  • On Jan. 10, 2010, the Supreme Court granted those in upper income brackets additional privileges in its Citizens United decision (buttressed by subsequent lower court rulings) that allowed wealthy individuals, corporations and unions to make unlimited political contributions. By opening the door to the creation of SuperPACs and giving Wall Street and other major financial sectors new ways to buy political outcomes, the courts gave the impression, to say the least, that they favored establishment interests over those of the less well off.
  • . Obamacare, a program many in the white middle and working classes perceived as reducing their own medical care in order to provide health coverage to the disproportionately minority poor.
  • By the midterm elections of 2010, voter dissatisfaction among whites found expression in the Tea Party movement, which produced the sweeping defeat of Democrats in competitive congressional districts as well as of moderate and center-right Republicans in primary contests.Voter anger was directed at two targets — the “undeserving rich” and the “undeserving poor.”
  • To many of those who cast their ballots in anger in 2010 and 2014, however, it appeared that their votes had not changed anything. Obamacare stayed in place, Wall Street and corporate America grew richer, while the average worker was stuck going nowhere.
  • Already disillusioned with the Democratic Party, these white voters became convinced that the mainstream of the Republican Party had failed them, not only on economic issues, but on cultural matters as well.
  • A September 2015 Ispos survey asked voters if they agreed or disagreed with the statement “More and more, I don’t identify with what America has become.” 72 percent of surveyed Republicans concurred, compared to 58 percent of independents and 45 percent of Democrats. Two thirds of Republicans, 62 percent, agreed with the statement “These days I feel like a stranger in my own country,” compared to 53 percent of independents and 37 percent of Democrats. Here is one place where Trump’s scathing dismissal of political correctness found fertile ground.
  • If he prevails, a constituency that could force politicians to confront the problems of the working and middle class will waste its energies on a candidate incompetent to improve the lives of the credulous men and women lining up to support him.
  • In these circumstances, Bernstein wrote, the logic supporting the traditional Republican Party fell apart:The core theme of Republican establishment lore has been to demonize not unregulated finance or trade or inequality, but ‘the other’ – e.g., the immigrant or minority taking your job and claiming unneeded government support. And yet, none of their trickle down, deregulatory agenda helped ameliorate the problem at all. So they lost control.
  • This election has demonstrated that there is no Republican Party organization, per se. The Republican Party exists as an array of allied groups, incumbent office holders, media organizations, and funding vehicles (e.g., SuperPACs, 501(c)(4)s, and the like). When people ask why the “establishment” or “the party” has not done anything to stop Trump, it is not exactly clear who they mean.
  • The tragedy of the 2016 campaign is that Trump has mobilized a constituency with legitimate grievances on a fool’s errand.If he is shoved out of the field somehow, his supporters will remain bitter and enraged, convinced that a self-serving and malign elite defeated their leader.
  • the consequences of disillusionment with old guard Republicans:The intersection of inequality driven by real wage/income stagnation and the fact that the folks perceived to have blown the damn economy up not only recovered first, but got government assistance in the form of bailouts to do so. If you’re in the anxious middle and that doesn’t deeply piss you off, you’re an unusually forgiving person.
  • Missing in your narrative were 2 other factors that contributed to American anger and the turn to Mr. Trump. Those two factors are: the group of very wealthy American's who were convened by the Koch brothers to pool their resources to destroy President Obama and the Congressional Democrats and moderate Republicans, e.g. Senator Lugar.
  • were suffering from a major contraction and the drying up of credit & jobs and the President unwisely & wrongly appointed the Simpson-Bowles commission to rein in the debt. Remember Harvard's Rogoff & Reinhart who came up with that Debt to GDP ratio? And the rally of our elites & Pete Peterson et al that Deficits were the problem, when the truth, based on history, was just the opposite.
  • The 2nd factor which can also be attributed to the White House as well as Democrats in the Congress who joined Republicans in misdiagnosing the problem as deficits and debt.
Javier E

Michael Lewis Makes Boring Stuff Interesting - WSJ - 0 views

  • The idea, Mr. Lewis says from his family’s perch amid Craftsman houses and bungalows in the hills above Berkeley, Calif., is to examine “what’s happened to fairness” in an age when America’s arbiters are no longer trusted. The Walter Cronkites of the world are gone, and those assigned to make the tough calls are reviled, threatened and assumed (sometimes correctly) to be corrupt.
  • “It’s a big problem for democracy if people don’t have a shared reality,” Mr. Lewis says. “It’s difficult to establish a referee in an increasingly unequal environment” like today’s U.S., “when there are powerful parties and not-so powerful ones. You have a different kind of problem than if you’re in Norway.”
  • His calling card, echoed by untold critics and readers, is this: He makes boring stuff interesting. He collects disparate ingredients, whips them up with character and narrative, and distills human stories into engrossing big-picture explainers.
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  • podcasts were new for him. He teamed up with his friends, the writer Malcolm Gladwell and former Slate editor Jacob Weisberg, whose fledgling podcast company is called Pushkin Industries.
  • When he was writing “The Big Short” (2010), Mr. Lewis says, he kept seeing failures of refereeing. “There was no referee at the interface between Wall Street and the consumers—consumer finance. I saw the birth of that, when Wall Street hit segments of society it had never touched, through subprime mortgages, for car loans, through asset-backed securities. There was no one saying, ‘That’s fair and that’s not.’”
  • Mr. Lewis also has harsh words for the ratings firms that endorsed shady securities—sold by the people who were paying them—before the big-bank meltdown. “I’d have thought for sure they’d reform it somehow, change the incentives. It’s so obvious, and [former Sen.] Al Franken tried, but all this Wall Street money flowed into the process to prevent him from doing that, and it drove him crazy.”
  • Mr. Lewis doesn’t blame Wall Street and deregulation for everything. He has also faulted home buyers for their role in the crash, for example. “To blame the people who lent the money for the real estate boom is like blaming the crack dealers for creating addicts,” he wrote in a 2008 article on the lure of home ownership.
Javier E

12 Rules for Life: An Antidote to Chaos (Jordan B. Peterson) - 0 views

  • RULES? MORE RULES? REALLY? Isn’t life complicated enough, restricting enough, without abstract rules that don’t take our unique, individual situations into account? And given that our brains are plastic, and all develop differently based on our life experiences, why even expect that a few rules might be helpful to us all?
  • “I’ve got some good news…and I’ve got some bad news,” the lawgiver yells to them. “Which do you want first?” “The good news!” the hedonists reply. “I got Him from fifteen commandments down to ten!” “Hallelujah!” cries the unruly crowd. “And the bad?” “Adultery is still in.”
  • Maps of Meaning was sparked by Jordan’s agonized awareness, as a teenager growing up in the midst of the Cold War, that much of mankind seemed on the verge of blowing up the planet to defend their various identities. He felt he had to understand how it could be that people would sacrifice everything for an “identity,”
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  • the story of the golden calf also reminds us that without rules we quickly become slaves to our passions—and there’s nothing freeing about that.
  • And the story suggests something more: unchaperoned, and left to our own untutored judgment, we are quick to aim low and worship qualities that are beneath us—in this case, an artificial animal that brings out our own animal instincts in a completely unregulated way.
  • Similarly, in this book Professor Peterson doesn’t just propose his twelve rules, he tells stories, too, bringing to bear his knowledge of many fields as he illustrates and explains why the best rules do not ultimately restrict us but instead facilitate our goals and make for fuller, freer lives.
  • Peterson wasn’t really an “eccentric”; he had sufficient conventional chops, had been a Harvard professor, was a gentleman (as cowboys can be) though he did say damn and bloody a lot, in a rural 1950s sort of way. But everyone listened, with fascination on their faces, because he was in fact addressing questions of concern to everyone at the table.
  • unlike many academics who take the floor and hold it, if someone challenged or corrected him he really seemed to like it. He didn’t rear up and neigh. He’d say, in a kind of folksy way, “Yeah,” and bow his head involuntarily, wag it if he had overlooked something, laughing at himself for overgeneralizing. He appreciated being shown another side of an issue, and it became clear that thinking through a problem was, for him, a dialogic process.
  • for an egghead Peterson was extremely practical. His examples were filled with applications to everyday life: business management, how to make furniture (he made much of his own), designing a simple house, making a room beautiful (now an internet meme) or in another, specific case related to education, creating an online writing project that kept minority students from dropping out of school by getting them to do a kind of psychoanalytic exercise on themselves,
  • These Westerners were different: self-made, unentitled, hands on, neighbourly and less precious than many of their big-city peers, who increasingly spend their lives indoors, manipulating symbols on computers. This cowboy psychologist seemed to care about a thought only if it might, in some way, be helpful to someone.
  • I was drawn to him because here was a clinician who also had given himself a great books education, and who not only loved soulful Russian novels, philosophy and ancient mythology, but who also seemed to treat them as his most treasured inheritance. But he also did illuminating statistical research on personality and temperament, and had studied neuroscience. Though trained as a behaviourist, he was powerfully drawn to psychoanalysis with its focus on dreams, archetypes, the persistence of childhood conflicts in the adult, and the role of defences and rationalization in everyday life. He was also an outlier in being the only member of the research-oriented Department of Psychology at the University of Toronto who also kept a clinical practice.
  • Maps of Meaning, published nearly two decades ago, shows Jordan’s wide-ranging approach to understanding how human beings and the human brain deal with the archetypal situation that arises whenever we, in our daily lives, must face something we do not understand.
  • The brilliance of the book is in his demonstration of how rooted this situation is in evolution, our DNA, our brains and our most ancient stories. And he shows that these stories have survived because they still provide guidance in dealing with uncertainty, and the unavoidable unknown.
  • this is why many of the rules in this book, being based on Maps of Meaning, have an element of universality to them.
  • We are ambivalent about rules, even when we know they are good for us. If we are spirited souls, if we have character, rules seem restrictive, an affront to our sense of agency and our pride in working out our own lives. Why should we be judged according to another’s rule?
  • And he felt he had to understand the ideologies that drove totalitarian regimes to a variant of that same behaviour: killing their own citizens.
  • Ideologies are simple ideas, disguised as science or philosophy, that purport to explain the complexity of the world and offer remedies that will perfect it.
  • Ideologues are people who pretend they know how to “make the world a better place” before they’ve taken care of their own chaos within.
  • Ideologies are substitutes for true knowledge, and ideologues are always dangerous when they come to power, because a simple-minded I-know-it-all approach is no match for the complexity of existence.
  • To understand ideology, Jordan read extensively about not only the Soviet gulag, but also the Holocaust and the rise of Nazism. I had never before met a person, born Christian and of my generation, who was so utterly tormented by what happened in Europe to the Jews, and who had worked so hard to understand how it could have occurred.
  • I saw what now millions have seen online: a brilliant, often dazzling public speaker who was at his best riffing like a jazz artist; at times he resembled an ardent Prairie preacher (not in evangelizing, but in his passion, in his ability to tell stories that convey the life-stakes that go with believing or disbelieving various ideas). Then he’d just as easily switch to do a breathtakingly systematic summary of a series of scientific studies. He was a master at helping students become more reflective, and take themselves and their futures seriously. He taught them to respect many of the greatest books ever written. He gave vivid examples from clinical practice, was (appropriately) self-revealing, even of his own vulnerabilities, and made fascinating links between evolution, the brain and religious stories.
  • Above all, he alerted his students to topics rarely discussed in university, such as the simple fact that all the ancients, from Buddha to the biblical authors, knew what every slightly worn-out adult knows, that life is suffering.
  • chances are, if you or someone you love is not suffering now, they will be within five years, unless you are freakishly lucky. Rearing kids is hard, work is hard, aging, sickness and death are hard, and Jordan emphasized that doing all that totally on your own, without the benefit of a loving relationship, or wisdom, or the psychological insights of the greatest psychologists, only makes it harder.
  • focused on triumphant heroes. In all these triumph stories, the hero has to go into the unknown, into an unexplored territory, and deal with a new great challenge and take great risks. In the process, something of himself has to die, or be given up, so he can be reborn and meet the challenge. This requires courage, something rarely discussed in a psychology class or textbook.
  • Jordan
  • views of his first YouTube statements quickly numbered in the hundreds of thousands. But people have kept listening because what he is saying meets a deep and unarticulated need. And that is because alongside our wish to be free of rules, we all search for structure.
  • the first generation to have been so thoroughly taught two seemingly contradictory ideas about morality, simultaneously—at their schools, colleges and universities, by many in my own generation. This contradiction has left them at times disoriented and uncertain, without guidance and, more tragically, deprived of riches they don’t even know exist.
  • morality and the rules associated with it are just a matter of personal opinion or happenstance, “relative to” or “related to” a particular framework, such as one’s ethnicity, one’s upbringing, or the culture or historical…
  • The first idea or teaching is that morality is relative, at best a…
  • So, the decent thing to do—once it becomes apparent how arbitrary your, and your society’s, “moral values” are—is to show tolerance for people who think differently, and…
  • for many people one of the worst character flaws a person can have is to be “judgmental.”* And, since we don’t know right from wrong, or what is good, just about the most inappropriate thing an adult can…
  • That emphasis on tolerance is so paramount that for many people one of the worst character flaws a person can have is to be “judgmental.”* And, since we don’t know right from wrong, or what is good, just about the most inappropriate thing an…
  • And so a generation has been raised untutored in what was once called, aptly, “practical wisdom,” which guided previous generations. Millennials, often told they have received the finest education available anywhere, have actually…
  • professors, chose to devalue thousands of years of human knowledge about how to acquire virtue, dismissing it as passé, “…
  • They were so successful at it that the very word “virtue” sounds out of date, and someone using it appears…
  • The study of virtue is not quite the same as the study of morals (right and wrong, good and evil). Aristotle defined the virtues simply as the ways of behaving that are most conducive to happiness in life. Vice was…
  • Cultivating judgment about the difference between virtue and vice is the beginning of wisdom, something…
  • By contrast, our modern relativism begins by asserting that making judgments about how to live is impossible, because there is no real good, and no…
  • Thus relativism’s closest approximation to “virtue” is “tolerance.” Only tolerance will provide social cohesion between different groups, and save us from harming each other. On Facebook and other forms of social media, therefore, you signal your so-called…
  • Intolerance of others’ views (no matter how ignorant or incoherent they may be) is not simply wrong; in a world where there is no right or wrong, it is worse: it is a sign you are…
  • But it turns out that many people cannot tolerate the vacuum—the chaos—which is inherent in life, but made worse by this moral relativism; they cannot live without a moral compass,…
  • So, right alongside relativism, we find the spread of nihilism and despair, and also the opposite of moral relativism: the blind certainty offered by ideologies…
  • Dr. Norman Doidge, MD, is the author of The Brain That Changes Itself
  • so we arrive at the second teaching that millennials have been bombarded with. They sign up for a humanities course, to study the greatest books ever written. But they’re not assigned the books; instead they are given…
  • (But the idea that we can easily separate facts and values was and remains naive; to some extent, one’s values determine what one will pay…
  • For the ancients, the discovery that different people have different ideas about how, practically, to live, did not paralyze them; it deepened their understanding of humanity and led to some of the most satisfying conversations human beings have ever had, about how life might be lived.
  • Modern moral relativism has many sources. As we in the West learned more history, we understood that different epochs had different moral codes. As we travelled the seas and explored the globe, we learned of far-flung tribes on different continents whose different moral codes made sense relative to, or within the framework of, their societies. Science played a role, too, by attacking the religious view of the world, and thus undermining the religious grounds for ethics and rules. Materialist social science implied that we could divide the world into facts (which all could observe, and were objective and “real”) and values (…
  • it seems that all human beings are, by some kind of biological endowment, so ineradicably concerned with morality that we create a structure of laws and rules wherever we are. The idea that human life can be free of moral concerns is a fantasy.
  • given that we are moral animals, what must be the effect of our simplistic modern relativism upon us? It means we are hobbling ourselves by pretending to be something we are not. It is a mask, but a strange one, for it mostly deceives the one who wears it.
  • Far better to integrate the best of what we are now learning with the books human beings saw fit to preserve over millennia, and with the stories that have survived, against all odds, time’s tendency to obliterate.
  • these really are rules. And the foremost rule is that you must take responsibility for your own life. Period.
  • Jordan’s message that each individual has ultimate responsibility to bear; that if one wants to live a full life, one first sets one’s own house in order; and only then can one sensibly aim to take on bigger responsibilities.
  • if it’s uncertain that our ideals are attainable, why do we bother reaching in the first place? Because if you don’t reach for them, it is certain you will never feel that your life has meaning.
  • And perhaps because, as unfamiliar and strange as it sounds, in the deepest part of our psyche, we all want to be judged.
  • Instead of despairing about these differences in moral codes, Aristotle argued that though specific rules, laws and customs differed from place to place, what does not differ is that in all places human beings, by their nature, have a proclivity to make rules, laws and customs.
  • Freud never argued (as do some who want all culture to become one huge group therapy session) that one can live one’s entire life without ever making judgments, or without morality. In fact, his point in Civilization and Its Discontents is that civilization only arises when some restraining rules and morality are in place.
  • Aleksandr Solzhenitsyn, the great documenter of the slave-labour-camp horrors of the latter, once wrote that the “pitiful ideology” holding that “human beings are created for happiness” was an ideology “done in by the first blow of the work assigner’s cudgel.”1 In a crisis, the inevitable suffering that life entails can rapidly make a mockery of the idea that happiness is the proper pursuit of the individual. On the radio show, I suggested, instead, that a deeper meaning was required. I noted that the nature of such meaning was constantly re-presented in the great stories of the past, and that it had more to do with developing character in the face of suffering than with happiness.
  • I proposed in Maps of Meaning that the great myths and religious stories of the past, particularly those derived from an earlier, oral tradition, were moral in their intent, rather than descriptive. Thus, they did not concern themselves with what the world was, as a scientist might have it, but with how a human being should act.
  • I suggested that our ancestors portrayed the world as a stage—a drama—instead of a place of objects. I described how I had come
  • to believe that the constituent elements of the world as drama were order and chaos, and not material things.
  • Order is where the people around you act according to well-understood social norms, and remain predictable and cooperative. It’s the world of social structure, explored territory, and familiarity. The state of Order is typically portrayed, symbolically—imaginatively—as masculine.
  • Chaos, by contrast, is where—or when—something unexpected happens.
  • As the antithesis of symbolically masculine order, it’s presented imaginatively as feminine. It’s the new and unpredictable suddenly emerging in the midst of the commonplace familiar. It’s Creation and Destruction,
  • Order is the white, masculine serpent; Chaos, its black, feminine counterpart. The black dot in the white—and the white in the black—indicate the possibility of transformation: just when things seem secure, the unknown can loom, unexpectedly and large. Conversely, just when everything seems lost, new order can emerge from catastrophe and chaos.
  • For the Taoists, meaning is to be found on the border between the ever-entwined pair. To walk that border is to stay on the path of life, the divine Way. And that’s much better than happiness.
  • trying to address a perplexing problem: the reason or reasons for the nuclear standoff of the Cold War. I couldn’t understand how belief systems could be so important to people that they were willing to risk the destruction of the world to protect them. I came to realize that shared belief systems made people intelligible to one another—and that the systems weren’t just about belief.
  • People who live by the same code are rendered mutually predictable to one another. They act in keeping with each other’s expectations and desires. They can cooperate. They can even compete peacefully, because everyone knows what to expect from everyone else.
  • Shared beliefs simplify the world, as well, because people who know what to expect from one another can act together to tame the world. There is perhaps nothing more important than the maintenance of this organization—this simplification. If it’s threatened, the great ship of state rocks.
  • It isn’t precisely that people will fight for what they believe. They will fight, instead, to maintain the match between what they believe, what they expect, and what they desire. They will fight to maintain the match between what they expect and how everyone is acting. It is precisely the maintenance of that match that enables everyone
  • There’s more to it, too. A shared cultural system stabilizes human interaction, but is also a system of value—a hierarchy of value, where some things are given priority and importance and others are not. In the absence of such a system of value, people simply cannot act. In fact, they can’t even perceive, because both action and perception require a goal, and a valid goal is, by necessity, something valued.
  • We experience much of our positive emotion in relation to goals. We are not happy, technically speaking, unless we see ourselves progressing—and the very idea of progression implies value.
  • Worse yet is the fact that the meaning of life without positive value is not simply neutral. Because we are vulnerable and mortal, pain and anxiety are an integral part of human existence. We must have something to set against the suffering that is intrinsic to Being.*2 We must have the meaning inherent in a profound system of value or the horror of existence rapidly becomes paramount. Then, nihilism beckons, with its hopelessness and despair.
  • So: no value, no meaning. Between value systems, however, there is the possibility of conflict. We are thus eternally caught between the most diamantine rock and the hardest of places:
  • loss of group-centred belief renders life chaotic, miserable, intolerable; presence of group-centred belief makes conflict with other groups inevitable.
  • In the West, we have been withdrawing from our tradition-, religion- and even nation-centred cultures, partly to decrease the danger of group conflict. But we are increasingly falling prey to the desperation of meaninglessness, and that is no improvement at all.
  • While writing Maps of Meaning, I was (also) driven by the realization that we can no longer afford conflict—certainly not on the scale of the world conflagrations of the twentieth century.
  • I came to a more complete, personal realization of what the great stories of the past continually insist upon: the centre is occupied by the individual.
  • It is possible to transcend slavish adherence to the group and its doctrines and, simultaneously, to avoid the pitfalls of its opposite extreme, nihilism. It is possible, instead, to find sufficient meaning in individual consciousness and experience.
  • How could the world be freed from the terrible dilemma of conflict, on the one hand, and psychological and social dissolution, on the other? The answer was this: through the elevation and development of the individual, and through the willingness of everyone to shoulder the burden of Being and to take the heroic path. We must each adopt as much responsibility as possible for individual life, society and the world.
  • We must each tell the truth and repair what is in disrepair and break down and recreate what is old and outdated. It is in this manner that we can and must reduce the suffering that poisons the world. It’s asking a lot. It’s asking for everything.
  • the alternative—the horror of authoritarian belief, the chaos of the collapsed state, the tragic catastrophe of the unbridled natural world, the existential angst and weakness of the purposeless
  • individual—is clearly worse.
  • a title: 12 Rules for Life: An Antidote to Chaos. Why did that one rise up above all others? First and foremost, because of its simplicity. It indicates clearly that people need ordering principles, and that chaos otherwise beckons.
  • We require rules, standards, values—alone and together. We’re pack animals, beasts of burden. We must bear a load, to justify our miserable existence. We require routine and tradition. That’s order. Order can become excessive, and that’s not good, but chaos can swamp us, so we drown—and that is also not good. We need to stay on the straight and narrow path.
  • I hope that these rules and their accompanying essays will help people understand what they already know: that the soul of the individual eternally hungers for the heroism of genuine Being, and that the willingness to take on that responsibility is identical to the decision to live a meaningful life.
  • RULE 1   STAND UP STRAIGHT WITH YOUR SHOULDERS BACK
  • Because territory matters, and because the best locales are always in short supply, territory-seeking among animals produces conflict. Conflict, in turn, produces another problem: how to win or lose without the disagreeing parties incurring too great a cost.
  • It’s winner-take-all in the lobster world, just as it is in human societies, where the top 1 percent have as much loot as the bottom 50 percent11—and where the richest eighty-five people have as much as the bottom three and a half billion.
  • This principle is sometimes known as Price’s law, after Derek J. de Solla Price,13 the researcher who discovered its application in science in 1963. It can be modelled using an approximately L-shaped graph, with number of people on the vertical axis, and productivity or resources on the horizontal.
  • Instead of undertaking the computationally difficult task of identifying the best man, the females outsource the problem to the machine-like calculations of the dominance hierarchy. They let the males fight it out and peel their paramours from the top.
  • The dominant male, with his upright and confident posture, not only gets the prime real estate and easiest access to the best hunting grounds. He also gets all the girls. It is exponentially more worthwhile to be successful, if you are a lobster, and male.
  • dominance hierarchies have been an essentially permanent feature of the environment to which all complex life has adapted. A third of a billion years ago, brains and nervous systems were comparatively simple. Nonetheless, they already had the structure and neurochemistry necessary to process information about status and society. The importance of this fact can hardly be overstated.
  • evolution works, in large part, through variation and natural selection. Variation exists for many reasons, including gene-shuffling (to put it simply) and random mutation. Individuals vary within a species for such reasons. Nature chooses from among them, across time. That theory, as stated, appears to account for the continual alteration of life-forms over the eons.
  • But there’s an additional question lurking under the surface: what exactly is the “nature” in “natural selection”? What exactly is “the environment” to which animals adapt?
  • Nature “selects.” The idea of selects contains implicitly nested within it the idea of fitness. It is “fitness” that is “selected.” Fitness, roughly speaking, is the probability that a given organism will leave offspring (will propagate its genes through time). The “fit” in “fitness” is therefore the matching of organismal attribute to environmental demand.
  • But nature, the selecting agent, is not a static selector—not in any simple sense.
  • As the environment supporting a species transforms and changes, the features that make a given individual successful in surviving and reproducing also transform and change. Thus, the theory of natural selection does not posit creatures matching themselves ever more precisely to a template specified by the world. It is more that creatures are in a dance with nature, albeit one that is deadly.
  • Nature is not simply dynamic, either. Some things change quickly, but they are nested within other things that change less quickly (music
  • It’s chaos, within order, within chaos, within higher order. The order that is most real is the order that is most unchanging—and that is not necessarily the order that is most easily seen. The leaf, when perceived, might blind the observer to the tree. The tree can blind him to the forest.
  • It is also a mistake to conceptualize nature romantically.
  • Unfortunately, “the environment” is also elephantiasis and guinea worms (don’t ask), anopheles mosquitoes and malaria, starvation-level droughts, AIDS and the Black Plague.
  • It is because of the existence of such things, of course, that we attempt to modify our surroundings, protecting our children, building cities and transportation systems and growing food and generating power.
  • this brings us to a third erroneous concept: that nature is something strictly segregated from the cultural constructs that have emerged within it.
  • It does not matter whether that feature is physical and biological, or social and cultural. All that matters, from a Darwinian perspective, is permanence—and the dominance hierarchy, however social or cultural it might appear, has been around for some half a billion years.
  • The dominance hierarchy is not capitalism. It’s not communism, either, for that matter. It’s not the military-industrial complex. It’s not the patriarchy—that disposable, malleable, arbitrary cultural artefact. It’s not even a human creation; not in the most profound sense. It is instead a near-eternal aspect of the environment, and much of what is blamed on these more ephemeral manifestations is a consequence of its unchanging existence.
  • We were struggling for position before we had skin, or hands, or lungs, or bones. There is little more natural than culture. Dominance hierarchies are older than trees.
  • The part of our brain that keeps track of our position in the dominance hierarchy is therefore exceptionally ancient and fundamental.17 It is a master control system, modulating our perceptions, values, emotions, thoughts and actions. It powerfully affects every aspect of our Being, conscious and unconscious alike.
  • The ancient part of your brain specialized for assessing dominance watches how you are treated by other people. On that evidence, it renders a determination of your value and assigns you a status. If you are judged by your peers as of little worth, the counter restricts serotonin availability. That makes you much more physically and psychologically reactive to any circumstance or event that might produce emotion, particularly if it is negative. You need that reactivity. Emergencies are common at the bottom, and you must be ready to survive. Unfortunately, that physical hyper-response, that constant alertness, burns up a lot of precious energy and physical resources.
  • It will leave you far more likely to live, or die, carelessly, for a rare opportunity at pleasure, when it manifests itself. The physical demands of emergency preparedness will wear you down in every way.21
  • If you have a high status, on the other hand, the counter’s cold, pre-reptilian mechanics assume that your niche is secure, productive
  • You can delay gratification, without forgoing it forever. You can afford to be a reliable and thoughtful citizen.
  • Sometimes, however, the counter mechanism can go wrong. Erratic habits of sleeping and eating can interfere with its function. Uncertainty can throw it for a loop. The body, with its various parts,
  • needs
  • to function like a well-rehearsed orchestra. Every system must play its role properly, and at exactly the right time, or noise and chaos ensue. It is for this reason that routine is so necessary. The acts of life we repeat every day need to be automatized. They must be turned into stable and reliable habits, so they lose their complexity and gain predictability and simplicity.
  • It is for such reasons that I always ask my clinical clients first about sleep. Do they wake up in the morning at approximately the time the typical person wakes up, and at the same time every day?
  • The next thing I ask about is breakfast. I counsel my clients to eat a fat and protein-heavy breakfast as soon as possible after they awaken (no simple carbohydrates, no sugars,
  • I have had many clients whose anxiety was reduced to subclinical levels merely because they started to sleep on a predictable schedule and eat breakfast.
  • Other bad habits can also interfere with the counter’s accuracy.
  • There are many systems of interaction between brain, body and social world that can get caught in positive feedback loops. Depressed people, for example, can start feeling useless and burdensome, as well as grief-stricken and pained. This makes them withdraw from contact with friends and family. Then the withdrawal makes them more lonesome and isolated, and more likely to feel useless and burdensome. Then they withdraw more. In this manner, depression spirals and amplifies.
  • If someone is badly hurt at some point in life—traumatized—the dominance counter can transform in a manner that makes additional hurt more rather than less likely. This often happens in the case of people, now adults, who were viciously bullied during childhood or adolescence. They become anxious and easily upset. They shield themselves with a defensive crouch, and avoid the direct eye contact interpretable as a dominance challenge.
  • With their capacity for aggression strait-jacketed within a too-narrow morality, those who are only or merely compassionate and self-sacrificing (and naïve and exploitable) cannot call forth the genuinely righteous and appropriately self-protective anger necessary to defend themselves. If you can bite, you generally don’t have to. When skillfully integrated, the ability to respond with aggression and violence decreases rather than increases the probability that actual aggression will become necessary.
  • Naive, harmless people usually guide their perceptions and actions with a few simple axioms: people are basically good; no one really wants to hurt anyone else; the threat (and, certainly, the use) of force, physical or otherwise, is wrong. These axioms collapse, or worse, in the presence of
  • individuals who are genuinely malevolent.27
  • I have had clients who were terrified into literally years of daily hysterical convulsions by the sheer look of malevolence on their attackers’ faces. Such individuals typically come from hyper-sheltered families, where nothing
  • terrible is allowed to exist, and everything is fairyland wonderful (or else).
  • When the wakening occurs—when once-naïve people recognize in themselves the seeds of evil and monstrosity, and see themselves as dangerous (at least potentially)— their fear decreases. They develop more self-respect. Then, perhaps, they begin to resist oppression. They see that they have the ability to withstand, because they are terrible too. They see they can and must stand up, because they begin to understand how genuinely monstrous they will become, otherwise,
  • There is very little difference between the capacity for mayhem and destruction, integrated, and strength of character. This is one of the most difficult lessons of life.
  • even if you came by your poor posture honestly—even if you were unpopular or bullied at home or in grade school28—it’s not necessarily appropriate now. Circumstances change. If you slump around, with the same bearing that characterizes a defeated lobster, people will assign you a lower status, and the old counter that you share with crustaceans, sitting at the very base of your brain, will assign you a low dominance number.
  • the other, far more optimistic lesson of Price’s law and the Pareto distribution: those who start to have will probably get more.
  • Some of these upwardly moving loops can occur in your own private, subjective space.
  • If you are asked to move the muscles one by one into a position that looks happy, you will report feeling happier. Emotion is partly bodily expression, and can be amplified (or dampened) by that expression.29
  • To stand up straight with your shoulders back is to accept the terrible responsibility of life, with eyes wide open.
  • It means deciding to voluntarily transform the chaos of potential into the realities of habitable order. It means adopting the burden of self-conscious vulnerability, and accepting the end of the unconscious paradise of childhood, where finitude and mortality are only dimly comprehended. It means willingly undertaking the sacrifices necessary to generate a productive and meaningful reality (it means acting to please God, in the ancient language).
  • So, attend carefully to your posture. Quit drooping and hunching around. Speak your mind. Put your desires forward, as if you had a right to them—at least the same right as others. Walk tall and gaze forthrightly ahead. Dare to be dangerous. Encourage the serotonin to flow plentifully through the neural pathways desperate for its calming influence.
  • Thus emboldened, you will embark on the voyage of your life, let your light shine, so to speak, on the heavenly hill, and pursue your rightful destiny. Then the meaning of your life may be sufficient to keep the corrupting influence of mortal despair at bay. Then you may be able to accept the terrible burden of the World, and find joy.
  • RULE 2   TREAT YOURSELF LIKE SOMEONE YOU ARE RESPONSIBLE FOR HELPING
  • People are better at filling and properly administering prescription medication to their pets than to themselves. That
  • It is difficult to conclude anything from this set of facts except that people appear to love their dogs, cats, ferrets and birds (and maybe even their lizards) more than themselves. How horrible is that? How much shame must exist, for something like that to be true? What could it be about people that makes them prefer their pets to themselves?
  • To understand Genesis 1, the Priestly story, with its insistence on speech as the fundamental creative force, it is first necessary to review a few fundamental, ancient assumptions (these are markedly different in type and intent from the assumptions of science, which are, historically speaking, quite novel).
  • those who existed during the distant time in which the foundational epics of our culture emerged were much more concerned with the actions that dictated survival (and with interpreting the world in a manner commensurate with that goal) than with anything approximating what we now understand as objective truth.
  • Before the dawn of the scientific worldview, reality was construed differently. Being was understood as a place of action, not a place of things.31 It was understood as something more akin to story or drama. That story or drama was lived, subjective experience, as it manifested itself moment to moment in the consciousness of every living person.
  • subjective pain. That’s something so real no argument can stand against it. Everyone acts as if their pain is real—ultimately, finally real. Pain matters, more than matter matters. It is for this reason, I believe, that so many of the world’s traditions regard the suffering attendant upon existence as the irreducible truth of Being.
  • In any case, that which we subjectively experience can be likened much more to a novel or a movie than to a scientific description of physical reality.
  • The Domain, Not of Matter, but of What Matters
  • the world of experience has primal constituents, as well. These are the necessary elements whose interactions define drama and fiction. One of these is chaos. Another is order. The third (as there are three) is the process that mediates between the two, which appears identical to what modern people call consciousness.
  • Chaos is the domain of ignorance itself. It’s unexplored territory. Chaos is what extends, eternally and without limit, beyond the boundaries of all states, all ideas, and all disciplines. It’s the foreigner, the stranger, the member of another gang, the rustle in the bushes in the night-time,
  • It is, in short, all those things and situations we neither know nor understand.
  • Chaos is also the formless potential from which the God of Genesis 1 called forth order using language at the beginning of time. It’s the same potential from which we, made in that Image, call forth the novel and ever-changing moments of our lives. And Chaos is freedom, dreadful freedom, too.
  • Order, by contrast, is explored territory. That’s the hundreds-of-millions-of-years-old hierarchy of place, position and authority. That’s the structure of society. It’s the structure provided by biology, too—particularly insofar as you are adapted, as you are, to the structure of society. Order is tribe, religion, hearth, home and country.
  • Order is the public façade we’re called upon to wear, the politeness of a gathering of civilized strangers, and the thin ice on which we all skate. Order is the place where the behavior of the world matches our expectations and our desires; the place where all things turn out the way we want them to.
  • But order is sometimes tyranny and stultification, as well, when the demand for certainty and uniformity and purity becomes too one-sided.
  • In order, we’re able to think about things in the long term. There, things work, and we’re stable, calm and competent. We seldom leave places we
  • understand—geographical or conceptual—for that reason, and we certainly do not like it when we are compelled to or when it happens accidentally.
  • When the same person betrays you, sells you out, you move from the daytime world of clarity and light to the dark underworld of chaos, confusion and despair. That’s the same move you make, and the same place you visit, when the company you work for starts to fail and your job is placed in doubt.
  • Before the Twin Towers fell—that was order. Chaos manifested itself afterward. Everyone felt it. The very air became uncertain. What exactly was it that fell? Wrong question. What exactly remained standing? That was the issue at hand.
  • Chaos is the deep ocean bottom to which Pinocchio voyaged to rescue his father from Monstro, whale and fire-breathing dragon. That journey into darkness and rescue is the most difficult thing a puppet must do, if he wants to be real; if he wants to extract himself from the temptations of deceit and acting and victimization and impulsive pleasure and totalitarian subjugation; if he wants to take his place as a genuine Being in the world.
  • Chaos is the new place and time that emerges when tragedy strikes suddenly, or malevolence reveals its paralyzing visage, even in the confines of your own home. Something unexpected or undesired can always make its appearance, when a plan is being laid out, regardless of how familiar the circumstances.
  • Our brains respond instantly when chaos appears, with simple, hyper-fast circuits maintained from the ancient days, when our ancestors dwelled in trees, and snakes struck in a flash.32 After that nigh-instantaneous, deeply reflexive bodily response comes the later-evolving, more complex but slower responses of emotions—and, after that, comes thinking, of the higher order, which can extend over seconds, minutes or years. All that response is instinctive, in some sense—but the faster the response, the more instinctive.
  • Things or objects are part of the objective world. They’re inanimate; spiritless. They’re dead. This is not true of chaos and order. Those are perceived, experienced and understood (to the degree that they are understood at all) as personalities—and that is just as true of the perceptions, experiences and understanding of modern people as their ancient forebears. It’s just that moderners don’t notice.
  • Perception of things as entities with personality also occurs before perception of things as things. This is particularly true of the action of others,34 living others, but we also see the non-living “objective world” as animated, with purpose and intent.
  • This is because of the operation of what psychologists have called “the hyperactive agency detector” within us.35 We evolved, over millennia, within intensely social circumstances. This means that the most significant elements of our environment of origin were personalities, not things, objects or situations.
  • The personalities we have evolved to perceive have been around, in predictable form, and in typical, hierarchical configurations, forever, for all intents and purposes. They have been…
  • the category of “parent” and/or “child” has been around for 200 million years. That’s longer than birds have existed. That’s longer than flowers have grown. It’s not a billion years, but it’s still a very long time. It’s plenty long enough for male and female and parent and child to serve as vital and fundamental parts of the environment to which we have adapted. This means that male and female and parent and child are…
  • Our brains are deeply social. Other creatures (particularly, other humans) were crucially important to us as we lived, mated and evolved. Those creatures were…
  • From a Darwinian perspective, nature—reality itself; the environment, itself—is what selects. The environment cannot be defined in any more fundamental manner. It is not mere inert matter. Reality itself is whatever we contend with when we are striving to survive and reproduce. A…
  • as our brain capacity increased and we developed curiosity to spare, we became increasingly aware of and curious about the nature of the world—what we eventually conceptualized as the objective…
  • “outside” is not merely unexplored physical territory. Outside is outside of what we currently understand—and understanding is dealing with and coping with…
  • when we first began to perceive the unknown, chaotic, non-animal world, we used categories that had originally evolved to represent the pre-human animal social world. Our minds are far older than mere…
  • Our most…
  • category—as old, in some sense, as the sexual act itself—appears to be that of sex, male and female. We appear to have taken that primordial knowledge of structured, creative opposition and…
  • Order, the known, appears symbolically associated with masculinity (as illustrated in the aforementioned yang of the Taoist yin-yang symbol). This is perhaps because the primary…
  • Chaos—the unknown—is symbolically associated with the feminine. This is partly because all the things we have come to know were born, originally, of the unknown, just as all beings we encounter were born of mothers. Chaos is mater, origin, source, mother; materia, the substance from which all things are made.
  • In its positive guise, chaos is possibility itself, the source of ideas, the mysterious realm of gestation and birth. As a negative force, it’s the impenetrable darkness of a cave and the accident by the side of the road.
  • Chaos, the eternal feminine, is also the crushing force of sexual selection.
  • Most men do not meet female human standards. It is for this reason that women on dating sites rate 85 percent of men as below average in attractiveness.40
  • Women’s proclivity to say no, more than any other force, has shaped our evolution into the creative, industrious, upright, large-brained (competitive, aggressive, domineering) creatures that we are.42 It is Nature as Woman who says, “Well, bucko, you’re good enough for a friend, but my experience of you so far has not indicated the suitability of your genetic material for continued propagation.”
  • Many things begin to fall into place when you begin to consciously understand the world in this manner. It’s as if the knowledge of your body and soul falls into alignment with the knowledge of your intellect.
  • And there’s more: such knowledge is proscriptive, as well as descriptive. This is the kind of knowing what that helps you know how. This is the kind of is from which you can derive an ought. The Taoist juxtaposition of yin and yang, for example, doesn’t simply portray chaos and order as the fundamental elements of Being—it also tells you how to act.
  • The Way, the Taoist path of life, is represented by (or exists on) the border between the twin serpents. The Way is the path of proper Being. It’s the same Way as that referred to by Christ in John 14:6: I am the way, and the truth and the life. The same idea is expressed in Matthew 7:14: Because strait is the gate, and narrow is the way, which leadeth unto life, and few there be that find it.
  • We eternally inhabit order, surrounded by chaos. We eternally occupy known territory, surrounded by the unknown. We experience meaningful engagement when we mediate appropriately between them. We are adapted, in the deepest Darwinian sense, not to the world of objects, but to the meta-realities of order and chaos, yang and yin. Chaos and order make up the eternal, transcendent environment of the living.
  • To straddle that fundamental duality is to be balanced: to have one foot firmly planted in order and security, and the other in chaos, possibility, growth and adventure.
  • Chaos and order are fundamental elements because every lived situation (even every conceivable lived situation) is made up of both.
  • you need to place one foot in what you have mastered and understood and the other in what you are currently exploring and mastering. Then you have positioned yourself where the terror of existence is under control and you are secure, but where you are also alert and engaged. That is where there is something new to master and some way that you can be improved. That is where meaning is to be found.
  • The serpent in Eden therefore means the same thing as the black dot in the yin side of the Taoist yin/yang symbol of totality—that is, the possibility of the unknown and revolutionary suddenly manifesting itself where everything appears calm.
  • The outside, chaos, always sneaks into the inside, because nothing can be completely walled off from the rest of reality. So even the ultimate in safe spaces inevitably harbours a snake.
  • We have seen the enemy, after all, and he is us. The snake inhabits each of our souls.
  • The worst of all possible snakes is the eternal human proclivity for evil. The worst of all possible snakes is psychological, spiritual, personal, internal. No walls, however tall, will keep that out. Even if the fortress were thick enough, in principle, to keep everything bad whatsoever outside, it would immediately appear again within.
  • I have learned that these old stories contain nothing superfluous. Anything accidental—anything that does not serve the plot—has long been forgotten in the telling. As the Russian playwright Anton Chekhov advised, “If there is a rifle hanging on the wall in act one, it must be fired in the next act. Otherwise it has no
  • business being there.”50
  • Eve immediately shares the fruit with Adam. That makes him self-conscious. Little has changed. Women have been making men self-conscious since the beginning of time. They do this primarily by rejecting them—but they also do it by shaming them, if men do not take responsibility. Since women bear the primary burden of reproduction, it’s no wonder. It is very hard to see how it could be otherwise. But the capacity of women to shame men and render them self-conscious is still a primal force of nature.
  • What does it mean to know yourself naked
  • Naked means vulnerable and easily damaged. Naked means subject to judgment for beauty and health. Naked means unprotected and unarmed in the jungle of nature and man. This is why Adam and Eve became ashamed, immediately after their eyes were opened. They could see—and what they first saw was themselves.
  • In their vulnerability, now fully realized, they felt unworthy to stand before God.
  • Beauty shames the ugly. Strength shames the weak. Death shames the living—and the Ideal shames us all.
  • He tells the woman that she will now bring forth children in sorrow, and desire an unworthy, sometimes resentful man, who will in consequence lord her biological fate over her, permanently. What might this mean? It could just mean that God is a patriarchal tyrant, as politically motivated interpretations of the ancient story insist. I think it’s merely descriptive.
  • women pay a high price for pregnancy and child-rearing, particularly in the early stages, and that one of the inevitable consequences is increased dependence upon the sometimes unreliable and always problematic good graces of men.
  • then God banishes the first man and the first woman from Paradise, out of infancy, out of the unconscious animal world, into the horrors of history itself. And then He puts cherubim and a flaming sword at the gate of Eden, just to stop them from eating the Fruit of the Tree of Life.
  • Perhaps Heaven is something you must build, and immortality something you must earn.
  • so we return to our original query: Why would someone buy prescription medication for his dog, and then so carefully administer it, when he would not do the same for himself?
  • Why should anyone take care of anything as naked, ugly, ashamed, frightened, worthless, cowardly, resentful, defensive and accusatory as a descendant of Adam? Even if that thing, that being, is himself?
  • We know how we are naked, and how that nakedness can be exploited—and that means we know how others are naked, and how they can be exploited. We can terrify other people, consciously. We can hurt and humiliate them for faults we understand only too well. We can torture them—literally—slowly, artfully and terribly. That’s far more than predation. That’s a qualitative shift in understanding. That’s a cataclysm as large as the development of self-consciousness itself. That’s the entry of the knowledge of Good and Evil into the world.
  • Only man could conceive of the rack, the iron maiden and the thumbscrew. Only man will inflict suffering for the sake of suffering. That is the best definition of evil I have been able to formulate.
  • with this realization we have well-nigh full legitimization of the idea, very unpopular in modern intellectual circles, of Original Sin.
  • Human beings have a great capacity for wrongdoing. It’s an attribute that is unique in the world of life. We can and do make things worse, voluntarily, with full knowledge of what we are doing (as well as accidentally, and carelessly, and in a manner that is willfully blind). Given that terrible capacity, that proclivity for malevolent actions, is it any wonder we have a hard time taking care of ourselves, or others—or even that we doubt the value of the entire human enterprise?
  • The juxtaposition of Genesis 1 with Genesis 2 & 3 (the latter two chapters outlining the fall of man, describing why our lot is so tragedy-ridden and ethically torturous) produces a narrative sequence almost unbearable in its profundity. The moral of Genesis 1 is that Being brought into existence through true speech is Good.
  • The original Man and Woman, existing in unbroken unity with their Creator, did not appear conscious (and certainly not self-conscious). Their eyes were not open. But, in their perfection, they were also less, not more, than their post-Fall counterparts. Their goodness was something bestowed, rather than deserved or earned.
  • Maybe, even in some cosmic sense (assuming that consciousness itself is a phenomenon of cosmic significance), free choice matters.
  • here’s a proposition: perhaps it is not simply the emergence of self-consciousness and the rise of our moral knowledge of Death and the Fall that besets us and makes us doubt our own worth. Perhaps it is instead our unwillingness—reflected in Adam’s shamed hiding—to walk with God, despite our fragility and propensity for evil.
  • The entire Bible is structured so that everything after the Fall—the history of Israel, the prophets, the coming of Christ—is presented as a remedy for that Fall, a way out of evil. The beginning of conscious history, the rise of the state and all its pathologies of pride and rigidity, the emergence of great moral figures who try to set things right, culminating in the Messiah Himself—that is all part of humanity’s attempt, God willing, to set itself right. And what would that mean?
  • And this is an amazing thing: the answer is already implicit in Genesis 1: to embody the Image of God—to speak out of chaos the Being that is Good—but to do so consciously, of our own free choice.
  • Back is the way forward—as T. S. Eliot so rightly insisted
  • We shall not cease from exploration And the end of all our exploring Will be to arrive where we started And know the place for the first time.
  • If we wish to take care of ourselves properly, we would have to respect ourselves—but we don’t, because we are—not least in our own eyes—fallen creatures.
  • If we lived in Truth; if we spoke the Truth—then we could walk with God once again, and respect ourselves, and others, and the world. Then we might treat ourselves like people we cared for.
  • We might strive to set the world straight. We might orient it toward Heaven, where we would want people we cared for to dwell, instead of Hell, where our resentment and hatred would eternally sentence everyone.
  • Then, the primary moral issue confronting society was control of violent, impulsive selfishness and the mindless greed and brutality that accompanies it.
  • It is easy to believe that people are arrogant, and egotistical, and always looking out for themselves. The cynicism that makes that opinion a universal truism is widespread and fashionable.
  • But such an orientation to the world is not at all characteristic of many people. They have the opposite problem: they shoulder intolerable burdens of self-disgust, self-contempt, shame and self-consciousness. Thus, instead of narcissistically inflating their own importance, they don’t value themselves at all, and they don’t take care of themselves with attention and skill.
  • Christ’s archetypal death exists as an example of how to accept finitude, betrayal and tyranny heroically—how to walk with God despite the tragedy of self-conscious knowledge—and not as a directive to victimize ourselves in the service of others.
  • To sacrifice ourselves to God (to the highest good, if you like) does not mean to suffer silently and willingly when some person or organization demands more from us, consistently, than is offered in return. That means we are supporting tyranny, and allowing ourselves to be treated like slaves.
  • I learned two very important lessons from Carl Jung, the famous Swiss depth psychologist, about “doing unto others as you would have them do unto you” or “loving your neighbour as yourself.”
  • The first lesson was that neither of these statements has anything to do with being nice. The second was that both are equations, rather than injunctions.
  • If I am someone’s friend, family member, or lover, then I am morally obliged to bargain as hard on my own behalf as they are on theirs.
  • there is little difference between standing up and speaking for yourself, when you are being bullied or otherwise tormented and enslaved, and standing up and speaking for someone else.
  • you do not simply belong to yourself. You are not simply your own possession to torture and mistreat. This is partly because your Being is inexorably tied up with that of others, and your mistreatment of yourself can have catastrophic consequences for others.
  • metaphorically speaking, there is also this: you have a spark of the divine in you, which belongs not to you, but to God. We are, after all—according to Genesis—made in His image.
  • We can make order from chaos—and vice versa—in our way, with our words. So, we may not exactly be God, but we’re not exactly nothing, either.
  • In my own periods of darkness, in the underworld of the soul, I find myself frequently overcome and amazed by the ability of people to befriend each other, to love their intimate partners and parents and children, and to do what they must do to keep the machinery of the world running.
  • It is this sympathy that should be the proper medicament for self-conscious self-contempt, which has its justification, but is only half the full and proper story. Hatred for self and mankind must be balanced with gratefulness for tradition and the state and astonishment at what normal, everyday people accomplish
  • You have some vital role to play in the unfolding destiny of the world. You are, therefore, morally obliged to take care of yourself.
  • To treat yourself as if you were someone you are responsible for helping is, instead, to consider what would be truly good for you. This is not “what you want.” It is also not “what would make you happy.”
  • You must help a child become a virtuous, responsible, awake being, capable of full reciprocity—able to take care of himself and others, and to thrive while doing so. Why would you think it acceptable to do anything less for yourself?
  • You need to know who you are, so that you understand your armament and bolster yourself in respect to your limitations. You need to know where you are going, so that you can limit the extent of chaos in your life, restructure order, and bring the divine force of Hope to bear on the world.
  • You need to determine how to act toward yourself so that you are most likely to become and to stay a good person.
  • Don’t underestimate the power of vision and direction. These are irresistible forces, able to transform what might appear to be unconquerable obstacles into traversable pathways and expanding opportunities.
  • Once having understood Hell, researched it, so to speak—particularly your
  • own individual Hell—you could decide against going there or creating that.
  • You could, in fact, devote your life to this. That would give you a Meaning, with a capital M. That would justify your miserable existence.
  • That would atone for your sinful nature, and replace your shame and self-consciousness with the natural pride and forthright confidence of someone who has learned once again to walk with God in the Garden.
  • RULE 3   MAKE FRIENDS WITH PEOPLE WHO WANT THE BEST FOR YOU
  • It would be more romantic, I suppose, to suggest that we would have all jumped at the chance for something more productive, bored out of our skulls as we were. But it’s not true. We were all too prematurely cynical and world-weary and leery of responsibility to stick to the debating clubs and Air Cadets and school sports that the adults around us tried to organize. Doing anything wasn’t cool.
  • When you move, everything is up in the air, at least for a while. It’s stressful, but in the chaos there are new possibilities. People, including you, can’t hem you in with their old notions. You get shaken out of your ruts. You can make new, better ruts, with people aiming at better things. I thought this was just a natural development. I thought that every person who moved would have—and want—the same phoenix-like experience.
  • What was it that made Chris and Carl and Ed unable (or, worse, perhaps, unwilling) to move or to change their friendships and improve the circumstances of their lives? Was it inevitable—a consequence of their own limitations, nascent illnesses and traumas of the past?
  • Why did he—like his cousin, like my other friends—continually choose people who, and places that, were not good for him?
  • perhaps, they don’t want the trouble of better. Freud called this a “repetition compulsion.” He thought of it as an unconscious drive to repeat the horrors of the past
  • People create their worlds with the tools they have directly at hand. Faulty tools produce faulty results. Repeated use of the same faulty tools produces the same faulty results.
  • It is in this manner that those who fail to learn from the past doom themselves to repeat it. It’s partly fate. It’s partly inability. It’s partly…unwillingness to learn? Refusal to learn? Motivated refusal to learn?
  • People choose friends who aren’t good for them for other reasons, too. Sometimes it’s because they want to rescue someone.
  • it is not easy to distinguish between someone truly wanting and needing help and someone who is merely exploiting a willing helper. The distinction is difficult even for the person who is wanting and needing and possibly exploiting.
  • When it’s not just naïveté, the attempt to rescue someone is often fuelled by vanity and narcissism.
  • But Christ himself, you might object, befriended tax-collectors and prostitutes. How dare I cast aspersions on the motives of those who are trying to help? But Christ was the archetypal perfect man. And you’re you.
  • How do you know that your attempts to pull someone up won’t instead bring them—or you—further down?
  • The same thing happens when well-meaning counsellors place a delinquent teen among comparatively civilized peers. The delinquency spreads, not the stability.65 Down is a lot easier than up.
  • maybe you’re saving someone because you want to convince yourself that the strength of your character is more than just a side effect of your luck and birthplace. Or maybe it’s because it’s easier to look virtuous when standing alongside someone utterly irresponsible.
  • Or maybe you have no plan, genuine or otherwise, to rescue anybody. You’re associating with people who are bad for you not because it’s better for anyone, but because it’s easier.
  • You know it. Your friends know it. You’re all bound by an implicit contract—one aimed at nihilism, and failure, and suffering of the stupidest sort.
  • Before you help someone, you should find out why that person is in trouble. You shouldn’t merely assume that he or she is a noble victim of unjust circumstances and exploitation. It’s the most unlikely explanation, not the most probable.
  • Besides, if you buy the story that everything terrible just happened on its own, with no personal responsibility on the part of the victim, you deny that person all agency in the past (and, by implication, in the present and future, as well).
  • It is far more likely that a given individual has just decided to reject the path upward, because of its difficulty. Perhaps that should even be your default assumption, when faced with such a situation.
  • failure is easy to understand. No explanation for its existence is required. In the same manner, fear, hatred, addiction, promiscuity, betrayal and deception require no explanation. It’s not the existence of vice, or the indulgence in it, that requires explanation. Vice is easy.
  • Failure is easy, too. It’s easier not to shoulder a burden. It’s easier not to think, and not to do, and not to care. It’s easier to put off until tomorrow what needs to be done today,
  • Success: that’s the mystery. Virtue: that’s what’s inexplicable. To fail, you merely have to cultivate a few bad habits. You just have to bide your time. And once someone has spent enough time cultivating bad habits and biding their time, they are much diminished.
  • I am not saying that there is no hope of redemption. But it is much harder to extract someone
  • from a chasm than to lift him from a ditch. And some chasms are very deep. And there’s not much left of the body at the bottom.
  • Carl Rogers, the famous humanistic psychologist, believed it was impossible to start a therapeutic relationship if the person seeking help did not want to improve.67 Rogers believed it was impossible to convince someone to change for the better. The
  • none of this is a justification for abandoning those in real need to pursue your narrow, blind ambition, in case it has to be said.
  • Here’s something to consider: If you have a friend whose friendship you wouldn’t recommend to your sister, or your father, or your son, why would you have such a friend for yourself?
  • You are not morally obliged to support someone who is making the world a worse place. Quite the opposite. You should choose people who want things to be better, not worse. It’s a good thing, not a selfish thing, to choose people who are good for you.
  • It is for this reason that every good example is a fateful challenge, and every hero, a judge. Michelangelo’s great perfect marble David cries out to its observer: “You could be more than you are.”
  • Don’t think that it is easier to surround yourself with good healthy people than with bad unhealthy people. It’s not. A good, healthy person is an ideal. It requires strength and daring to stand up near such a person.
  • RULE 4   COMPARE YOURSELF TO WHO YOU WERE YESTERDAY, NOT TO WHO SOMEONE ELSE IS TODAY
  • IT WAS EASIER FOR PEOPLE to be good at something when more of us lived in small, rural communities. Someone could be homecoming queen. Someone else could be spelling-bee champ, math whiz or basketball star. There were only one or two mechanics and a couple of teachers. In each of their domains, these local heroes had the opportunity to enjoy the serotonin-fuelled confidence of the victor.
  • Our hierarchies of accomplishment are now dizzyingly vertical.
  • No matter how good you are at something, or how you rank your accomplishments, there is someone out there who makes you look incompetent.
  • We are not equal in ability or outcome, and never will be. A very small number of people produce very much of everything.
  • People are unhappy at the bottom. They get sick there, and remain unknown and unloved. They waste their lives there. They die there. In consequence, the self-denigrating voice in the minds of people weaves a devastating tale. Life is a zero-sum game. Worthlessness is the default condition.
  • It is for such reasons that a whole generation of social psychologists recommended “positive illusions” as the only reliable route to mental health.69 Their credo? Let a lie be your umbrella. A more dismal, wretched, pessimistic philosophy can hardly be imagined:
  • Here is an alternative approach (and one that requires no illusions). If the cards are always stacked against you, perhaps the game you are playing is somehow rigged (perhaps by you, unbeknownst to yourself). If the internal voice makes you doubt the value of your endeavours—or your life, or life itself—perhaps you should stop listening.
  • There will always be people better than you—that’s a cliché of nihilism, like the phrase, In a million years, who’s going to know the difference? The proper response to that statement is not, Well, then, everything is meaningless. It’s, Any idiot can choose a frame of time within which nothing matters.
  • Standards of better or worse are not illusory or unnecessary. If you hadn’t decided that what you are doing right now was better than the alternatives, you wouldn’t be doing it. The idea of a value-free choice is a contradiction in terms. Value judgments are a precondition for action.
  • Furthermore, every activity, once chosen, comes with its own internal standards of accomplishment. If something can be done at all, it can be done better or worse. To do anything at all is therefore to play a game with a defined and valued end, which can always be reached more or less efficiently and elegantly.
  • We might start by considering the all-too-black-and-white words themselves: “success” or “failure.” You are either a success, a comprehensive, singular, over-all good thing, or its opposite, a failure, a comprehensive, singular, irredeemably bad thing.
  • There are vital degrees and gradations of value obliterated by this binary system, and the consequences are not good.
  • there is not just one game at which to succeed or fail. There are many games and, more specifically, many good games—
  • if changing games does not work, you can invent a new one. I
  • and athletic pursuits. You might consider judging your success across all the games you play.
  • When we are very young we are neither individual nor informed. We have not had the time nor gained the wisdom to develop our own standards. In consequence, we must compare ourselves to others, because standards are necessary.
  • As we mature we become, by contrast, increasingly individual and unique. The conditions of our lives become more and more personal and less and less comparable with those of others. Symbolically speaking, this means we must leave the house ruled by our father, and confront the chaos of our individual Being.
  • We must then rediscover the values of our culture—veiled from us by our ignorance, hidden in the dusty treasure-trove of the past—rescue them, and integrate them into our own lives. This is what gives existence its full and necessary meaning.
  • What is it that you actually love? What is it that you genuinely want? Before you can articulate your own standards of value, you must see yourself as a stranger—and then you must get to know yourself. What
  • Dare to be truthful. Dare to articulate yourself, and express (or at least become aware of) what would really justify your life.
  • Consult your resentment. It’s a revelatory emotion, for all its pathology. It’s part of an evil triad: arrogance, deceit, and resentment. Nothing causes more harm than this underworld Trinity. But resentment always means one of two things. Either the resentful person is immature, in which case he or she should shut up, quit whining, and get on with it, or there is tyranny afoot—in which case the person subjugated has a moral obligation to speak up.
  • Be cautious when you’re comparing yourself to others. You’re a singular being, once you’re an adult. You have your own particular, specific problems—financial, intimate, psychological, and otherwise.
  • Those are embedded in the unique broader context of your existence. Your career or job works for you in a personal manner, or it does not, and it does so in a unique interplay with the other specifics of your life.
  • We must see, but to see, we must aim, so we are always aiming. Our minds are built on the hunting-and-gathering platforms of our bodies. To hunt is to specify a target, track it, and throw at it.
  • We live within a framework that defines the present as eternally lacking and the future as eternally better. If we did not see things this way, we would not act at all. We wouldn’t even be able to see, because to see we must focus, and to focus we must pick one thing above all else on which to focus.
  • The disadvantage to all this foresight and creativity is chronic unease and discomfort. Because we always contrast what is with what could be, we have to aim at what could be.
  • The present is eternally flawed. But where you start might not be as important as the direction you are heading. Perhaps happiness is always to be found in the journey uphill, and not in the fleeting sense of satisfaction awaiting at the next peak.
  • Called upon properly, the internal critic will suggest something to set in order, which you could set in order, which you would set in order—voluntarily, without resentment, even with pleasure.
  • “Excuse me,” you might say to yourself, without irony or sarcasm. “I’m trying to reduce some of the unnecessary suffering around here. I could use some help.” Keep the derision at bay. “I’m wondering if there is anything that you would be willing to do? I’d be very grateful for your service.” Ask honestly and with humility. That’s no simple matter.
ethanshilling

A 20-Foot Sea Wall? Miami Faces the Hard Choices of Climate Change. - The New York Times - 0 views

  • Three years ago, not long after Hurricane Irma left parts of Miami underwater, the federal government embarked on a study to find a way to protect the vulnerable South Florida coast from deadly and destructive storm surge.
  • The state could help, to a point. Republican lawmakers, who have controlled the Florida Legislature for more than 20 years, acknowledged in late 2019 that they had ignored climate change for so long that the state had “lost a decade.”
  • “You need to have a conversation about, culturally, what are our priorities?” said Benjamin Kirtman, a professor of atmospheric sciences at the University of Miami. “Where do we want to invest? Where does it make sense?”
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  • For its study, the corps focused on storm surge — the rising seas that often inundate the coastline during storms — made worse lately by stronger hurricanes and higher sea levels. But that is only one concern.
  • South Florida, flat and low-lying, sits on porous limestone, which allows the ocean to swell up through the ground. Even when there is no storm, rising seas contribute to more significant tidal flooding, where streets fill with water even on sunny days.
  • “What you realize is each of these problems, which are totally intersecting, are handled by different parts of the government,” said Amy C. Clement, a professor of atmospheric science at the University of Miami and the chairwoman of the city of Miami’s climate resilience committee.
  • The dramatic $6 billion proposal remains tentative and at least five years off. But the startling suggestion of a massive sea wall up to 20 feet high cutting across beautiful Biscayne Bay was enough to jolt some Miamians to attention
  • The price tag for all that needs to be done, however, is in the billions. The estimate for Miami-Dade County alone to phase out some 120,000 septic tanks is about $4 billion, and that does not include the thousands of dollars that each homeowner would also have to pay.
  • “We were, like, ruh-roh,” said Ken Russell, the Miami city commissioner whose district includes Brickell. “The $40 billion in assets you’re trying to protect will be diminished if you build a wall around downtown because you’re going to affect market values and quality of life.”
  • To some critics, the plan harks back to more than a century of dredging and pumping of the Florida Everglades, which made way for intensive farming and sprawling development but disregarded the serious damage to the environment that the state is still wrestling with.
  • In fact, when local governments have asked the public how they would like to tackle climate change, residents by far prefer what is known as green infrastructure: layered coastal protection from a mix of dunes, sea grasses, coral reefs and mangroves, said Zelalem Adefris, vice president for policy and advocacy at Catalyst Miami, which works with low-income communities in the county.
  • On a recent afternoon along the stretch of Brickell Bay Drive where a wall might go, Rachel Silverstein, executive director of Miami Waterkeeper, an environmental research and activist group, stood next to high-rises built right up to the water
  • “Instead of seeing this beautiful water, you would see a gross wall,” she said.
Javier E

A Long-Lost Manuscript Contains a Searing Eyewitness Account of the Tulsa Race Massacre... - 0 views

  • an eyewitness account of the May 31, 1921, racial massacre that destroyed what was known as Tulsa, Oklahoma’s “Black Wall Street,” are searing. “I could see planes circling in mid-air. They grew in number and hummed, darted and dipped low. I could hear something like hail falling upon the top of my office building. Down East Archer, I saw the old Mid-Way hotel on fire, burning from its top, and then another and another and another building began to burn from their top,” wrote Buck Colbert Franklin (1879-1960). 
  • The Oklahoma lawyer, father of famed African-American historian John Hope Franklin (1915-2009), was describing the attack by hundreds of whites on the thriving black neighborhood known as Greenwood in the booming oil town. “Lurid flames roared and belched and licked their forked tongues into the air. Smoke ascended the sky in thick, black volumes and amid it all, the planes—now a dozen or more in number—still hummed and darted here and there with the agility of natural birds of the air.”
  • The younger Franklin says Tulsa has been in denial over the fact that people were cruel enough to bomb the black community from the air, in private planes, and that black people were machine-gunned down in the streets. The issue was economics. Franklin explains that Native Americans and African-Americans became wealthy thanks to the discovery of oil in the early 1900s on what had previously been seen as worthless land.
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  • “That’s what leads to Greenwood being called the Black Wall Street. It had restaurants and furriers and jewelry stores and hotels,” John W. Franklin explains, “and the white mobs looted the homes and businesses before they set fire to the community. For years black women would see white women walking down the street in their jewelry and snatch it off.”
  • More than 35 blocks were destroyed, along with more than 1,200 homes, and some 300 people died, mostly blacks. The National Guard was called out after the governor declared martial law, and imprisoned all blacks that were not already in jail. More than 6,000 people were held, according to the Tulsa Historical Society and Museum, some for as long as eight days.
  • As in other places, the Tulsa race riot started with newspaper reports that a black man had assaulted a white elevator operator. He was arrested, and Franklin says black World War I vets rushed to the courthouse to prevent a lynching.
  • “Then whites were deputized and handed weapons, the shooting starts and then it gets out of hand,” Franklin says. “It went on for two days until the entire black community is burned down.”
  • “It was the frustration of poor whites not knowing what to do with a successful black community, and in coalition with the city government were given permission to do what they did.”
  • “(Survivors) talk about how the city was shut down in the riot,” Gardullo says. “They shut down the phone systems, the railway. . . . They wouldn’t let the Red Cross in. There was complicity between the city government and the mob. It was mob rule for two days, and the result was the complete devastation of the community.”
  • Franklin says he has issues with the words often used to describe the attack that decimated the black community. “The term riot is contentious, because it assumes that black people started the violence, as they were accused of doing by whites,” Franklin says. “We increasingly use the term massacre, or I use the European term, pogrom.”
Javier E

Brooks Brothers Bolshevism: Wall Street Discovers Income Inequality | The New Republic - 0 views

  • Michael Cembalest, the chief investment officer of JPMorgan Chase, wrote in July of this year (in a clients-only newsletter obtained by Washington Post columnist Harold Meyerson) that “profit margins have reached levels not seen in decades,” and “reductions in wages and benefits explain the majority of the net improvement.” (Cembalest printed the latter quote in boldfaced lettering.) “US labor compensation,” he explained, “is now at a 50-year low relative to both company sales and US GDP.”
  • Citigroup analysts see the American postindustrial economy’s abandonment of fair play as an interesting fact to consider in formulating future investment strategies
  • “The upper classes of this country raped this country” is one of the more polite things that Morgan Stanley money manager Steve Eisman has to say on the eve of the 2008 sub-prime fiasco.
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  • Once upon a time, Alpert explains, American capitalists paid American laborers with something called a “salary.” Henry Ford famously boosted his workers’ pay to $5 a day so they could buy the Model Ts they were assembling. The better part of a century passed, and, by the early aughts, globalization had created a world oversupply of free-market labor—a hiring hall now housing about 2.6 billion recruits from emerging nations, together with roughly 550 million in the developed world. It no longer made financial sense to pay American workers high wages when you could pay Chinese workers low wages to do the same work.
  • On the other hand, if American workers lost their spending power, who would keep the U.S. economy afloat? The rise of cheap credit provided the answer. American labor effectively got paid in a different currency: debt. Instead of Model Ts, the latter-day working class bought overpriced houses and all sorts of other stuff it couldn’t afford. The beauty for the capitalists was that, when laborers got paid with debt, they had to pay it back with interest. Alpert calls it “middle-class serfdom.”
  • Alpert doesn’t believe there was a capitalist conspiracy; his point is that had there been a conspiracy, the outcome wouldn’t look much different. During the past half-century, Alpert explains, there were two large debt bubbles. The first one, during the late ’80s, saw real median incomes increase along with debt. Not a lot (inflation-adjusted median income hasn’t seen much growth since the early ’70s), but enough to ease the pain when the bubble burst in 1987. When plotted in a graph, the ’80s debt bubble looks like a big hill (debt) on top of a little hill (income). The second bubble, during the aughts, was a different story altogether. It occurred while real incomes went down. The aughts’ debt bubble looks like a big hill on top of a big valley. This time, there’s nothing to ease the pain.
  • our current economic troubles resulted from people buying with debt what they could no longer buy with wages;
  • Warren Buffett to point out recently that, far from simplification, what the income tax really needs is the complication of two new tax brackets above $1 million and $10 million to keep up with growing income concentration at the top. “We now have a Gini index similar to the Philippines and Mexico,” a Proctor & Gamble vice president told The Wall Street Journal earlier this month, referring to a measure of income distribution
Javier E

5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered... - 0 views

  • For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote.
  • But when five of the world’s biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup.
  • Most if not all of the pleas are expected to come from the banks’ holding companies, the people said — a first for Wall Street giants that until now have had only subsidiaries or their biggest banking units plead guilty.
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  • The Justice Department is also preparing to resolve accusations of foreign currency misconduct at UBS. As part of that deal, prosecutors are taking the rare step of tearing up a 2012 nonprosecution agreement with the bank over the manipulation of benchmark interest rates, the people said, citing the bank’s foreign currency misconduct as a violation of the earlier agreement.
  • The guilty pleas, scarlet letters affixed to banks of this size and significance, represent another prosecutorial milestone in a broader effort to crack down on financial misdeeds. Yet as much as prosecutors want to punish banks for misdeeds, they are also mindful that too harsh a penalty could imperil banks that are at the heart of the global economy, a balancing act that could produce pleas that are more symbolic than sweeping.
  • While the S.E.C.’s five commissioners have not yet voted on the requests for waivers, which would allow the banks to conduct business as usual despite being felons, the people briefed on the matter expected a majority of commissioners to grant them.
  • In reality, those accommodations render the plea deals, at least in part, an exercise in stagecraft. And while banks might prefer a deferred-prosecution agreement that suspends charges in exchange for fines and other concessions — or a nonprosecution deal like the one that UBS is on the verge of losing — the reputational blow of being a felon does not spell disaster.
  • The action against UBS underscores the threats that Justice Department officials issued in recent months about voiding past deals in the event of new misdeeds, a central tactic in a plan to address the cycle of corporate recidivism. Leslie Caldwell, the head of the Justice Department’s criminal division, recently remarked that she “will not hesitate to tear up a D.P.A. or N.P.A. and file criminal charges where such action is appropriate.”
  • The Justice Department negotiations coincide with the banks’ separate efforts to persuade the S.E.C. to issue waivers from automatic bans that occur when a company pleads guilty. If the waivers are not granted, a decision that the Justice Department does not control, the banks could face significant consequences.
  • For example, some banks may be seeking waivers to a ban on overseeing mutual funds, one of the people said. They are also requesting waivers to ensure they do not lose their special status as “well-known seasoned issuers,” which allows them to fast-track securities offerings. For some of the banks, there is also a concern that they will lose their “safe harbor” status for making forward-looking statements in securities documents.
  • it seemed probable that a majority of the S.E.C.’s commissioners would approve most of the waivers, which can be granted for a cause like the public good. Still, the agency’s two Democratic commissioners — Kara M. Stein and Luis A. Aguilar, who have denounced the S.E.C.’s use of waivers — might be more likely to balk.
  • Senator Elizabeth Warren, Democrat of Massachusetts, and other liberal politicians have criticized prosecutors for treating Wall Street with kid gloves. Banks and their lawyers, however, complain about huge penalties and guilty pleas.
  • lingering in the background is the case of Arthur Andersen, an accounting giant that imploded after being convicted in 2002 of criminal charges related to its work for Enron. After the firm’s collapse, and the later reversal of its conviction, prosecutors began to shift from indictments and guilty pleas to deferred-prosecution agreements. And in 2008, the Justice Department updated guidelines for prosecuting corporations, which have long included a requirement that prosecutors weigh collateral consequences like harm to shareholders and innocent employees.
  • “The collateral consequences consideration is designed to address the risk that a particular criminal charge might inflict disproportionate harm to shareholders, pension holders and employees who are not even alleged to be culpable or to have profited potentially from wrongdoing,” said Mark Filip, the Justice Department official who wrote the 2008 memo. “Arthur Andersen was ultimately never convicted of anything, but the mere act of indicting it destroyed one of the cornerstones of the Midwest’s economy.”
  • After years of deferred-prosecution agreements, the pendulum swung back in favor of guilty pleas in 2012
  • In pursuing cases last year against Credit Suisse and BNP Paribas, prosecutors confronted the popular belief that banks had grown so important to the economy that they could not be charged
  • Yet after prosecutors announced the deals, the banks’ chief executives promptly assured investors that the effect would be minimal.“Apart from the impact of the fine, BNP Paribas will once again post solid results this quarter,” BNP’s chief, Jean-Laurent Bonnafé, said.Brady Dougan, Credit Suisse’s chief at the time, said the deal would not cause “any material impact on our operational or business capabilities.”
Javier E

Failed Theory Posed by Wall Street Dems Puts Hillary Clinton in a Bind - 0 views

  • high-wage, high-skill jobs that require a college education have not expanded their share of total employment since 1999-2000. The only job categories that have expanded are in occupations paying in the bottom third of the wage scale.
  • The simple truth is that innovation may yield higher productivity and more growth—but the entire center-left field of economists (other than those leading the Hamilton Project) now acknowledges that this will not necessarily lead to robust wage growth for the vast majority.
  • After all, since 1979, we’ve seen lots of productivity growth but very little wage growth. Even the Hamilton Project paper cites this fact, noting that "the median American male worker’s wage rose by just 3 percent from 1979 to 2014." 
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  • there is not much in this narrow agenda that provides any prospect that the vast majority will soon share in the economic growth they help to produce. Any real solution, after all, will need to challenge the current dominance of employers over wage growth.
Javier E

Why American capital will vote R in 2020 - The Washington Post - 0 views

  • The book’s starting premise is acknowledging the mid-2000s slowdown in labor productivity growth in the advanced industrialized economies. There are lots of debates about why there was a productivity slowdown and whether it can be reversed.
  • Mother Jones, connects the contributions made by wealthy donors to the GOP and their push for the 2017 tax cut
  • In a polarized political climate, secular stagnation will encourage America’s economic elite to tilt further rightward in the coming decade, even though the Republican Party will continue to drift in a populist direction, supporting new barriers to international trade and migration.
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  • In the past, economic elites might have been comfortable with a market-friendly approach from left-leaning parties. In the future, that comfort will fade, because both the political space for a moderate left approach to governing and the economic growth generated by such an approach appear to be shrinking
  • Between accommodating economic populism from the left and nationalist populism from the right, plutocrats will opt for the latter. Populist nationalism will not generate greater economic growth, but it does lead to redistribution that favors owners of capital.
  • They do like the tax cuts, light regulatory touch and business-friendly judiciary, however. Equally important, they like it a lot more than anything that the left is offering them
  • here are three stories over the past month or so that support the arguments made in the chapter.
  • This volume asked a different question: What happens to the U.S. political economy if the slowdown is the new status quo?
  • As Rep. Chris Collins said at the time, “My donors are basically saying, ‘Get it done or don’t ever call me again.
  • From the time the tax bill was first introduced on Nov. 2, 2017, until the end of the year, a 60-day period, dozens of billionaires and millionaires dramatically boosted their political contributions unlike they had in past years, giving a total of $31.1 million in that two months,
  • Second, Ben White wrote in Politico about the wariness that Wall Street feels toward the Democratic presidential candidates. His opening sentence: “Top Wall Street executives would love to be rid of President Donald Trump. But they are getting panicked about the prospect of an ultraliberal Democratic nominee bent on raising taxes and slapping regulations on their firms.”
  • Finally, the New Yorker’s Jane Mayer came out with a long story this week on the unholy marriage of Trump and Fox News. An aside in that story was the ways that Murdoch has personally profited from having an ally in the White House:
  • All of this suggests that high-net-worth individuals and cash-rich corporations are very likely to back Trump come 2020
  • In a low-growth environment, it will be very difficult for the Democrats to offer them anything appealing.
nrashkind

Wall Street tumbles as U.S. virus cases pass 100,000 - Reuters - 0 views

  • Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the U.S. economy resurfaced and the number of coronavirus cases in the country climbed.
  • The United States has surpassed China and Italy as the country with the most coronavirus cases. The number of U.S. cases passed 100,000, and the death toll exceeded 1,500.
  • “We have still not fully understood the degree of the economic impact,” warned Massud Ghaussy, senior analyst at Nasdaq IR Intelligence in New York.
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  • “Currently, from a policymaker’s perspective, it’s a relative balance between managing the spread of the virus and opening the economy.”
  • But the U.S. stock market benchmark is still down about 25% from its February high.
  • Even after Friday’s drop, the Dow ended 12.8% higher, its best week since 1938.
  • Many investors see a strong risk the market could fall deeply again as coronavirus infections increase and more people die, however.
  • U.S. consumer sentiment dropped to a near 3-1/2-year low in March, according to a survey released on Friday, a day after data showed a record 3 million surge in jobless claims last week.
  • The Dow Jones Industrial Average .DJI slumped 4.06% to end at 21,636.78 points, while the S&P 500 .SPX lost 3.37% to 2,541.47.
  • The Nasdaq Composite .IXIC dropped 3.79% to 7,502.38.
  • Volume on U.S. exchanges was 13.4 billion shares, its lowest since March 5, according to Refinitiv data.
yehbru

How Tulsa Race Massacre Shaped Today's Most Successful Black CEOs : NPR - 0 views

  • The riots that engulfed Tulsa a hundred years ago killed hundreds and destroyed scores of businesses in the then thriving neighborhood known as Black Wall Street.
  • Today, Stradford's great grandson is a well known Black investor in the modern Wall Street, and he remembers the emotional – and financial – impact the riots had on his family.
  • "Over time, we think it would have compounded to over $100 million,"
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  • "Tulsa attracted these kind of dynamic, independent-thinking, strong-willed leaders, who were not going to sit idly by and be dictated to, but were going to push back," Rogers says.
  • "This was absolutely brutal what happened," he tells NPR. "I think what's very important to understand is the fear that Blacks had, that anything they had was fragile, because it could be taken away from them."
  • Insurers denied survivors' claims, and so did the government, which contributed to an erosion of trust by Blacks in the financial system. Duckett says that distrust has compounded over the last century.
  • When Black Wall Street burned, Stradford couldn't save his businesses. He was taken into custody, and charged with rioting. But he escaped, first to Kansas, then to Illinois.
anonymous

"GameStop effect" could ripple further as Wall Street eyes short squeeze candidates | R... - 0 views

  • NEW YORK (Reuters) - The clash between retail traders and Wall Street professionals that sparked roller coaster rides in the shares of GameStop Corp may pose a risk to dozens of other stocks and potentially create a headache for the broader market, analysts said.
  • GameStop shares were recently down 25% on Thursday as retail brokerages Robinhood Markets Inc and Interactive Brokers Inc, restricted purchases of the stock, along with several others that have catapulted in recent days, including AMC Entertainment Group Inc and BlackBerry Ltd.. Even so, the video game retailer’s shares have gained more than 500% since last Thursday.
  • J.P. Morgan earlier this week named 45 stocks that may be susceptible to short squeezes and similar “fragility events,” including real estate company Macerich Co, restaurant chain Cheesecake Factory Inc and clothing subscription service Stitch Fix Inc
Javier E

The Wall Street Journal Epitomizes the Failure of Elite Conservatism - The Bulwark - 0 views

  • In the Trump era, the Journal’s editorial board has betrayed its readers. It has trimmed and hemmed and to-be-sured its way through the most sustained assault on truth and the American political order of our lifetime
  • For the most part, it has retreated into anti-anti-Trumpism, averting its gaze from the president and focusing disproportionately on his opponents. Some columnists have become outright cheerleaders for the Russia hoax narrative.
  • the Journal’s editorial page gives its imprimatur to the lies that are the basis for the current crisis—a crisis they do not recognize.
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  • the Wall Street Journal thinks this is the time to talk about the danger of the Democrats “changing rules at the last minute?” They cannot see—or refuse to see—what is in front of their faces. The president of the United States is attempting to subvert the democratic process. He is calling on his followers to swarm Washington, D.C., on January 6. For what conceivable purpose?
  • The editorial concluded this way: But the scramble to overturn the will of the voters tarnishes Mr. Trump’s legacy and undermines any designs he has on running in 2024. Republicans who humor him will be giving Democrats license to do the same in the future, and then it might matter.
  • No, it matters now. Never more than now. It isn’t about the precedent that this might set for some imagined Democratic abuse of the future. The abuse is here. The abuse of power is now. This is a constitutional crisis because one party has decided that it cares more for power than for the American system
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