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Javier E

More Wall Street Firms Are Flip-Flopping on Climate. Here's Why. - The New York Times - 0 views

  • In recent days, giants of the financial world including JPMorgan, State Street and Pimco all pulled out of a group called Climate Action 100+, an international coalition of money managers that was pushing big companies to address climate issues.
  • Wall Street’s retreat from earlier environmental pledges has been on a slow, steady glide path for months, particularly as Republicans began withering political attacks, saying the investment firms were engaging in “woke capitalism.”
  • But in the past few weeks, things accelerated significantly. BlackRock, the world’s largest asset manager, scaled back its involvement in the group. Bank of America reneged on a commitment to stop financing new coal mines, coal-burning power plants and Arctic drilling projects
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  • Republican politicians, sensing momentum, called on other firms to follow suit.
  • “This was always cosmetic,” said Shivaram Rajgopal, a professor at Columbia Business School. “If signing a piece of paper was getting these companies into trouble, it’s no surprise they’re getting the hell out.
  • American asset managers have a fiduciary duty to act in the best interest of their clients, and the financial firms were worried that a new strategy by Climate Action 100+ could expose them to legal risks.
  • Since its founding in 2017, the group focused on getting publicly traded companies to increase how much information they shared about their emissions and identify climate-related risks to their businesses.
  • In addition to the risk that some clients might disapprove, and potentially sue, there were other concerns. Among them: that acting in concert to shape the behaviors of other companies could fall afoul of antitrust regulations.
  • The new plan called on asset-management firms to begin pressuring companies like Exxon Mobil and Walmart to adopt policies that could entail, for example, using fewer fossil fuels
  • last year, Climate Action 100+ said it would shift its focus toward getting companies to reduce emissions with what it called phase two of its strategy
  • BlackRock also said that one of its subsidiaries, BlackRock International, would continue to participate in the group — a tacit acknowledgment of the different regulatory environment in Europe. BlackRock also said it was initiating new features that would let clients choose if they wanted to pressure companies to reduce their emissions.
  • Pimco, another big asset manager, followed suit. “We have concluded that our Climate Action 100+ participation is no longer aligned with PIMCO’s approach to sustainability,” a firm spokesman said in a statement.
  • JPMorgan said it was pulling out of the group in recognition of the fact that, over the past few years, the firm had developed its own framework for engaging on climate risk
  • The fracturing of Climate Action 100+ was a victory for Representative Jim Jordan, Republican of Ohio, who has led a campaign against companies pursuing E.S.G. goals, shorthand for environmental, social and governance factors.
  • Embracing E.S.G. principles and speaking up on climate issues has become commonplace across corporate America in recent years. Chief executives warned about the dangers of climate change. Banks and asset managers formed alliances to phase out fossil fuels. Trillions of dollars were allocated for sustainable investing.
  • “Phase two is not that different,” she said. “It’s basically investors working with companies and saying: ‘OK, you’ve disclosed the risk. We just want to know how you’re going to address it.’ Because that’s what the investors want. How are you dealing with risk?”
  • Mindy Lubber, the chief executive of Ceres and a member of the steering committee of Climate Action 100+, disputed the notion that the new strategy represented a change from the focus on enhanced disclosure.
  • “The political cost has heightened, the legal risk has heightened,” he said. “That said, these corporations are not doing U-turns,” he added. “They continue to consider climate. That’s not going away. It’s adapting to the current environment.”
  • Aron Cramer, chief executive for BSR, a sustainable-business consultancy, said the Wall Street firms were responding to political pressure, but not abandoning their climate commitments altogether.
  • Several of the firms that backed out of Climate Action 100+ said they remained committed to the issue. JPMorgan said that it had a team of 40 people working on sustainable investing and that it believed “climate change continues to present material economic risks and opportunities to our clients.”
Javier E

Universities Are Making Us Dumber - Tablet Magazine - 0 views

  • the Democratic/Republican ratio varies across fields from around 5.5 and 6.3 to 1 in professional schools and the hard sciences to 31.9 to 1 in humanities and 108 to 1 in communications departments and what are called interdisciplinary studies (such as gender studies, American studies, etc.).
  • An effective reform movement could make the case to the public that these interventionist DEI policies generate bad results, such as insidious new forms of discrimination, the abrupt decline in patriotism among the young, a lack of trust in our main institutions, and the weakening of U.S. competitiveness in the sciences
  • While Rufo clearly states that “the challenge must be met not solely in the realm of policy debate but on the deepest political and philosophical grounds,” he is less specific in how this might be done. Yet nothing seems more urgent.
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  • Conservatives, who have a visceral understanding of the inherent conflict among the basic human aspirations for freedom, justice, and equality, personal security, self-expression, spirituality, and the rights of the individual versus societal cohesion, are in the difficult position of having to find the right balance among them, which in turn requires uninspiring compromises.
  • The progressive left, meanwhile, vehemently insists that this or that form of inequality or injury is unacceptable, and never bothers to explain how its vision of greater equality would be compatible with freedom, or how extensive individual freedoms for some do not interfere with the freedom or personal safety of others.
Javier E

How 'Surf City USA' became California's MAGA stronghold - The Washington Post - 0 views

  • Huntington Beach, one of Orange County’s largest cities, has long been associated with conservative beliefs, but its evolution in recent years shows how the bitter polarization of national politics has crept into even the most mundane municipal matters.
  • “It’s the tipping on its head of the old notion that all politics is local. Now, all politics are national, and I think the overall effect of that is really destructive,” said Jim Newton, a public policy lecturer at UCLA and editor of Blueprint magazine. “It takes a sharply divided country at the national level and drags that down into local disputes.”
  • Spurred by those early oil booms, the city embraced development and corporate interests, said Chris Jepsen, the president of the Orange County Historical Society, earning it “a reputation for being pro-business and ardently pro-property rights.”
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  • “Politics, Democratic or Republican, were not particularly important,” said Tom Harman, a former Republican state senator who got his start on the city council in the 1990s. “People didn’t run on party preference. They ran on what they could do in the community and how they could make the city a better place to live.”
  • It had long been a destination for surfing, but officials in the ’90s began leaning into that reputation to court the tourism industry. Huntington Beach became “Surf City USA,” a moniker pulled from a chart-topping song.
  • Two high-profile acts of white-supremacist violence — the shooting of a Black man in 1994, and the stabbing of a Native American man two years later — prompted the city to crack down on the groups who had flocked from across Southern California.
  • City police stepped up patrols, the council passed a human dignity policy condemning hate crimes, and officials started a human relations commission to combat bigotry. Ken Inouye, the founding chair of that task force and a 51-year resident of Huntington Beach, said residents from across the city “came together because we knew we were better than that.”
  • Both efforts were reversed when the current Republican majority took over the council.
  • In recent decades, sweeping demographic change has pushed Orange County to the left. But those shifts have been more subtle in Huntington Beach, and the city has retained its rightward lean. Unlike the county’s other largest cities, most residents are White and Republicans still account for the plurality of Huntington Beach’s registered voters.
  • During Donald Trump’s presidency, residents bridled at California’s pandemic restrictions, much as Trump did. Fierce protests became common, with crowds clogging the pier and Pacific Coast Highway to shout down coronavirus precautions or cheer Trump. Some of the rallies were organized by white-supremacist groups and turned violent.
  • Another inflection point came in 2021, when former mixed martial arts fighter and hard-right council member Tito Ortiz resigned from his post and the remaining members appointed a Democrat, Rhonda Bolton, in his stead. The move infuriated city Republicans, who wanted Ortiz replaced with an ideological equal.
  • “The tone of political rhetoric has gotten coarser and sillier as time has worn on,” she said. “And Huntington Beach is a reflection of what’s happening nationally.”
  • Carol Daus, who has lived in the city nearly three decades, said the council’s focus on contentious cultural debates has divided the community, pitting neighbors against neighbors. One example of the acrimony: Protect HB has hung posters across the city urging a “No” vote on the March ballot measures, but some 40 of those signs were recently vandalized with large green “Yes” stickers.
  • “This city during the past several years, following the Trump administration and covid lockdown, was like a volcano ready to explode,” Daus said. “And now it has.”
  • “I feel duped,” said Sue Welfringer, a longtime Huntington Beach resident and registered Republican. She voted for the four-person conservative slate because she liked their stances on homelessness and limiting development, but mostly she appreciated that they got along with each other.
  • “I almost don’t even want to vote at all because I don’t want to make another terrible mistake I regret,” said Welfringer, who opposes the council’s stances on issues like LGBTQ rights and voter ID. “I feel like they had a hidden agenda. And now I’m also worried what else is on their hidden agenda. I’m afraid to know what big issue is next.”
  • “Ideally, it would be wonderful if we could just focus on the roads and infrastructure,” he said. “But I think we’re in a time now where there really isn’t any such thing as a nonpartisan local focus anymore.”
  • But this dynamic has turned city council meetings into routine spectacles, where public comment drags on for hours and speakers hurl invectives at the seven members sitting on the dais.
  • Butch Twining, a candidate for city council, is one of three conservatives looking to build on the Republican majority, campaigning as a slate to replace Bolton and the council’s other two liberal members in November. A victory would give conservatives a 7-0 vise grip on the council.
Javier E

A Terribly Serious Adventure, by Nikhil Krishnan review - The Washington Post - 0 views

  • he traces the affiliations, rivalries and intellectual spats among the eminences of mid-20th-century philosophy at Oxford: Gilbert Ryle, A.J. Ayer, J.L. Austin, R.M. Hare, Elizabeth Anscombe, Peter Strawson
  • All these thinkers focused their considerable intellectual powers on doing something similar to what I’ve done above: analyzing the words people use to probe the character and limits of how we perceive and understand the world. Such “linguistic philosophy” aimed, in Krishnan’s formulation, “to scrape away at sentences until the content of the thoughts underlying them was revealed, their form unobstructed by the distorting structures of language and idiom.”
  • ‘What’s the good of having one philosophical discussion,’ he told her once. ‘It’s like having one piano lesson.’”
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  • Reading their books, he tells us, can be as exciting as reading a great novel or poem. In particular, Krishnan emphasizes the virtues they embodied in themselves and their work. “Some of these virtues were, by any reckoning, moral ones: humility, self-awareness, collegiality, restraint. Others are better thought aesthetic: elegance, concision, directness.”
  • Consider Gilbert Ryle. As the Waynflete professor of metaphysics, he was asked if he ever read novels, to which he replied, “All six of them, once a year.” Jane Austen’s, of course.
  • Another time, an American visitor wondered if it was true that Ryle, as editor of the journal Mind, would “accept or reject an article on the basis of reading just the first paragraph.” “That used to be true at one time,” Ryle supposedly answered. “I had a lot more time in those days.”
  • J.L. Austin gradually emerges as the central figure. “He listened, he understood, and when he started to speak, with the piercing clarity he brought to all things, philosophical or not, it ‘made one’s thoughts race.’”
  • Oxford discussion groups and tutorials tried to avoid those “cheap rhetorical ploys” that aim “at victory and humiliation rather than truth.” Instead their unofficial motto stressed intellectual fraternity: “Let no one join this conversation who is unwilling to be vulnerable.”
  • their meetings continually resounded with “short, punchy interrogations” that aimed “to clarify positions, pose objections and expose inconsistencies.”
  • Austin “wanted to be, all he wanted other people to be, was rational.” His highest praise was to call someone “sensible.”
  • When Oxford announced plans to award Truman an honorary degree, Anscombe objected. She wasn’t protesting against nuclear weapons per se (as was Bertrand Russell) but simply standing up for what she regarded as an inviolable principle: “Choosing to kill the innocent as a means to your ends is always murder.” End of argument. Anscombe’s was a lonely voice, however, except for the support of her philosopher friend, Philippa Foot, whose imposing manner Krishnan brilliantly captures: “She looked like the sort of young woman who knew how to get a boisterous dog to sit.”
  • Despite the sheer entertainment available in “A Terribly Serious Adventure,” readers will want to slow down for its denser pages outlining erudite theories or explaining category mistakes and other specialized terms
  • All these philosophers, as well as a half-dozen others I haven’t been able to mention, come across as both daunting and charismatic
Javier E

Opinion | A Titanic Geopolitical Struggle Is Underway - The New York Times - 0 views

  • There are many ways to explain the two biggest conflicts in the world today, but my own shorthand has been that Ukraine wants to join the West and Israel wants to join the Arab East — and Russia, with Iran’s help, is trying to stop the first, and Iran and Hamas are trying to stop the second.
  • They reflect a titanic geopolitical struggle between two opposing networks of nations and nonstate actors over whose values and interests will dominate our post-post-Cold War world — following the relatively stable Pax Americana/globalization era that was ushered in by the fall of the Berlin Wall in 1989 and the collapse of the Soviet bloc, America’s chief Cold War rival.
  • On one side is the Resistance Network, dedicated to preserving closed, autocratic systems where the past buries the future. On the other side is the Inclusion Network, trying to forge more open, connected, pluralizing systems where the future buries the past.
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  • “What Putin wants is to transform the world order” that evolved since World War II and the post-Cold War — where “the competition between nations was about who can be richer and who can help their people prosper the most . … Putin hates that world because he loses in that world — his system is a loser in a peaceful, global, wealth-enhancing paradigm. And so what he wants is to move us back to dog-eat-dog, to a 19th-century, great power competition, because he thinks he can, if not win, be more effective there. … Let’s not think that this is a Ukrainian problem; this is a problem for us all.”
  • These wars very much are our business — and now clearly inescapable, since we’re deeply entwined in both conflicts. What’s crucial to keep in mind about America — as the leader of the Inclusion Network — is that right now we’re fighting the war in Ukraine on our terms, but we’re fighting the war in the Middle East on Iran’s terms.
  • CNN recently described, per a source familiar with it, a declassified U.S. intelligence assessment provided to Congress saying that Russia had lost 87 percent of its preinvasion active-duty ground troops and two-thirds of its tanks that it had prior to its invasion of Ukraine. Putin can still inflict a lot of damage on Ukraine with missiles, but his dream of occupying the whole country and using it as a launching pad to threaten the Inclusion Network — particularly the NATO-protected European Union — is now out of reach. Thank you, Kyiv.
  • At a breakfast with NATO leaders devoted to the Ukraine issue at Davos this year, Canada’s deputy prime minister, Chrystia Freeland, noted that it is we, the West, who should be thanking the Ukrainians, not forcing them to beg us for more weapons.
  • China under President Xi Jinping straddles the two networks, along with much of what’s come to be called the global south. Their hearts, and often pocketbooks, are with the Resistors but their heads are with the Includers
  • the Resistance Network “is orchestrated by Iran, Islamists and jihadists” in a process they refer to as the “unity of battlefields.” This network, he noted, “seeks to bridge militias, rejectionists, religious sects and sectarian leaders,” creating an anti-Israel, anti-American, anti-Western axis that can simultaneously pressure Israel in Gaza, in the West Bank and on the Lebanon border — as well as America in the Red Sea, in Syria and in Iraq and Saudi Arabia from all directions.
  • In stark contrast, Koteich said, stands the Inclusion Network, one that’s focused on “weaving together” global and regional markets instead of battlefronts, business conferences, news organizations, elites, hedge funds, tech incubators and major trade routes. This inclusion network, he added, “transcends traditional boundaries, creating a web of economic and technological interdependence that has the potential to redefine power structures and create new paradigms of regional stability.”
  • things are different in the Middle East. There, it is Iran that is sitting back comfortably — indirectly at war with Israel and America, and sometimes Saudi Arabia, by fighting through Tehran’s proxies: Hamas in Gaza, the Houthis in Yemen, Hezbollah in Lebanon and Syria, and Shiite militias in Iraq.
  • Iran is reaping all the benefits and paying virtually no cost for the work of its proxies, and the U.S., Israel and their tacit Arab allies have not yet manifested the will or the way to pressure Iran back — without getting into a hot war, which they all want to avoid.
  • The members of the Resistance Network are great at tearing down and breaking stuff, but, unlike the Inclusion Network, they have shown no capacity to build any government or society to which anyone would want to emigrate, let alone emulate
  • For all of these reasons, this is a moment of great peril as well as great opportunity — especially for Israel. The competition between the Resistance Network and the Inclusion Network means that the region has never been more hostile or more hospitable to accepting a Jewish state.
Javier E

How the "hell camp" of Ohrdruf changed Eisenhower's view of the Second World War - and ... - 0 views

  • The key difference between the liberation of Auschwitz and Ohrdruf lies not in the reactions of the first liberators on the scenes but in what came after. The accounts of Red Army soldiers and American GIs are actually remarkably similar: they both speak of survivors as “walking skeletons;” they both describe the squalor the camp’s inmates lived in; they both mention the smell of death that lingered in the air and permeated far beyond the confines of the camp—which led to similar observations when locals living near the camps claimed to know nothing of what happened there to be deemed as nothing less than lies or willful ignorance
  • This impression was reinforced when the mayor of Gotha, the nearest town to Ohrdruf, wrote in his suicide note following his forced visit of the camp: “We did not know, but we knew.”
  • The difference was that Eisenhower was determined that the world should never forget what he saw. His Red Army counterparts were also quick to document what they found, but their leader Joseph Stalin was uninterested in the Holocaust as a reality. In the hierarchy of Nazi victims that Stalin created, no other group could surpass the suffering of the Soviet Union.
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  • Meanwhile Western media outlets were unsure as to what to make of the revelations of the scale of the murderous camp system.
  • ut Eisenhower had no doubt about what he saw at Ohrdruf. This “hell camp” was a site of acts so barbarous that he struggled to comprehend that they had been conducted by a civilized, modern society such as Germany’s. The only way to make sense of it, he decided, was to let people know about what occurred there.
  • Eisenhower unleashed an unprecedented press offensive topublicise and document the Holocaust. Not only did he order the soldiers under his command to visit Ohrdruf and then the other camps that were being liberated, but he also ordered the preservation of camp records and that interviews be conducted with survivors, so that no one in the future could claim what he saw was “propaganda.”
  • He also requested and then facilitated delegations of politicians, policy makers, journalists, and others to visit the camps for themselves. Seeing Ohrdruf changed how Eisenhower saw the war. Nazis became more than opponents to be defeated: they were perpetuating an evil that needed to be destroyed. Eisenhower had born witness to the crime of the century. He now became one of the first to say such events should “never again” occur.
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