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Javier E

The Irrational Consumer: Why Economics Is Dead Wrong About How We Make Choices - Derek ... - 0 views

www.theatlantic.com/...267255

rational choice rationality psychology consumer economics

shared by Javier E on 20 May 15 - No Cached
  • Atlantic.displayRandomElement('#header li.business .sponsored-dropdown-item'); Derek Thompson - Derek Thompson is a senior editor at The Atlantic, where he oversees business coverage for the website. More Derek has also written for Slate, BusinessWeek, and the Daily Beast. He has appeared as a guest on radio and television networks, including NPR, the BBC, CNBC, and MSNBC. All Posts RSS feed Share Share on facebook Share on linkedin Share on twitter « Previous Thompson Email Print Close function plusOneCallback () { $(document).trigger('share'); } $(document).ready(function() { var iframeUrl = "\/ad\/thanks-iframe\/TheAtlanticOnline\/channel_business;src=blog;by=derek-thompson;title=the-irrational-consumer-why-economics-is-dead-wrong-about-how-we-make-choices;pos=sharing;sz=640x480,336x280,300x250"; var toolsClicked = false; $('#toolsTop').click(function() { toolsClicked = 'top'; }); $('#toolsBottom').click(function() { toolsClicked = 'bottom'; }); $('#thanksForSharing a.hide').click(function() { $('#thanksForSharing').hide(); }); var onShareClickHandler = function() { var top = parseInt($(this).css('top').replace(/px/, ''), 10); toolsClicked = (top > 600) ? 'bottom' : 'top'; }; var onIframeReady = function(iframe) { var win = iframe.contentWindow; // Don't show the box if there's no ad in it if (win.$('.ad').children().length == 1) { return; } var visibleAds = win.$('.ad').filter(function() { return !($(this).css('display') == 'none'); }); if (visibleAds.length == 0) { // Ad is hidden, so don't show return; } if (win.$('.ad').hasClass('adNotLoaded')) { // Ad failed to load so don't show return; } $('#thanksForSharing').css('display', 'block'); var top; if(toolsClicked == 'bottom' && $('#toolsBottom').length) { top = $('#toolsBottom')[0].offsetTop + $('#toolsBottom').height() - 310; } else { top = $('#toolsTop')[0].offsetTop + $('#toolsTop').height() + 10; } $('#thanksForSharing').css('left', (-$('#toolsTop').offset().left + 60) + 'px'); $('#thanksForSharing').css('top', top + 'px'); }; var onShare = function() { // Close "Share successful!" AddThis plugin popup if (window._atw && window._atw.clb && $('#at15s:visible').length) { _atw.clb(); } if (iframeUrl == null) { return; } $('#thanksForSharingIframe').attr('src', "\/ad\/thanks-iframe\/TheAtlanticOnline\/channel_business;src=blog;by=derek-thompson;title=the-irrational-consumer-why-economics-is-dead-wrong-about-how-we-make-choices;pos=sharing;sz=640x480,336x280,300x250"); $('#thanksForSharingIframe').load(function() { var iframe = this; var win = iframe.contentWindow; if (win.loaded) { onIframeReady(iframe); } else { win.$(iframe.contentDocument).ready(function() { onIframeReady(iframe); }) } }); }; if (window.addthis) { addthis.addEventListener('addthis.ready', function() { $('.articleTools .share').mouseover(function() { $('#at15s').unbind('click', onShareClickHandler); $('#at15s').bind('click', onShareClickHandler); }); }); addthis.addEventListener('addthis.menu.share', function(evt) { onShare(); }); } // This 'share' event is used for testing, so one can call // $(document).trigger('share') to get the thank you for // sharing box to appear. $(document).bind('share', function(event) { onShare(); }); if (!window.FB || (window.FB && !window.FB._apiKey)) { // Hook into the fbAsyncInit function and register our listener there var oldFbAsyncInit = (window.fbAsyncInit) ? window.fbAsyncInit : (function() { }); window.fbAsyncInit = function() { oldFbAsyncInit(); FB.Event.subscribe('edge.create', function(response) { // to hide the facebook comments box $('#facebookLike span.fb_edge_comment_widget').hide(); onShare(); }); }; } else if (window.FB) { FB.Event.subscribe('edge.create', function(response) { // to hide the facebook comments box $('#facebookLike span.fb_edge_comment_widget').hide(); onShare(); }); } }); The Irrational Consumer: Why Economics Is Dead Wrong About How We Make Choices By Derek Thompson he
  • First, making a choice is physically exhausting, literally, so that somebody forced to make a number of decisions in a row is likely to get lazy and dumb.
  • Second, having too many choices can make us less likely to come to a conclusion. In a famous study of the so-called "paradox of choice", psychologists Mark Lepper and Sheena Iyengar found that customers presented with six jam varieties were more likely to buy one than customers offered a choice of 24.
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  • neurologists are finding that many of the biases behavioral economists perceive in decision-making start in our brains. "Brain studies indicate that organisms seem to be on a hedonic treadmill, quickly habituating to homeostasis," McFadden writes. In other words, perhaps our preference for the status quo isn't just figuratively our heads, but also literally sculpted by the hand of evolution inside of our brains.
  • The third check against the theory of the rational consumer is the fact that we're social animals. We let our friends and family and tribes do our thinking for us
  • Many of our mistakes stem from a central "availability bias." Our brains are computers, and we like to access recently opened files, even though many decisions require a deep body of information that might require some searching. Cheap example: We remember the first, last, and peak moments of certain experiences.
  • The popular psychological theory of "hyperbolic discounting" says people don't properly evaluate rewards over time. The theory seeks to explain why many groups -- nappers, procrastinators, Congress -- take rewards now and pain later, over and over again. But neurology suggests that it hardly makes sense to speak of "the brain," in the singular, because it's two very different parts of the brain that process choices for now and later. The choice to delay gratification is mostly processed in the frontal system. But studies show that the choice to do something immediately gratifying is processed in a different system, the limbic system, which is more viscerally connected to our behavior, our "reward pathways," and our feelings of pain and pleasure.
  • the final message is that neither the physiology of pleasure nor the methods we use to make choices are as simple or as single-minded as the classical economists thought. A lot of behavior is consistent with pursuit of self-interest, but in novel or ambiguous decision-making environments there is a good chance that our habits will fail us and inconsistencies in the way we process information will undo us.
  • Our brains seem to operate like committees, assigning some tasks to the limbic system, others to the frontal system. The "switchboard" does not seem to achieve complete, consistent communication between different parts of the brain. Pleasure and pain are experienced in the limbic system, but not on one fixed "utility" or "self-interest" scale. Pleasure and pain have distinct neural pathways, and these pathways adapt quickly to homeostasis, with sensation coming from changes rather than levels
  • Social networks are sources of information, on what products are available, what their features are, and how your friends like them. If the information is accurate, this should help you make better choices. On the other hand, it also makes it easier for you to follow the crowd rather than engaging in the due diligence of collecting and evaluating your own information and playing it against your own preferences
Javier E

U.S. Is Nowhere Close to Reopening the Economy, Experts Say - The New York Times - 0 views

www.nytimes.com/...coronavirus-economy.html

economy pandemic response strategies

shared by Javier E on 06 Apr 20 - No Cached
  • How long can we keep this up?
  • Essentially, economists say, there won’t be a fully functioning economy again until people are confident that they can go about their business without a high risk of catching the virus.
  • “It’s also quite likely that we will need to figure out how to reopen the economy with the virus remaining a threat.”
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  • Economists are calculating when the cost of continuing to shutter restaurants, shopping malls and other businesses — a move that has already pushed some 10 million Americans into unemployment, with millions more on the way — will outweigh the savings from further efforts to slow the virus once the infection curve has flattened out.
  • targets are at best mildly informed guesses based on models that contain variables — including how many people have the virus and how effective suppression measures will prove to be. The models cannot yet give us anything close to a precise answer on the big question looming over Americans’ lives and livelihoods.
  • Interviews with more than a dozen economists, many of whom are veterans of past presidential administrations, reveal broad consensus on the building blocks the economy needs — but does not yet have — to begin the slow process of restoring normalcy in the American economy.
  • That includes widespread agreement that the United States desperately needs more testing for the virus in order to give policymakers the first key piece of evidence they need to determine how fast the virus is spreading and when it might be safe for people to return to work.
  • rapid deployment of randomized testing for the virus could reduce its health and economic damage.
  • “It’s going to have to depend on being able to identify people that have the coronavirus, understanding how readily those people can transmit the disease to others and then kind of appropriately isolating people that are contagious,”
  • Ideally, they would sufficiently control the rate to establish so-called contact tracing in order to track — and avoid — the spread of the virus across the country.
  • Some experts have talked about quickly bringing back workers who contract the virus but recover with little effect. Testing is the best way to identify such workers, who may have had the virus with few or no symptoms and possibly not realized they were ever infected.
  • policymakers will need to provide more support to workers who have lost jobs or hours and to businesses teetering on the brink of failure. That could mean trillions more in small business loans, unemployment benefits and direct payments to individuals, and it could force the government to get creative in deploying money to avoid bottlenecks.
  • lawmakers should consider funneling $1,500 a month to individuals through mobile apps like Zelle in order to reach more people, particularly low-income and nonwhite Americans who disproportionately lack traditional bank accounts.
  • additional money for small business will be crucial throughout the full extent of the crisis — both to prevent a crush of business failures and to keep owners and customers from flouting the national effort to reduce infections.
  • “I don’t think you can force hundreds of thousands of small business owners to voluntarily shut down and let failure happen to them,” Mr. Ozimek said. “They won’t do it, the public won’t support it, and frankly I don’t think local authorities would stop them.”
  • Policymakers will also need to give better support and protection to Americans who are putting their own health at risk to keep the essential parts of the economy running, like doctors, nurses, grocery store clerks and package delivery drivers
  • those workers needed to have paid sick leave, adequate health coverage, access to coronavirus tests and affordable care for their children while they worked in order to stay healthy and to protect consumers from further spread of the virus.
  • “That is the economy at this point, those workers,” Ms. Boushey said. “And their health and safety is imperative to my safety.”
  • Restarting activity too quickly could risk a second spike in infections that could deal more damage than the first because it would shake people’s faith in their ability to engage in even limited amounts of shopping, dining or other commerce.
  • if we lift too early, the pandemic can take hold again. And that itself is very bad for the economy.”
  • business as usual might not come back until a vaccine is developed, which could take more than a year.
  • “We should certainly be prepared for a meaningful level of deliberate suppression of economic activity for the rest of the year,”
  • The Congressional Budget Office wrote on Thursday that it expected at least a quarter of the current suppression measures to last through year’s end, and that the unemployment rate could still be 9 percent at the end of 2021.
aidenborst

What's in the $1.9 trillion rescue plan for small businesses - CNN - 0 views

www.cnn.com/...index.html

politics US history crisis Culture Policy Pandemic Business Biden Biden-Administration

shared by aidenborst on 11 Mar 21 - No Cached
  • The $1.9 trillion American Rescue Plan Act that President Joe Biden will sign into law on Friday contains a number of provisions intended to help small businesses, especially restaurants.
  • It authorizes another $7.25 billion for the Paycheck Protection Program, which offers forgivable loans to small businesses and other organizations hurt by the pandemic. The loans will only be forgiven, however, if at least 60% of the money is used to support payroll expenses and the remainder goes to mortgage interest, rent, utilities, personal protective equipment or certain other business expenses.
  • Despite the added funds, however, the legislation doesn't actually extend the program, which is currently set to expire on March 31.
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  • That means banks must decide how much longer they want to accept new applications, since it now takes 24 to 48 hours for a bank to hear back from the SBA on whether a submitted loan application has been approved.
  • Bank of America, for instance, stopped accepting new applications on Tuesday. "As the largest lender in the program since it began, we have 30,000 applications in process and want to allow enough time to complete the work and get each client's application through the SBA process by March 31," a bank spokesman said in an email to CNN Business.
  • The American Rescue Plan includes nearly $29 billion to create a grant program that provides direct relief to restaurants.
  • Another $15 billion will be added to the Shuttered Venue Operators Grants program, created by the previous economic aid package. The grants are intended to help those who run museum, theater, concert and other venues that had to shut down due to Covid restrictions. The bill also allows such operators to apply for PPP loans in addition to these grants.
  • To help the SBA administer all the new programs that have fallen under its purview as a result of the pandemic, the bill allocates another $1.325 billion to its budget.
rerobinson03

Small Businesses Have Surged in Black Communities. Was It the Stimulus? - The New York ... - 0 views

www.nytimes.com/...s-covid-startups-increase.html

shared by rerobinson03 on 24 May 21 - No Cached
  • There has been a surge in start-ups in America that experts have yet to fully explain. But a new study — using data that allows researchers to more precisely track new businesses across time and place — finds that the surge coincides with federal stimulus, and is strongest in Black communities.
  • The pandemic might mark the end of a slump in entrepreneurship that has lasted for several decades.
  • For aspiring business owners, registering a business with a state is a key step. In some states, it can cost a person a few hundred dollars to file. In return, the registration protects personal assets in the event of a bankruptcy; confers tax and banking benefits; and makes hiring workers easier.
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  • Although there might be other factors at work, the researchers say the stimulus checks and increased unemployment benefits shored up confidence in the economy enough that millions felt comfortable in starting a business despite being uncertain about when the pandemic would end.
  • When the researchers mapped the data, they found that the ZIP codes that experienced the greatest increase in business registrations were in Black areas, particularly higher median- income Black neighborhoods.
  • “It feels significant that we saw this big response in neighborhoods where it doesn’t typically happen,” she said. “When you remove those gateways that have worked in some ways to limit access for certain communities, then you really do unleash potential.”
mattrenz16

Opinion: Naomi Osaka's courageous choice - CNN - 0 views

www.cnn.com/...index.html

shared by mattrenz16 on 02 Jun 21 - No Cached
  • Twenty-three-year-old tennis player and four-time Grand Slam singles champion Naomi Osaka stunned the tennis community this week by dropping out of the in-progress French Open, one of the year's major tournaments, announcing on social media that she will "take some time away from the court."
  • That is why forcing her to choose between her mental health and a few media sound bites was entirely unnecessary. We don't need to hear from her to appreciate her skill on the court. We do not need to drive her out of her career in order to punish her for failing to perform.
  • Her decision was surprising, but not entirely out of the blue. Earlier, Osaka had announced that she would be opting out of the tournament's "mandatory" media interviews, citing mental health concerns, including a history of depression.
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  • But Open organizers didn't stop there, issuing a news release threatening to expel her from the tournament if she kept it up.
  • And so, she quit. Read More
  • In attempting to force her hand, they essentially forced her out. Enter email to sign up for the CNN Opinion newsletter. "close dialog"Get CNN Opinion's newsletter for the latest thoughts and analysis on today's news.Please enter aboveSign me upBy subscribing you agree to ourprivacy policy.Thanks for Subscribing!Continue ReadingBy subscribing you agree to ourprivacy policy."close dialog"/* effects for .bx-campaign-1376914 *//* custom css .bx-campaign-1376914 *//* custom css from creative 52220 */.bxc.bx-custom.bx-campaign-1376914 .bx-row-image-logo img { height: 42px;}@media screen and (max-width:736px) { .bxc.bx-custom.bx-campaign-1376914 .bx-row-image-logo img { height: 35px;}}/*Validation border*/.bxc.bx-custom.bx-campaign-1376914 .bx-row-validation .bx-input { border-color: #B50000; /*Specify border color*/ border-width: 1px; box-shadow: none; background-color: transparent; color: #B50000; /*Specify text color*/}/* rendered styles .bx-campaign-1376914 */.bxc.bx-campaign-1376914.bx-active-step-1 .bx-creative:before {min-height: 220px;}.bxc.bx-campaign-1376914.bx-active-step-1 .bx-creative {border-color: #c1c1c1;border-style: solid;background-size: contain;background-color: white;border-width: 1px 0;border-radius: 0;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376914.bx-active-step-1 .bx-creative:before {min-height: 200px;}}.bxc.bx-campaign-1376914.bx-active-step-1 .bx-creative> *:first-child {width: 780px;vertical-align: middle;padding: 10px;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376914.bx-active-step-1 .bx-creative> *:first-child {width: 340px;padding: 20px;}}.bxc.bx-campaign-1376914.bx-active-step-1 .bx-close {stroke: rgb(193, 193, 193);stroke-width: 2px;width: 24px;height: 24px;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376914.bx-active-step-1 .bx-close {width: 30px;height: 30px;padding: 0 0 10px 10px;}}.bxc.bx-campaign-1376914 .bx-group-1376914-y4M7jyO {width: 660px;text-align: left;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376914 .bx-group-1376914-y4M7jyO {text-align: center;width: 315px;}}.bxc.bx-campaign-1376914 .bx-element-1376914-tVcUlRZ {padding: 0;width: auto;}.bxc.bx-campaign-1376914 .bx-element-1376914-tVcUlRZ> *:first-child {background-color: transparent;background-size: contain;}.bxc.bx-campaign-1376914 .bx-group-1376914-BpRQ7DR {width: 660px;text-align: left;padding: 25px 0 15px;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376914 .bx-group-1376914-BpRQ7DR {width: 310px;padding: 15px 0 15px;text-align: center;}}.bxc.bx-campaign-1376914 .bx-element-1376914-oUX5Jvf {width: 100%;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376914 .bx-element-1376914-oUX5Jvf {width: auto;}}.bxc.bx-campaign-1376914 .bx-element-1376914-oUX5Jvf> *:first-child {font-family: CNN Business,CNN,Helvetica Neue,Helvetica,Arial,Utkal,sans-serif;font-weight: 400;font-size: 24px;line-height: 1.1em;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376914 .bx-element-1376914-oUX5Jvf> *:first-child {font-size: 16px;padding: 6px 0 0;line-height: 1.2;}}.bxc.bx-campaign-1376914 .bx-group-1376914-PZ8dLrW {width: 660px;padding: 0;min-width: 550px;text-align: left;}@media all and (max-width: 736px) {.bxc.bx-campa
  • Osaka first came into the spotlight at the 2018 US Open when her historic win against Serena Williams received boos from a crowd convinced that Williams was unfairly targeted by the umpire. What should have been an extraordinarily joyous occasion, her first major victory and the event that catapulted her into public recognition, was instead one that made her cry, both immediately following the match and when she went to collect her trophy. ESPN declared that "Naomi Osaka was denied her magic moment."
  • Simply put, it's because the world has unrealistic expectations of celebrities and athletes. We believe the public nature of their fame entitles us access to their private lives. In several recent interviews, such as one with podcaster Dax Shepard, Prince Harry has talked openly of his own mental health struggles and of the pressures he and his wife, Meghan Markle, have felt as objects of media fascination, pressures so severe that Markle thought of suicide.
  • Many of her fellow athletes agreed with her decision. Steph Curry tweeted, "you shouldn't ever have to make a decision like this -- but so damn impressive taking the high road when the powers that be don't protect their own. major respect @naomiosaka." Martina Navratilova tweeted her support of Osaka, noting that "as athletes we are taught to take care of our body, and perhaps the mental & emotional aspect gets short shrift. This is about more than doing or not doing a press conference." Serena Williams offered her support, too.
  • Some tennis players, of course -- including Rafael Nadal and Sofia Kenin -- have come out to say that speaking to reporters is part of the job. But just because something has been part of the job needn't mean it should be, or that it should be for everyone. Osaka didn't just decide she didn't feel like giving interviews. She was forced to make a choice, and she chose herself. That takes courage, courage that is a shame she had to muster at all. Because in the end, the tennis world has lost a great, at least for now -- a point that deserves much more attention.
mattrenz16

Opinion: Millions of vacant jobs add up to a massive wake-up call - CNN - 0 views

www.cnn.com/...index.html

shared by mattrenz16 on 02 Jun 21 - No Cached
  • As life in the United States tiptoes back toward something resembling Before Times, many employers are facing an unexpected problem: they can't hire the workers they need. Despite unemployment numbers in the millions, some 8.1 million job vacancies remain. This problem is concentrated among America's low-wage workforce, hitting restaurants, warehouses, manufacturers and the service industry.
  • "We should not be in the business of creating lucrative government dependency that makes it more beneficial to stay unemployed rather than return to work," Sen. Roger Marshall of Kansas, who is leading the Senate charge to cut off the benefit, wrote in the Kansas City Business Journal.
  • In reality, researchers have found that the unemployment benefit's impact on the labor shortage is fairly small.
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  • This should be a wake-up call for a country that has spent decades mistreating, neglecting and radically underpaying its workers.
  • Consider: The US has not raised the federal minimum wage in more than a decade, and $7.25 an hour was a paltry sum even then. If today's minimum wage were commensurate with productivity increases over the last 50 years, it would be $22 an hour. Workers' purchasing power has been stagnant for 40 years, and even though workers are more productive than ever, their compensation has barely budged since the 1970s. Even more egregious is the minimum wage for tipped workers, which is an insulting $2.13 an hour, a number that hasn't gone up in 30 years.
  • Some employers say that they simply cannot afford to pay a living wage. But that failure should fall on the business, not on would-be employees. Businesses have been badly hurt by the pandemic, and while they've received some governmental support, it's been wildly inadequate. But even outside of pandemic times, workers were struggling, while too many businesses felt entitled to a steady supply of poorly-paid workers, often assigning them unpredictable and exhausting schedules that came along with inconsistent income. That is not a good or sustainable business model, and it's not one we should return to.
  • But it's likely not just too little pay keeping would-be workers from surging into the workforce -- there is also fear of illness (Covid still isn't over), lack of affordable childcare and a general recalibration of priorities and goals after a once-in-a-century pandemic. That recalibration is happening at every level, as white-collar employees push for greater workplace flexibility and their employers navigate how to structure the return to the office.
aidenborst

Opinion: Michael Flynn is playing with fire - CNN - 0 views

www.cnn.com/...index.html

US politics Trump history crisis Culture policy GOP Michael-Flynn coup

shared by aidenborst on 03 Jun 21 - No Cached
  • It's hard to get a grip on what's happened to one-time war hero, retired lieutenant general Michael Flynn.
  • Flynn, a former national security adviser to President Donald Trump, shockingly appeared to support a military coup in the United States during a Sunday keynote address to a Dallas conference organized by supporters of QAnon conspiracy theories.
  • An audience member at the Dallas event asked Flynn: "I want to know why what happened in Minamar (sic) can't happen here?" The audience raucously cheered this question. Flynn replied, "No reason. I mean, it should happen here. No reason. That's right." Again, the audience cheered heartily. Enter email to sign up for the CNN Opinion newsletter. "close dialog"Healing a divided country starts with listening. Sign up for refreshing takes from every perspective. Please enter aboveSign me upBy subscribing you agree to ourprivacy policy.Thanks for Subscribing!Continue ReadingBy subscribing you agree to ourprivacy policy."close dialog"/* effects for .bx-campaign-1376913 *//* custom css .bx-campaign-1376913 *//* custom css from creative 52220 */.bxc.bx-custom.bx-campaign-1376913 .bx-row-image-logo img { height: 42px;}@media screen and (max-width:736px) { .bxc.bx-custom.bx-campaign-1376913 .bx-row-image-logo img { height: 35px;}}/*Validation border*/.bxc.bx-custom.bx-campaign-1376913 .bx-row-validation .bx-input { border-color: #B50000; /*Specify border color*/ border-width: 1px; box-shadow: none; background-color: transparent; color: #B50000; /*Specify text color*/}/* rendered styles .bx-campaign-1376913 */.bxc.bx-campaign-1376913.bx-active-step-1 .bx-creative:before {min-height: 220px;}.bxc.bx-campaign-1376913.bx-active-step-1 .bx-creative {border-color: #c1c1c1;border-style: solid;background-size: contain;background-color: white;border-width: 1px 0;border-radius: 0;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376913.bx-active-step-1 .bx-creative:before {min-height: 200px;}}.bxc.bx-campaign-1376913.bx-active-step-1 .bx-creative> *:first-child {width: 780px;vertical-align: middle;padding: 10px;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376913.bx-active-step-1 .bx-creative> *:first-child {width: 340px;padding: 20px;}}.bxc.bx-campaign-1376913.bx-active-step-1 .bx-close {stroke: rgb(193, 193, 193);stroke-width: 2px;width: 24px;height: 24px;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376913.bx-active-step-1 .bx-close {width: 30px;height: 30px;padding: 0 0 10px 10px;}}.bxc.bx-campaign-1376913 .bx-group-1376913-y4M7jyO {width: 660px;text-align: left;}@media all and (max-width: 736px) {.bxc.bx-campaign-1376913 .bx-group-1376913-y4M7jyO {text-align: center;width: 315px;}}.bxc.bx-campaign-1376913 .bx-element-1376913-tVcUlRZ {padding: 0;width: au
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  • On Monday, Flynn seemed to be trying to dial back, saying on social media that he doesn't support a military coup. Yet Flynn's comments in Dallas Sunday were made on video, which can be seen here by anyone who wants to judge Flynn's response for themselves.
  • Flynn's recent musings about coups, martial law and overturning legitimate presidential elections are all a very long way from the period after 9/11, when he served in the elite Joint Special Operations Command as a highly regarded intelligence officer in Afghanistan and Iraq.
  • Flynn was so well thought of that he was eventually promoted to lieutenant general and to run the Defense Intelligence Agency (DIA), but Flynn's overseers in the Obama administration thought he was an ineffective manager of DIA, a large agency with 17,000 employees, and in 2014 he was pushed out of his post.
  • After Trump won the presidency in 2016, he appointed Flynn his national security adviser, a post in which he served for the record briefest amount of time; only 24 days.
  • Flynn was fired for lying to Vice President Mike Pence about the content of conversations he had had with the Russian ambassador to the United States during the presidential transition. Flynn later pleaded guilty to lying to the FBI about the same issue.
  • Trump pardoned Flynn, but the eradication of his conviction doesn't seem to have impacted Flynn's continuing lack of good judgment: Calling for the overturning of a legitimate presidential election; floating the imposition of martial law and appearing to approve of a coup in the United States.
katherineharron

Opinion: The danger of a giant Covid belly flop - CNN - 0 views

www.cnn.com/...index.html

covid

shared by katherineharron on 09 Apr 21 - No Cached
  • As more and more vaccinations are administered in the US, the Covid-19 story, which once was nothing more than a tale of enormous tragedy, now has a new plotline: how best to return to normal.
  • transmission of a virus depends on a non-immune person bumping into an actively infected person. With more and more vaccination, the likelihood that a non-immune person will come in contact with an infected person is progressively reduced until -- poof -- the risk of catching the infection is almost gone (though never zero).
  • The issue in 1918, when the first article describing herd immunity was published, was the threat of epidemic miscarriage due to a bacterium among pregnant cows in Kansas.
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  • Consider a calculation to determine the threshold for herd immunity: Vc=(1− 1/R0)/E. "Vc" is the proportion of people who must be vaccinated to protect the rest of the herd, "R0," pronounced R-naught, is an estimate of the number of secondary cases from the original infected person and "E" represents effectiveness of a given vaccine against transmission. And this, which resembles a brutal SAT math section entry, is the dumbed-down version.
  • This is not a fund-raiser with a fixed universal goal we all are striving to reach. The above equation evaluates the nation as a homogenized entity, but people live in communities
  • In other words, susceptible cows should be culled to lessen the risk of new infections
  • Though, of course, the fix -- culling -- is not an option for human disease, the benefit of an immune herd is self evident.
  • Fast forward to the 21st century world of vaccines. Pandemics and health care are decidedly more complex, which has led all to wonder: what is the magic number of people we need to vaccinate so we can all forget these disastrous last 14 months?close dialogOur free Provoke/Persuade newsletter compiles the week’s most thought-provoking pieces and delivers them straight to your inbox. Please enter aboveSign me upBy subscribing you agree to ourprivacy policy.Thanks for Subscribing!Continue ReadingBy subscribing you agree to ourprivacy policy.close dialog/* effects for .bx-campaign-1295603 *//* custom css .bx-campaign-1295603 *//* custom css from creative 52220 */.bxc.bx-custom.bx-campaign-1295603 .bx-row-image-logo img { height: 42px;}@media screen and (max-width:736px) { .bxc.bx-custom.bx-campaign-1295603 .bx-row-image-logo img { height: 35px;}}/*Validation border*/.bxc.bx-custom.bx-campaign-1295603 .bx-row-validation .bx-input { border-color: #B50000; /*Specify border color*/ border-width: 1px; box-shadow: none; background-color: transparent; color: #B50000; /*Specify text color*/}/* rendered styles .bx-campaign-1295603 */.bxc.bx-campaign-1295603.bx-active-step-1 .bx-creative:before {min-height: 220px;}.bxc.bx-campaign-1295603.bx-active-step-1 .bx-creative {border-color: #c1c1c1;border-style: solid;background-size: contain;background-color: white;border-width: 1px 0;border-radius: 0;}@media all and (max-width: 736px) {.bxc.bx-campaign-1295603.bx-active-step-1 .bx-creative:before {min-height: 200px;}}.bxc.bx-campaign-1295603.bx-active-step-1 .bx-creative> *:first-child {width: 780px;vertical-align: middle;padding: 10px;}@media all and (max-width: 736px) {.bxc.bx-campaign-1295603.bx-active-step-1 .bx-creative> *:first-child {width: 340px;padding: 20px;}}.bxc.bx-campaign-1295603.bx-active-step-1 .bx-close {stroke: rgb(193, 193, 193);stroke-width: 2px;width: 24px;height: 24px;}@media all and (max-width: 736px) {.bxc.bx-campaign-1295603.bx-active-step-1 .bx-close {width: 30px;height: 30px;padding: 0 0 10px 10px;}}.bxc.bx-campaign-1295603 .bx-group-1295603-y4M7jyO {width: 660px;text-align: left;}@media all and (max-width: 736px) {.bxc.bx-campaign-1295603 .bx-group-1295603-y4M7jyO {text-align: center;width: 315px;}}.bxc.bx-campaign-1295603 .bx-element-1295603-tVcUlRZ {padding: 0;width: auto;}.bxc.bx-campaign-1295603 .bx-element-1295603-tVcUlRZ> *:first-child {background-color: transparent;background-size: contain;}.bxc.bx-campaign-1295603 .bx-group-1295603-BpRQ7DR {width: 660px;text-align: left;padding: 25px 0 15px;}@media all and (max-width: 736px) {.bxc.bx-campaign-1295603 .bx-group-1295603-BpRQ7DR {width: 310px;padding: 15px 0 15px;text-align: center;}}.bxc.bx-campaign-1295603 .bx-element-1295603-oUX5Jvf {width: 100%;}@media all and (max-width: 736px) {.bxc.bx-campaign-1295603 .bx-element-1295603-oUX5Jvf {width: auto;}}.bxc.bx-campaign-1295603 .bx-element-1295603-oUX5Jvf> *:first-child {font-family: CNN Business,CNN,Helvetica Neue,Helvetica,Arial,Utkal,sans-serif;font-weight: 400;font-size: 24px;line-height: 1.1em;}@media all and (max-width: 736px) {.bxc.bx-campaign-1295603 .bx-element-1295603-oUX5Jvf> *:first-child {font-size: 16px;padding: 6px 0 0;line-height: 1.2;}}.bxc.bx-campaign-1295603 .bx-group-1295603-PZ8dLrW {width: 660px;padding: 0;min-width: 550px;text-align: left;}@media all and (max-width: 736px) {.bxc.bx-campaign-1295603 .bx-group-1295603-PZ8dLrW {min-width: auto;width: 310px;padding: 0;}}@media all and (min-wi
  • Lessening the threat of fetal loss therefore was straightforward: farmers should "retain" immune cattle -- those who had already had a spontaneous abortion -- and not waste "material, time, and energy ... on animals of doubtful value." Rather, they advised to butcher the non-immune cows and concentrate on the immune, "profitable" ones.
  • A famous mumps outbreak in adolescent boys from the Orthodox Jewish community is thought to have been exacerbated by the school practice of promoting close, sustained (15 hours a day) contact with a study partner ("chavrusa") including "animated" face-to-face discussion resulting in transmission despite the fact that most had been vaccinated years before.
  • Stated more simply, the herd likely is protected at a very different percent of vaccinated people in an Orthodox Jewish community in San Diego where people live near the school and walk to most activities compared to a gated community in a Minneapolis suburb where many prefer to keep to themselves.
  • We have received a master class in viral variants in recent months, witnessing day by day the alarming uptick in new cases as the B.1.1.7. variant has been introduced to new communities. But a single R-naught cannot fit all variants of Covid-19; a community with higher rates of B.1.1.7. and, therefore, a higher R-naught will require, among other things, a higher level of vaccination to designate the herd as sufficiently immune.
  • There is not one magic number to signal to the entire country that we have finally made it;
  • This is extremely important to keep in mind in the weeks and months ahead as we continue to vaccinate and wait and vaccinate and wait, chasing a number that is fundamentally misleading.
  • The heterogeneity of human behavior, geography and the virus itself explains the vagueness of the pronouncements of Dr. Anthony Fauci, the chief medical adviser to President Joe Biden, and other experts as they seek to evade specifying just how many more people need vaccination before we officially can claim victory.
  • As we have seen in the US during the 15-month arc of the pandemic, trust in science and scientists has been the key to progress. Masks work. Vaccines work. Certain medications work.
hannahcarter11

Third bank cuts ties with Trump after Capitol riot | TheHill - 0 views

thehill.com/...-with-trump-after-capitol-riot

trump bank capitol insurrection

shared by hannahcarter11 on 13 Jan 21 - No Cached
  • A third bank declared its plans to cut ties with President TrumpDonald TrumpGrowing number of GOP lawmakers say they support impeachment YouTube temporarily bars uploading of new content on Trump's channel House passes measure calling on Pence to remove Trump MORE and the Trump Organization on Tuesday in the aftermath of the raid on the Capitol last week.
  • Florida-based Professional Bank, which once provided Trump with an $11 million mortgage, announced that it won’t conduct future business with the president or his organization.
  • The Florida bank represents the third bank to end its relationship with Trump and the Trump Organization after a pro-Trump mob breached and vandalized the Capitol building last week in an attempt to disrupt Congress’s certification of President-elect Joe BidenJoe BidenGrowing number of GOP lawmakers say they support impeachment House passes measure calling on Pence to remove Trump Disney, Walmart say they will block donations to lawmakers who objected to Electoral College results MORE’s Electoral College win.
  • ...9 more annotations...
  • The New York-based Signature Bank announced that it would close down Trump’s personal accounts that have about $5.3 million due to the “displeasure and shock” management experienced following the Capitol riots. 
  • Earlier this week, Bloomberg News reported that Deutsche Bank would not conduct future business with Trump or his company besides monitoring the payment of existing loans amounting to more than $300 million. 
  • The deadly riots resulted in at least five deaths, including a Capitol Police officer and a woman shot by a plain clothes Capitol Police officer.
  • The New York bank also called on the president to resign and said it would not make future agreements with lawmakers who contested the Electoral College results after the riots.
  • “We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty,” the statement continued.
  • Eric TrumpEric TrumpLet's make Wednesday, Jan. 6, 2021 the day Trumpism died Ivanka Trump urges 'patriots' storming Capitol to 'stop immediately' in now-deleted tweet Eric Trump warns of primary challenges for Republicans who don't object to election results MORE, one of the president’s sons put in charge of day-to-day operations of the Trump Organization, told The Associated Press that banks and other companies ending their relationship with the business after the riots exemplifies a liberal “cancel culture.”
  • “If you disagree with them, if they don’t like you, they try and cancel you.”
  • Several companies, in addition to the banks, have distanced themselves from the president after last week’s events, including Shopify, which took down trumpstore.com, and PGA of America, which moved a 2022 championship away from Trump property.
  • New York City declared on Wednesday that it would end contracts with the Trump Organization to run attractions in the city’s park, with Mayor Bill de BlasioBill de BlasioRepublican Staten Island candidate apologizes for Hitler reference New York City considering ending business contracts with Trump Columnist Ross Barkan discusses the slow vaccination process in the state of New York MORE (D) saying, “New York City doesn’t do business with insurrectionists.”
kaylynfreeman

How Three Election-Related Falsehoods Spread - The New York Times - 0 views

www.nytimes.com/...related-falsehoods-spread.html

US politics

shared by kaylynfreeman on 03 Nov 20 - No Cached
  • The data showed how a single rumor pushing a false narrative could rapidly gain traction on Facebook and Twitter, generating tens of thousands of shares and comments. That has made the misinformation particularly hard for elections officials to fight.
  • 1. False claims of ballot “harvesting”This misinformation features the unproven assertion that ballots are being “harvested,” or collected and dropped off in bulk by unauthorized people.
  • Representative Ilhan Omar, a Minnesota Democrat, was falsely accused last month of being engaged in or connected to systematic illegal ballot harvesting.
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  • There were 3,959 public Facebook posts sharing this rumor, according to our analysis. Those posts generated 953,032 likes, comments and shares. Among those who shared the lie were two pro-Trump Facebook groups targeting Minnesota residents, as well as President Trump himself. At least 26,300 tweets also discussed the falsehood.
  • 2. False claims of mail-in ballots being dumped or shreddedMail-in ballots and related materials being tossed was another popular falsehood that election officials said they were hearing.
    • kaylynfreeman
      kaylynfreeman on 03 Nov 20
       
      i heard that as well
  • 3. False claims of planned violence at polling sites by Antifa and Black Lives Matter protesters
  • Election officials also said people were confronting them with false assertions that antifa, the loose collection of left-wing activists, and Black Lives Matter protesters were coordinating riots at polling places across the country.Image
  • He said in an email that his post was not a call for violence and that The New York Times should focus on “the key planners and financiers of all the rioting, arson, looting and murder” instead.
Javier E

The Internet Is the Greatest Legal Facilitator of Inequality in Human History - Bill Da... - 0 views

www.theatlantic.com/...283422

internet jobs inequality competition global

shared by Javier E on 01 Feb 14 - No Cached
  • the Internet has created a tremendous amount of personal wealth. Just look at the rash of Internet billionaires and millionaires,
  • Then there’s the superstar effect. The Internet multiplies the earning power of the very best high-frequency traders, currency speculators, and entertainers, who reap billions while the merely good are left to slog it out.
  • will the Internet also create the greatest economic inequality the global economy has ever known?
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  • As the Internet goes about its work making the economy more efficient, it is reducing the need for travel agents, post office employees, and dozens of other jobs in corporate America. The increased interconnectivity created by the Internet forces many middle and lower class workers to compete for jobs with low-paid workers in developing countries. Even skilled technical workers are finding that their jobs can be outsourced to trained engineers and technicians in India and Eastern Europe.
  • The new news is that Internet-based companies may well be the businesses of the future, but they create opportunities for only a select few. Google has a little over 54,000 employees and generated revenues of around $50 billion in sales or about $1.0 million per employee.
  • in order to justify hiring an employee, a highly productive Internet company must create five to ten times the dollars in sales as the average domestic company.
  • In the past, the most efficient businesses created lots of middle class jobs.
  • One reason we are failing to create a vibrant middle class is that the Internet affects the economy differently than the new businesses of the past did., forcing businesses and their workers to face increased global competition. It reduces the barriers for moving jobs overseas. It has a smaller economic trickle-down effect.
  • Doing some of the obvious things like raising the minimum wage to fight the effects of the Internet will probably worsen the problem. For example, it will make it more difficult for bricks-and-mortar retailers to compete with online retailers.
  • Surprisingly, the much-vilified Walmart probably does more to help middle class families raise their median income than the more productive Amazon. Walmart hires about one employee for every $200,000 in sales, which translates to roughly three times more jobs per dollar of sales than Amazon
  • two things are certain: the Internet is creating many of those in the ultra-wealthy 1%; and it forces businesses to compete with capable international competitors while providing the tools so that businessmen can squeeze inefficiency out of the system in order to remain competitive.
  • If the government is going to be in the business of redistributing wealth, a better approach would be to raise the earned income tax credit and increase taxes to pay for it. Not only would this raise the income of low paid workers, but also it would subsidize businesses so they would be more competitive in world markets and encourage them to create jobs
katyshannon

If It Owns a Well or a Mine, It's Probably in Trouble - The New York Times - 0 views

www.nytimes.com/...jobs-amid-commodity-slump.html

mine trouble new york times crisis gas oil mining fracking china us jobs

shared by katyshannon on 09 Dec 15 - No Cached
  • The pain among energy and mining producers worsened again on Tuesday, as one of the industry’s largest players cut its work force by nearly two-thirds and Chinese trade data amplified concerns about the country’s appetite for commodities.
  • The full extent of the shakeout will depend on whether commodities prices have further to fall. And the outlook is shaky, with a swirl of forces battering the markets.
  • The world’s biggest buyer of commodities, China, has pulled back sharply during its economic slowdown. But the world is dealing with gluts in oil, gas, copper and even some grains.
  • ...5 more annotations...
  • The pressure on prices has been significant. Continue reading the main story Related Coverage China’s Slowdown Tarnishes Economic Boom in Copper-Rich ZambiaDEC. 2, 2015 A Global Chill in Commodity Demand Hits America’s HeartlandOCT. 23, 2015 Glencore Isn’t Out of the Woods YetOCT. 1, 2015 Prices for iron ore, the crucial steelmaking ingredient, have fallen by about 40 percent this year. The Brent crude oil benchmark is now hovering around $40 a barrel, down from more than a $110 since the summer of 2014.
  • Companies are caught in the downdraft.A number of commodity-related businesses have either declared bankruptcy or fallen behind in their debt payments
  • Even more common are the cutbacks. Nearly 1,200 oil rigs, or two-thirds of the American total, have been decommissioned since late last year. More than 250,000 workers in the oil and gas industry worldwide have been laid off, with more than a third coming in the United States.
  • The international mining company Anglo American is pulling back broadly, with a goal to reduce the company’s size by 60 percent. Along with the layoffs announced on Tuesday, the company is suspending its dividend, halving its business units, as well as unloading mines and smelters.
  • China looms large in the commodities equation.Between 2000 and last year, companies invested hundreds of billions of dollars to expand their production capacity to satisfy China in a period of rapid economic expansion. Much of the corporate growth was fueled by debt.
sgardner35

Life returns -- slowly -- to MLK's old neighborhood - CNN.com - 0 views

www.cnn.com/...index.html

shared by sgardner35 on 17 Jan 16 - No Cached
  • Besides, Smith says, he had just about everything he needed up on Auburn Avenue, then the center of black life in Atlanta. In 1956, Fortune magazine dubbed it the "richest Negro street in the world."
  • and the nearby King Center, which pays homage to the neighborhood's most famous resident, the Rev. Martin Luther King. Jr.
  • which led families and businesses to leave the neighborhood, and its struggle to rebuild. In the past five or six years, the narrative has taken a cautiously optimistic turn as new businesses and residential real estate open in the area and Georgia State University's footprint in the neighborhood expands.
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  • Smith's journey from Auburn Avenue to Morehouse College to regional division manager of the Federal Aviation Administration is in many ways a realization of King's dream of upward mobility for African-Americans.
  • ned funeral homes, a fast-food seafood joint and a convenience store -- is the masonic hall that was home to the Southern Christian Leadership Conference's first office and its new Atlanta headquarters. Around the corner is a restored Madam C. J. Walker salon featuring antique hair care products.
  • "He would be disappointed in all the violence that still goes on and the crime. He would've thought that we would've advanced more toward peace and liberty and respecting everybody's rights. I know we're not there yet."
  • History hides in plain sight; blink and you might miss the explanatory signs hanging on poles and historic plaques on sides of buildings. One block from Smith's childhood home -- past Atlanta's two oldest
  • Today, the gas station is gone, replaced by a shopping plaza with a barber shop and a store selling homeopathic remedies, both popular with the seniors who live across the street in Wheat Street Towers. Ebenezer is still there, adjacent to the King Center, and King's birth home is up the street. The landmarks are the main destinations for tourists disembarking at the King historic district. Due to its relative high foot traffic, the streetcar stop attracts panhandlers offering tour guide services in exchange for donations to get them a bed at the Atlanta Mission.
  • lack-o
  • Today, it's home to a community urban garden, which started in 2010 and has proven sustainable through community farming initiatives.
  • A professional stylist who moved to Atlanta in the 1980s, de Forest was enchanted by the abandoned storefront with the salon's original signage miraculously preserved. Even better were the antique hair care products left behind.
  • Ten years ago, Sweet Auburn Bread Company owner Sonya James moved from the Sweet Auburn Curb Market on Edgewood into the Odd Fellows building, the former headquarters of the Atlanta Chapter of the Grand Order of Odd Fellows. The building's Jacobean revival architecture recalls the grandeur of the era when it served as a hub for black businesses and the site of a black social club.
  • General manager Douglas Jester, another Atlanta native, remembers when Auburn was the epicenter of the civil rights movement. Some of the pictures hanging on the restaurant's wall are of politicians -- Maynard Jackson, Andrew Young -- who visited Jester's school in the nearby Summerhill neighborhood to talk to students about black pride and the value of an education
  • "You're a product of your environment. I'm a good example of that. I would not have advanced in my life like I did had it not been for the environment I grew up in with Ebenezer and the Kings, feeling that failure is not an option," he said. "Then, there is systematic organized racism, against males and females and Hispanics and it's not getting any better with this presidential stuff we got going now. I think Dr. King and "Daddy King" would disappointed with some of the rhetoric we're hearing and the anti-Muslim stuff."
  • It's just one block away, but unlike on Auburn Avenue, white-owned businesses have anchored Edgewood Avenue for decades, many of which are still standing, said Joe Stewardson, president of the Old Fourth Ward Business Association. Even if white-owned businesses outnumber black-owned businesses on Edgewood, he says it's still among the most diverse business corridors and neighborhoods in Atlanta.
malonema1

Trump delays steel and aluminum tariffs for Canada, Mexico and European Union, pulling ... - 0 views

www.washingtonpost.com/...8-af46-b1d6dc0d9bfe_story.html

US economics trump

shared by malonema1 on 01 May 18 - No Cached
  • President Trump at the last minute on Monday evening announced he would again postpone imposing tariffs on steel and aluminum imports from Canada, Mexico and the European Union, the White House said, pushing off a key economic decision while he tries to prod foreign leaders into making trade-related concessions.
  • Trump’s strategy with the European Union is more fluid, as he has praised some countries, such as France, but chastised others, such as Germany, which he says needs to allow U.S. companies more access to consumers.
  • The late announcement — the tariffs would have kicked in at midnight — is the latest unexpected directive in Trump’s four-month effort to upend the United States’ trade relationship with more than a dozen countries. Some countries have received preferential treatment by agreeing to early changes, such as South Korea. Others, such as Japan, have been rebuffed despite repeated overtures from their leaders.
  • ...2 more annotations...
  • “We are in uncharted territory in terms of trade policy,” said Chad Bown, a senior fellow at the Peterson Institute of International Economics. “What President Trump has done is make everything uncertain in trade policy. You don’t know on almost a day-to-day basis what trade policy is going to be and businesses find it very difficult to operate in that kind of environment.”
  • Ross said in an interview with The Washington Post that Trump was acting within his authority. He said that under Section 232 of a key U.S. trade law Trump “has very broad powers. He can raise the tariffs. He can lower them. He can let countries in and let them out.”
Javier E

The Profound Social Cost of American Exceptionalism - The New York Times - 0 views

www.nytimes.com/...t-american-exceptionalism.html

exceptionalism American idea poverty inequality culture

shared by Javier E on 30 May 18 - No Cached
  • The United States is one of the richest, most technologically advanced nations in the history of humanity. And yet it accepts — proudly defends, even — a degree of social dysfunction that would be intolerable in any other rich society.
  • My first column pondered why Americans didn’t care more about the nation’s income gap, so much starker than that of any other advanced democracy. I suggested that my compatriots might come to a consensus that inequality is harmful when they realized how vast inequities could gum up the cogs of economic and social mobility
  • You can bet it has gone higher, given the bull run in the stock market since then. And Republicans just passed another round of tax cuts to offer a helping hand to the upper crust.
  • ...9 more annotations...
  • Most interestingly, Americans still don’t care that much. Sure, two-thirds say they are dissatisfied with the way income and wealth are distributed, according to Gallup. Still, more than three out of five — compared with just over half six years ago — are satisfied with “the opportunity for a person in this nation to get ahead by working hard.”
  • As my column has aimed to highlight, too many Americans are, well, sinking. Seventeen percent of Americans are poor by international standards — living on less than half the nationwide median income. That’s more than twice the share of poor people in France, Iceland or the Netherlands.
  • Unequipped to cope with the demands of a labor market in furious transformation, they will give “social mobility” a new, all-American meaning: the tendency to move in and out of prison. It’s hard to believe any country could waste so many resources and prosper.
  • Forget about income, though. It’s hard to square Americans’ belief in their society’s greatness with the life expectancy of its newborn girls and boys. It is shorter than in Australia, Austria, Belgium, Britain, Canada, Chile, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Slovenia, South Korea, Spain, Sweden, Switzerland and probably a few other countries I missed.
  • The impact of the nation’s fundamental paradox mostly fails the nonwhite and the poor. Black males born in the United States today will probably live shorter lives than boys born in Mexico, China or Turkey.
  • The children of poverty who survive will most likely hobble through life with mediocre educations — lagging their more affluent peers even before their first day in school and then falling farther behind, deprived of the resources that disadvantaged children in other advanced nations routinely enjoy.
  • Or let’s measure our progress in terms of infant deaths. Scientists in the United States invented many of the technologies used around the world to keep vulnerable babies alive. So how come our infant mortality rate is higher than that of every nation in the Organization for Economic Cooperation and Development with the exceptions of Mexico, Chile and Turkey?
  • America is doubling down on its exceptionalism. The rich got a tax break. Bankers got a break from the pesky rules written in the shadow of the financial crisis to protect the little guy. The poor and near poor were freed from their ability to afford health insurance.
  • populism — understood as a political movement shaped around giving the working class a “fair shake” — is pretty much dead.
Javier E

Review: 'Transaction Man' and 'The Economists' Hour' - The Atlantic - 0 views

www.theatlantic.com/...594718

economics science policy inequality history

shared by Javier E on 08 Aug 19 - No Cached
  • little more than a generation ago, a stealthy revolution swept America. It was a dual changing of the guard: Two tribes, two attitudes, two approaches to a good society were simultaneously displaced by upstart rivals
  • In the world of business, the manufacturing bosses gave way to Wall Street dealmakers, bent on breaking up their empires. “Organization Man,” as the journalist William H. Whyte had christened the corporate archetype in his 1956 book, was ousted by “Transaction Man,” to cite Nicholas Lemann’s latest work of social history.
  • In the world of public policy, lawyers who counted on large institutions to deliver prosperity and social harmony lost influence. In their place rose quantitative thinkers who put their faith in markets.
  • ...36 more annotations...
  • It was The Economists’ Hour, as the title of the New York Times editorial writer Binyamin Appelbaum’s debut book has it.
  • Lemann and Appelbaum contribute to the second wave of post-2008 commentary. The first postmortems focused narrowly on the global financial crisis, dissecting the distorted incentives, regulatory frailty, and groupthink that caused bankers to blow up the world economy
  • The new round of analysis broadens the lens, searching out larger political and intellectual wrong turns, an expansion that reflects the morphing of the 2008 crash into a general populist surge.
  • Berle went further. He laid out in detail how shareholders, being so dispersed and numerous, could not hope to restrain bosses—indeed, how nobody could do so. Enormous powers to shape society belonged to company chieftains who answered to no one. Hence Berle’s prescription: The government should regulate them.
  • “the Treaty of Detroit,” GM’s bosses granted workers regular cost-of-living pay increases, a measure of job security, health insurance, and a pension—benefits that were almost unheard-of. General Motors had “set itself up as a comprehensive welfare state for its workers,” in Lemann’s succinct formulation.
  • Berle celebrated the Treaty of Detroit by propounding a pro-corporate liberalism. The corporation had become the “conscience-carrier of twentieth-century American society,” he marveled
  • Anticipating the “end of history” triumphalism of a later era, the sociologist Daniel Bell feted the corporatist order in a book titled The End of Ideology.
  • the chief threat to Berle’s vision came not from America’s suspicion of concentrated power. It came from economics
  • Starting in the 1970s, however, economists began to wield extraordinary influence. They persuaded Richard Nixon to abolish the military draft. They brought economics into the courtroom. They took over many of the top posts at regulatory agencies
  • The rise of economics, Appelbaum writes, “transformed the business of government, the conduct of business, and, as a result, the patterns of everyday life.
  • In sum, Jensen’s prescriptions inverted Berle’s. The market could be made to solve the problem of the firm. Government could pull back from regulation
  • Jensen agreed with Berle’s starting point: Corporate managers were unaccountable because shareholders could not restrain them. But rather than seeing a remedy in checks exerted by regulators and organized labor, Jensen proposed to overhaul the firm so that ownership and control were reunited
  • After decades in which economists’ influence expanded rapidly, the striking thing about the Trump administration and its foreign analogues is that they have largely dispensed with economic advisers
  • Shortly after the publication of his research, the invention of junk bonds made hostile takeovers the rage. During the ’80s, more than a quarter of the companies on the Fortune 500 list were targeted. Jensen became the scholar who explained why this unprecedented boardroom bloodbath was good news for America.
  • to a considerable extent, the news was good. Shielded from market discipline, the old corporate heads had deployed capital carelessly
  • From 1977 to 1988, Jensen calculated, American corporations had increased in value by $500 billion as a result of the new market for corporate control. Reengineered and reinvigorated, American business staved off what might have been an existential threat from Japanese competition.
  • Michael C. Jensen, an entertainingly impassioned financial economist who reframed attitudes toward the corporation in the mid-’70s.
  • Even before the 2008 crash, Jensen disavowed the transactional culture he had helped to legitimize. Holy shit, Jensen remembers saying to himself. Anything can be corrupted.
  • Contrary to common presumption, the economics establishment in the 1990s and 2000s did not believe that markets were perfectly efficient. Rather, influential economists took the pragmatic view that markets would discipline financiers more effectively than regulators could
  • He is happy to state at the outset that market-oriented reforms have lifted billions out of poverty, and to recognize that the deregulation that helped undo Berle-ism was not some kind of right-wing plot. In the late ’70s, it was initiated by Democrats such as President Jimmy Carter and Senator Ted Kennedy.
  • Inequality has grown to unacceptable extremes in highly developed economies. From 1980 to 2010, life expectancy for poor Americans scandalously declined, even as the rich lived longer.
  • Meanwhile, the primacy of economics has not generated faster economic growth. From 1990 until the eve of the financial crisis, U.S. real GDP per person grew by a little under 2 percent a year, less than the 2.5 percent a year in the oil-shocked 1970s.
  • economists have repeatedly made excessive claims for their discipline
  • In the ’60s, Kennedy’s and Johnson’s advisers thought they had the business cycle tamed. They believed they could prevent recessions by “fine-tuning” tax and spending policies
  • When this expectation was exposed as hubris, Milton Friedman urged central banks to focus exclusively on the supply of money circulating in the economy. This too was soon discredited. From the ’90s onward, economists oversold the benefits of targeting inflation, forgetting that other perils—the human cost of unemployment, the destabilization wrought by financial bubbles—might well be worse than rising prices
  • Greenspan and Summers ducked the political challenge of buffering new kinds of financial trading with regulatory safeguards
  • Yet a large cost eluded Jensen’s calculations. The social contract of the Berle era was gone: the unstated assumption of lifetime employment, the promise of retirement benefits, the sense of community and stability and shared purpose that gave millions of lives their meaning. Berle had viewed the corporation as a social and political institution as much as an economic one, and the dismembering of corporations on purely economic grounds was bound to generate fallout that had not been accounted for
  • today’s fierce international competition and disruptive innovation oblige businesses to cut costs or go under. The dilemma is that, even as they compel efficiency, globalization and technological change exacerbate inequality and uncertainty and therefore the need for a compassionate social contract
  • LinkedIn is not a solution to worker insecurity writ large, still less to inequality. On the contrary, a world in which people compete to gather connections may be even less equal than our current one. A few high-octane networkers will attract large followings, while a long tail of pedestrians will have only a handful of buddies
  • Rather than buy in to a single grand vision, societies should prefer a robust contest among interest groups—what Lemann calls pluralism. Borrowing from the forgotten early-20th-century political scientist Arthur Bentley, Lemann defines groups broadly. States and cities are “locality groups,” income categories are “wealth groups,” supporters of a particular politician constitute “personality groups.” People inevitably affiliate themselves with such groups; groups naturally compete to influence the government; and the resulting push and pull, not squabbles among intellectuals about organizing concepts, constitutes the proper stuff of politics
  • Lemann is aware of the risks in this conclusion. He cites the obvious objection: “The flaw in the pluralist heaven is that the heavenly chorus sings with a strong upper-class accent.” In a contest of competing interest groups, the ones with the most money are likely to win
  • For those who regard inequality as a challenge, an interest-group free-for-all is a perilous prescription.
  • Appelbaum presents a series of persuasive recommendations, confirming that Lemann is wrong to despair of reasoned, technocratic argument. If policy makers want ordinary Americans to appreciate the benefits of open trade, they must ensure that displaced workers have access to training and health care. Because some interest groups are weaker than others, government should correct the double standard by which the power of labor unions is regarded with antipathy but the power of business monopolies is tolerated
  • Progressives should look for ways to be pro-competition but anti-inequality
  • —it isn’t so clear that the economists have departed
  • throughout Appelbaum’s narrative, many of the knights who slay the dragons of bad economic ideology are economists themselves. The story of the past generation is more about debates among economists than about economists pitted against laypeople. Perhaps, with a bit of humility and retooling, the economists will have their day again. If they do not come up with the next set of good ideas, it is not obvious who will
Javier E

Reach Out and Elect Someone-Postman.pdf - 0 views

Postman media politics amusing text language censorship television print tyranny power freedom

shared by Javier E on 16 Jun 21 - No Cached
  • Politics, he tells him, is the greatest spectator sport in America. In I 966, Ronald Reagan used a different metaphor. "Politics," he said, "is just like show business."
  • I~ politic~ were like a sporting event, there would be several virtues to attach to its name: clarity, honesty, excellence.
  • t has accomplished this in two ways. The first_ is by requiring its form'AQ) to be used in political ca~p~igns.
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  • In America, the fundamental metaphor for political discourse is the television commercial.
  • An \ American who has reached the age of forty will have seen well h ver one million television commercials in his or her lifeti~e, nd has close to another million to go before the first Social ecurity check arrives.
  • the practice of capitalism has its contradictions. I Cartels and monopolies, for example, undermine the theo,ry
  • evision commercials make hash of it. To take the simplest example: To be rationally considered, any claim-commercial ! or otherwise-~ust be made in language. More precisely, it i' must take the fomi of a proposition, for that is· the universe of II discourse from which such words as "true" apd "false" come. If that universe of discourse is discarded, then 'the application of/ empirical tests, logical analysis or any of the othtr instrum¢nts \ of reason are impotent.
  • Today, on television commercials, propositions are as. scarce as unattractive people. The truth or falsity of an advertiser's claim is simply_not an issue. A McDonald's commercial, for example, is not a series of testable, logically ordered assertions. It is a drama-a mythology, if you will-of handsome people selling, buying and eating hamb_urgers, and being driven to near ecstasy by their good fortune.
  • The television commercial has been the chief instrument in(. • creating the modem methods of presenting political ideas.
  • the commercial insists ~n . , an unprecedented brevity of expression.
  • One can like or dislike a television commercial, of course. But one cannot refute it.
  • What the advertiser needs to know is not what l is right about the product but what is wrong about the buyer. And so, the balance of business expenditures shifts from product .. research to market research. The television commercial has oriented business away from making products of value and toward making consumers feel valuable, which means that the business of business has now become pseudo-therapy. The consumer is a patient assured by psycho-dramas.
  • pear so to anyone hearing or reading it. But the commercial disdains exposition, for that takes tinie and invites argument. It is a very bad commercial indeed that engages the viewer in wondering about the validity of th~ point_ being made.
  • More9ver, commercials have the advantage of vivid visual symbols through which we may easily learn the lessons being taught. Among those lessons are that shor:t and simple messages are preferable to long and complex ones; that drama is to be preferred over exposition; that being sold solutions is better than being confronted with 1 questions about ·problems.
  • ninous form of pubhc commumcauon m our society, it was I inevitable that Americans would ac~ommo~~te themselves ,~o tl:le philosophy of television commercials. By accommodate, I mean that we accept them as a normal and plausible form of discourse. By "philosophy," I mean that the television commerl cial has embedded in it certain assumptions about the nature of communication that run counter to those of other media, espe( dally the printed word.
  • Such beli~fs would naturally have implications for our orientation to political discourse; that is to say, we may begin to accept as normal certain assumptions about the political domain that either derive from or are amplified by the tekvision commercial.
  • For example, a person who has seen one million television commercials might well believe that all political problems have fast solutions through simple measures-or ought to. Or that complex language is not to be trusted, and that all problems lend themselves to theatrical expression. Or that argument is in bad taste, and leads only to an intolerable uncertainty.
  • But what virtues attach to politics if Ronald Reagan is right? show business is not entirely ·without an idea of excellence, but its main business is to please the crowd, and its principal instrument is artifice. If politics is like show business, then the idea is not to pursue excellence, clarity or honesty but to appear as if you are, which is another matter altogether.
  • Such a: person may also come to believe that it is not necessary to draw any line between politics and other forms of social life. Just as a television commercial will use an athlete, an act<;>r, a musician, a novelist, a scientist or a countess to s~eak for the virtues (?f a product in no way within their domain of expertise, television also frees politicians from the limited field of their own expertise.
  • The commercial asks us to believe that all problems am solvable, that they are solvable fast, and that they are solvable fast through the interventions of technology, techniques and chemistry.
  • his is, of course, a preposterous theory about the roots of discontent, and would ap-
  • Although it may go ,too far to say that the politician-ascelebrity has, by itself, made political partie~ irrelevant, there is certainly a conspicuous correlation between the rise of the former and the decline of the latter.
  • The point is that television does not reveal whol the best man is. In fact, television makes impossible the determination of who is better than whom, if we mean by "better"
  • such things as more capable in negotiation, more imaginative in ) executive skill, more knowledgeable about international affairs, more understanding of the interrelations of economic systems, ._and so on. The reason has, almost entirely, to do with "image."
  • This is the lesson of all great television commercials: TheD provide a slogan, a symbol or a focus that creates for viewers a comprehensive and compelling image of themselves.
  • The politics of image and instantaneous news provides no such context, is, in fact, hampered by attempts to provide any. A mirror records only what you are wearing today. It is silent about yesterday. With television, we vault ourselves into a continuous, incoherent present.
  • In the shift from party politics to television ·politics, the same goal is sought. We are not permitted to know who is best at being President or Governor or Sena~or, but whose image is best in touching and soothing the deep reaches of our discontent.
  • The historian Carl Schorske has, in my opinion, circled closer to the truth by noting that the modem mind has grown indifferent to history because history has become useless to it; in other words, it is not obstinacy or ignorance but a sense of irrelevance that leads to the diminution of history.
  • It follows from this that hjggr¥_can play no significant role in image politics. For history is of value only to someone who takes seriously the notion that there are patterns in the past which may provide the present with nourishing traditions.
  • "The past is a world," Thomas Carlyle said, "and not a void of [ grey haze." But he wrote this at a time when the book was the principal medium of serious public discourse.
  • Terence Moran, I be~ lieve, lands on the target in saying that with media whose structure is biased toward furnishing images and fragments, we are deprived of access to an historical perspective. In the absence of continuity and context, he says, "bits of information cannot be integrated into an intelligent and consistent whole."·
  • A book is all history. Everything about it takes one back in time-from the way it is produced to its linear mode of exposition to the fact that the past tense is its most comfortable form of address. As no other medium before or since, the book promotes a sense of a coherent and usable past. In a conversation of books, history, as Carlyle understood it, is not only a world but a living world. It is
  • We do opt refuse to remember; neither do we find it exactly useless to remember. Rather, we are being rendered unfit to remember. For if remembering is to be something more than nostalgia, .it requires a contextual basis-a theory, a vision, a metaphorsomething within which facts can be organized and patterns discerned.
  • But televisio. n is a ~peed-of-light me~um, a present-centered \ medium, lts grammar, so to say, penruts no access to the past. Everything presented in moving pictures is experienced as happening "now," which is why we must be told in language that a ideotape we are seeing was made months before.
  • But not because politicians are preoccupied with presenting themselves in the best possible light. After all, who isn't? It is a rare 41d deeply disturbed person who does not wish to project a favorable image. But television gives image a bad name. For on television the politician does not so much offer the audience an image of himself, as offer himself as an image of the audience.
  • "History," Henry Ford said, "is_bunk." Henry Ford was a typographic optimist. "History," the Electric Plug replies, "doesn't exist."
  • profound cultural proolem until the maturing of the Age of ·l Print. Whatever dangers th~re may be in a word that is written, such a word is a hundred times more dangerous when stamped by a press.
  • We ought also to look to Huxley, not Orwell, to understand the threat that television and other forms of imagery pose to the foundation of liberal democracy-namely, to freedom of information.
  • To paraphrase J David Riesman only slightly, in a world of printing, information is the gunpowder of the mind; hence come the censors in their austere robes to dampen the explosion.
  • Thus, Orwell envisioned that ( 1) government c:ontrol over (2) printed matter posed a serious threat for Western: democracies. He was wrong on both counts. (He was, of course, right on both counts insofar as Russia, China and other pre-electronic cultures are concerned.)
  • The Bill of Rights is largely a prescription for preventing government from restricting the flow of information and ideas. But the Founding Fathers did not foresee that tyranny by government might_ be superseded by another sort of problen:i altogether, namely, the corporate state, which through television now controls the flow of public discourse in America.
  • I merely note the fact with apprehension, as did George Gerbner, Dean of the Annenberg School of Communication, when he wrote:
  • in fact, information and ideas did not become a
  • Television is the new state religion run by a private Ministry of Culture (the three networks), offering a universal curriculum for all people, financed by a form of hidden taxation without representation. You pay when you wash, not when you watch, and whether or not you care to watch .... 6
  • The fight against censorship is a nineteenth-century issue, which was largely won in the twentieth.
  • What we are confronted with now is the problem posed by the economic and symbolic structure of television. Those who run television do not limit our a.ccess to information but in fact. widen it. Our Ministry of Culture is Huxleyan, not Orwellian., It does everything possible to encourage us to watch continuously. But what we watch is a medium which presents information in a form ~ that renders it simplistic, nonsubstantive, nonhistorical and noncontextual; that is to say, information packaged as entertainment.
  • Tyrants of all varieties' have always known about the value of providing the masses with amusement.s as a means of pacifying discontent. But most of them could not have even hoped for a situation in which the masses·would ignore that which does not amuse.
  • iri the Age of Television, our information environment is completely different from what it was in 1783; that we have less to fear from government restraints than from television glut;
  • That is why tyrants have always relied, and still do, on censorship. Censorship, after all, is the tribute tyrants pay to the assumption that a public knows the difference between serious discourse and entertainment-and cares.
  • hat, in fact, we have ~o way of protecting ourselves from information disseminated by corporate America; and that, therefore, the battles for liberty must be fought on different terrains from where they once were.
  • How delighted would be all the kings, czars and fuhrers of the past (and commissars of. the present) to know that censorship is not a necessity when ~II political discourse takes the form of a jest.
Javier E

Society Has Become More Unequal Since Milton Friedman's Day - The New York Times - 0 views

www.nytimes.com/...ilton-friedman-inequality.html

friedman capitalism stockholder New Deal deregulation small government inequality social conscience history politics culture economics

shared by Javier E on 12 Sep 20 - No Cached
  • Fifty years ago, the economist Milton Friedman warned in his seminal essay, “The Social Responsibility of Business Is to Increase Its Profits,” that corporate executives would undermine the “basis of a free society” if they acted as if “business has a ‘social conscience’ and takes seriously its responsibilities for providing employment, eliminating discrimination, avoiding pollution and whatever else may be the watchwords of the contemporary crop of reformers.”
  • Instead of operating in a manner that treated all stakeholders fairly, Mr. Friedman argued, every corporation should seek solely to “increase its profits within the rules of the game.”
  • Not only that, Mr. Friedman sought to weaken the rules of the game by opposing basic civil rights legislation, unions, the minimum wage and other measures that protected workers, Black people, and the environment.
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  • Mr. Friedman’s cramped vision enhanced the power of the stock market and silenced the voice of workers, leading to profound inequality.
  • Mr. Friedman’s adherents gained influence in government and the business community. At the same time as Mr. Friedman’s adherents disparaged government’s role, they sought enormous tax subsidies, greatly reducing the share of taxes that corporations paid.
  • The promise of vital legislative protections against the excesses of unconstrained capitalism — including the National Labor Relations Act, minimum wage laws, the Clean Air Act, the Clean Water Act, antitrust regulations and consumer safety laws, to name a few — were undercut by two generations of ceaseless attack.
  • The concerns Mr. Friedman lampooned as obsessions of the “contemporary crop of reformers” in 1970 remain urgent problems
  • As would be expected when business leaders were told not to worry about “providing employment,” wages stagnated and inequality grew.
  • In the past 50 years, instead of gains for stockholders and top management tracking gains for workers — as characterized by the period when Mr. Friedman wrote — the returns of our capitalist system have become skewed toward the haves.
  • From 1948 to 1979, worker productivity grew by 108.1 percent and wages grew by 93.2 percent, with the stock market growing by 603 percent.
  • By contrast, from 1979 to 2018, worker productivity rose by 69.6 percent, but the wealth created by these productivity gains went predominately to executives and stockholders. Worker pay rose by only 11.6 percent during this period, while compensation for chief executives grew by an enormous 940 percent and the stock market grew by 2,200 percent.
  • As would be expected when corporate leaders were told not to worry about “eliminating discrimination,” corporate political spending was used to help seat elected officials who opposed measures designed to reduce racial disparities in education, pay and wealth, and to support gerrymandering and voter suppression efforts.
  • As would be expected when corporations were told not to worry about “avoiding pollution,” they used their muscle to undermine environmental protection and to conceal the dangers of climate change
  • the entire future of humanity is now at risk.
  • To reverse the Friedman paradigm, companies should embrace an affirmative duty to stakeholders and society. This requires tangible, publicly articulated goals, such as paying living wages to their workers, respecting workers’ right to join a union, promoting racial and gender inclusion and pay equity, enhancing safety protocols, and reducing carbon emissions
  • In doing so, corporate leaders will also set an example that institutional investors should be required to follow in their own investing and voting policies.
  • But adopting a stakeholder-centric governance model is only half the battle. Business leaders must support the restoration of fair rules of the game by government; respect the need for strong and resilient public institutions to govern a complex society; pay their fair share of taxes; and stop using corporate funds to distort our nation’s political process
  • Mr. Friedman wrote the influential essay at a time when economic security was strong, as the New Deal’s principles produced widespread prosperity, reduced poverty and helped Black Americans take their first real strides toward economic inclusion
  • Since then, the United States has gone backward in economic equality and security — a situation that the Covid-19 pandemic has exposed for all to see
  • America’s business community should heed these lessons of history and help restore the ideals of fairness, equality and economic common sense that showed that a capitalist economy could work for the many.
Javier E

How OnlyFans top earner Bryce Adams makes millions selling a sex fantasy - Washington Post - 0 views

www.washingtonpost.com/...ms-top-earners-creator-economy

fantasy sex onlyfans social media

shared by Javier E on 09 Nov 23 - No Cached
  • In the American creator economy, no platform is quite as direct or effective as OnlyFans. Since launching in 2016, the subscription site known primarily for its explicit videos has become one of the most methodical, cash-rich and least known layers of the online-influencer industry, touching every social platform and, for some creators, unlocking a once-unimaginable level of wealth.
  • More than 3 million creators now post around the world on OnlyFans, which has 230 million subscribing “fans” — a global audience two-thirds the size of the United States itself
  • fans’ total payouts to creators soared last year to $5.5 billion — more than every online influencer in the United States earned from advertisers that year,
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  • If OnlyFans’s creator earnings were taken as a whole, the company would rank around No. 90 on Forbes’s list of the biggest private companies in America by revenue, ahead of Twitter (now called X), Neiman Marcus Group, New Balance, Hard Rock International and Hallmark Cards.
  • Many creators now operate like independent media companies, with support staffs, growth strategies and promotional budgets, and work to apply the cold quantification and data analytics of online marketing to the creation of a fantasy life.
  • The subscription site has often been laughed off as a tabloid punchline, a bawdy corner of the internet where young, underpaid women (teachers, nurses, cops) sell nude photos, get found out and lose their jobs.
  • pressures to perform for a global audience; an internet that never forgets. “There is simply no room for naivety,” one said in a guide posted to Reddit’s r/CreatorsAdvice.
  • America’s social media giants for years have held up online virality as the ultimate goal, doling out measurements of followers, reactions and hearts with an unspoken promise: that internet love can translate into sponsorships and endorsement deals
  • But OnlyFans represents the creator economy at its most blatantly transactional — a place where viewers pay upfront for creators’ labor, and intimacy is just another unit of content to monetize.
  • The fast ascent of OnlyFans further spotlights how the internet has helped foster a new style of modern gig work that creators see as safe, remote and self-directed,
  • Creators’ nonchalance about the digital sex trade has fueled a broader debate about whether the site’s promotion of feminist autonomy is a facade: just a new class of techno-capitalism, selling the same patriarchal dream.
  • But OnlyFans increasingly has become the model for how a new generation of online creators gets paid. Influencers popular on mainstream sites use it to capitalize on the audiences they’ve spent years building. And OnlyFans creators have turned going viral on the big social networks into a marketing strategy, using Facebook, Twitter and TikTok as sales funnels for getting new viewers to subscribe.
  • many creators, she added, still find it uniquely alluring — a rational choice in an often-irrational environment for gender, work and power. “Why would I spend my day doing dirty, degrading, minimum-wage labor when I can do something that brings more money in and that I have a lot more control over?”
  • it is targeting major “growth regions” in Latin America, Europe and Australia. (The Mexican diver Diego Balleza said he is using his $15-a-month account to save up for next year’s Paris Olympics.)
  • “Does an accountant always enjoy their work? No. All work has pleasure and pain, and a lot of it is boring and annoying. Does that mean they’re being exploited?”
  • Adams’s operation is registered in state business records as a limited liability company and offers quarterly employee performance reviews and catered lunch. It also runs with factory-like efficiency, thanks largely to a system designed in-house to track millions of data points on customers and content and ensure every video is rigorously planned and optimized.
  • Since sending her first photo in 2021, Adams’s OnlyFans accounts have earned $16.5 million in sales, more than 1.4 million fans and more than 11 million “likes.” She now makes about $30,000 a day — more than most American small businesses — from subscriptions, video sales, messages and tips, half of which is pure profit
  • Adams’s team sees its business as one of harmless, destigmatized gratification, in which both sides get what they want. The buyers are swiped over in dating apps, widowed, divorced or bored, eager to pay for the illusion of intimacy with an otherwise unattainable match. And the sellers see themselves as not all that different from the influencers they watched growing up on YouTube, charging for parts of their lives they’d otherwise share for free.
  • “This is normal for my generation, you know?
  • “I can go on TikTok right now and see ten girls wearing the bare minimum of clothing just to get people to join their page. Why not go the extra step to make money off it?”
  • the job can be financially precarious and mentally taxing, demanding not just the technical labor of recording, editing, managing and marketing but also the physical and emotional labor of adopting a persona to keep clients feeling special and eager to spend.
  • enix International Limited, is based, the company said its sales grew from $238 million in 2019 to more than $5.5 billion last year.
  • Its international army of creators has also grown from 348,000 in 2019 to more than 3 million today — a tenfold increase.
  • The company paid its owner, the Ukrainian American venture capitalist Leonid Radvinsky, $338 million in dividends last year.)
  • portion of its creator base and 70 percent of its annual revenue
  • When Tim Stokely, a London-based operator of live-cam sex sites, founded OnlyFans with his brother in 2016, he framed it as a simple way to monetize the creators who were becoming the world’s new celebrities — the same online influencers, just with a payment button. In 2019, Stokely told Wired magazine that his site was like “a bolt-on to your existing social media,” in the same way “Uber is a bolt-on to your car.”
  • Before OnlyFans, pornography on the internet had been largely a top-down enterprise, with agents, producers, studios and other middlemen hoarding the profits of performers’ work. OnlyFans democratized that business model, letting the workers run the show: recording their own content, deciding their prices, selling it however they’d like and reaping the full reward.
  • The platform bans real-world prostitution, as well as extreme or illegal content, and requires everyone who shows up on camera to verify they’re 18 or older by sending in a video selfie showing them holding a government-issued ID.
  • OnlyFans operates as a neutral marketplace, with no ads, trending topics or recommendation algorithms, placing few limitations on what creators can sell but also making it necessary for them to market themselves or fade away.
  • After sending other creators’ agents their money over PayPal, Adams’s ad workers send suggestions over the messaging app Telegram on how Bryce should be marketed, depending on the clientele. OnlyFans models whose fans tend to prefer the “girlfriend experience,” for instance, are told to talk up her authenticity: “Bryce is a real, fit girl who wants to get to know you
  • Like most platforms, OnlyFans suffers from a problem of incredible pay inequality, with the bulk of the profits concentrated in the bank accounts of the lucky few.
  • the top 1 percent of accounts made 33 percent of the money, and that most accounts took home less than $145 a month
  • Watching their partner have sex with someone else sometimes sparked what they called “classic little jealousy issues,” which Adams said they resolved with “more communication, more growing up.” The money was just too good. And over time, they adopted a self-affirming ideology that framed everything as just business. Things that were tough to do but got easier with practice, like shooting a sex scene, they called, in gym terms, “reps.” Things one may not want to do at first, but require some mental work to approach, became “self-limiting beliefs.”
  • They started hiring workers through friends and family, and what was once just Adams became a team effort, in which everyone was expected to workshop caption and video ideas. The group evaluated content under what Brian, who is 31, called a “triangulation method” that factored their comfort level with a piece of content alongside its engagement potential and “brand match.” Bryce the person gave way to Bryce the brand, a commercialized persona drafted by committee and refined for maximum marketability.
  • One of the operation’s most subtly critical components is a piece of software known as “the Tool,” which they developed and maintain in-house. The Tool scrapes and compiles every “like” and view on all of Adams’s social network accounts, every OnlyFans “fan action” and transaction, and every text, sext and chat message — more than 20 million lines of text so far.
  • It houses reams of customer data and a library of preset messages that Adams and her chatters can send to fans, helping to automate their reactions and flirtations — “an 80 percent template for a personalized response,” she said.
  • And it’s linked to a searchable database, in which hundreds of sex scenes are described in detail — by price, total sales, participants and general theme — and given a unique “stock keeping unit,” or SKU, much like the scannable codes on a grocery store shelf. If a fan says they like a certain sexual scenario, a team member can instantly surface any relevant scenes for an easy upsell. “Classic inventory chain,” Adams said.
  • The systemized database is especially handy for the young women of Adams’s chat team, known as the “girlfriends,” who work at a bench of laptops in the gym’s upper loft. The Tool helped “supercharge her messaging, which ended up, like, 3X-ing her output,” Brian said, meaning it tripled.
  • Keeping men talking is especially important because the chat window is where Adams’s team sends out their mass-message sales promotions, and the girlfriends never really know what to expect. One girlfriend said she’s had as many as four different sexting sessions going at once.
  • Adams employs a small team that helps her pay other OnlyFans creators to give away codes fans can use for free short-term trials. The team tracks redemption rates and promotional effectiveness in a voluminous spreadsheet, looking for guys who double up on discount codes, known as “stackers,” as well as bad bets and outright fraud.
  • Many OnlyFans creators don’t offer anything explicit, and the site has pushed to spotlight its stable of chefs, comedians and mountain bikers on a streaming channel, OFTV. But erotic content on the platform is inescapable; even some outwardly conventional creators shed their clothes behind the paywall
  • Creators with a more hardcore fan base, meanwhile, are told to cut to the chase: “300+ sex tapes & counting”; “Bryce doesn’t say no, she’s the most wild, authentic girl you will ever find.”
  • The $18 an hour she makes on the ad team, however, is increasingly dwarfed by the money Leigh makes from her personal OnlyFans account, where she sells sex scenes with her boyfriend for $10 a month. Leigh made $92,000 in gross sales in July, thanks largely to revenue from new fans who found her through Adams or the bikini videos Leigh posts to her 170,000-follower TikTok account
  • “This is a real job. You dedicate your time to it every single day. You’re always learning, you’re always doing new things,” she said. “I’d never thought I’d be good at business, but learning all these business tactics really empowers you. I have my own LLC; I don’t know any other 20-year-old right now that has their own LLC.”
  • The team is meeting all traffic goals, per their internal dashboard, which showed that through the day on a recent Thursday they’d gained 2,221,835 video plays, 19,707 landing-page clicks, 6,372 new OnlyFans subscribers and 9,024 new social-network followers. And to keep in shape, Adams and her boyfriend are abiding by a rigorous daily diet and workout plan
  • They eat the same Chick-fil-A salad at every lunch, track every calorie and pay a gym assistant to record data on every rep and weight of their exercise.
  • But the OnlyFans business is competitive, and it does not always feel to the couple like they’ve done enough. Their new personal challenge, they said, is to go viral on the other platforms as often as possible, largely through jokey TikTok clips and bikini videos that don’t give away too much.
  • the host told creators this sales-funnel technique was key to helping build the “cult of you”: “Someone’s fascination will become infatuation, which will make you a lot of money.”
  • Adams’s company has worked to reverse engineer the often-inscrutable art of virality, and Brian now estimates Adams makes about $5,000 in revenue for every million short-form video views she gets on TikTok.
  • Her team has begun ranking each platform by the amount of money they expect they can get from each viewer there, a metric they call “fan lifetime value.” (Subscribers who click through to her from Facebook tend to spend the most, the data show. Facebook declined to comment.)
  • The younger workers said they see the couple as mentors, and the two are constantly reminding them that the job of a creator is not a “lottery ticket” and requires a persistent grind. Whenever one complains about their lack of engagement, Brian said he responds, “When’s the last time you posted 60 different videos, 60 days in a row, on your Instagram Reels?”
  • But some have taken to it quite naturally. Rayna Rose, 19, was working last year at a hair salon, sweeping floors for $12 an hour, when an old high school classmate who worked with Adams asked whether she wanted to try OnlyFans and make $500 a video.
  • Rose started making videos and working as a chatter for $18 an hour but recently renegotiated her contract with Adams to focus more on her personal OnlyFans account, where she has nearly 30,000 fans, many of whom pay $10 a month.
  • One recent evening this summer, Adams was in the farm’s gym when her boyfriend told her he was headed to their guest room to record a collab with Rose, who was wearing a blue bikini top and braided pigtails.
  • “Go have fun,” Adams told them as they walked away. “Make good content.” The 15-minute video has so far sold more than 1,400 copies and accounted for more than $30,000 in sales.
  • Rose said she has lost friends due to her “lifestyle,” with one messaging her recently, “Can you imagine how successful you would be if you studied regularly and spent your time wisely?”
  • The message stung but, in Rose’s eyes, they didn’t understand her at all. She feels, for the first time, like she has a sense of purpose: She wants to be a full-time influencer. She expects to clear $200,000 in earnings this year and is now planning to move out of her parents’ house.
  • “I had no idea what I wanted to do with my life. And now I know,” she said. “I want to be big. I want to be, like, mainstream.”
Javier E

The Spiritual Crisis of the Modern Economy - The Atlantic - 0 views

www.theatlantic.com/...511067

crisis spiritual meritocracy grace culture

shared by Javier E on 27 Dec 16 - No Cached
  • This go-it-alone mentality works against the ways that, historically, workers have improved their lot. It encourages workers to see unions and government as flawed institutions that coddle the undeserving, rather than as useful, if imperfect, means of raising the relative prospects of all workers.
  • It also makes it more likely that white workers will direct their frustration toward racial and ethnic minorities, economic scapegoats who are dismissed as freeloaders unworthy of help—in a recent survey, 64 percent of Trump voters (not all of whom, of course, are part of the white working class) agreed that “average Americans” had gotten less they they deserved, but this figure dropped to 12 percent when that phrase was replaced with “blacks.” (Among Clinton voters, the figure stayed steady at 57 percent for both phrases.
  • This is one reason that enacting good policies is, while important, not enough to address economic inequality. What’s needed as well is a broader revision of a culture that makes those who struggle feel like losers.
  • ...29 more annotations...
  • One explanation for why so many come to that conclusion in the first place has to do with the widening of the gulf between America’s coasts and the region in between them
  • Cities that can entice well-educated professionals are booming, even as “flyover” communities have largely seen good-paying factory work automated or shipped overseas, replaced to a large extent with insecure jobs: Walmart greeters, independent-contractor truck drivers, and the like.
  • a college degree has become the true mark of individual success in America—the sort of white-picket-fence fantasy that drives people well into their elder years to head back to school
  • the white working class that emerged in the 19th century—stitched together from long-combative European ethnic groups—strived to set themselves apart from African Americans, Chinese, and other vilified “indispensable enemies,” and build, by contrast (at least in their view), a sense of workingman pride.
  • this last election was a reminder that white male resentment of “nasty” women and “uppity” racial and other minorities remains strong.
  • That said, many Americans with more stable, better-paid jobs have blind spots of their own. For all of their professed open-mindedness in other areas, millions of the well-educated and well-off who live in or near big cities tend to endorse the notion, explicitly or implicitly, that education determines a person’s value
  • white voters from hard-hit rural areas and hollowed-out industrial towns have turned away from a Democratic Party that has offered them little in the way of hope and inspiration and much in the way of disdain and blame.
  • such a fervent belief in the transformative power of education also implies that a lack of it amounts to personal failure—being a “stupid” person
  • As much as both liberals and conservatives have touted education as a means of attaining social mobility, economic trends suggest that this strategy has limits, especially in its ability to do anything about the country’s rapidly growing inequalities
  • Well into the 21st century, two-thirds of Americans age 25 and over do not have a bachelor’s degree. The labor market has become more polarized, as highly paid jobs for workers with middling levels of education and skill dwindle away.
  • even some workers I spoke to—all former union members—said they felt that people without a good education did not deserve to make a good living.
  • The rules of meritocracy that these blue-collar workers say they admire barely apply to the very top levels of the economy. Groups of elite workers—professionals, managers, financial workers, tenured professors—continue to wall themselves off from competition. They still organize collectively, through lobbying, credentialing, licensing, and other strategies. But fewer ordinary workers have the same ability to do so
  • What has emerged in the new economy, then, is a stunted meritocracy: meritocracy for you, but not for me
  • One of the few things he could really depend on was his church. He volunteered on their Sunday-school bus, leading the kids in singing songs. “It helps to be around young people,” he said. For many of the jobless workers I interviewed, religion and tradition provided a sense of community and a feeling that their lives had purpose.
  • However exaggerated by stereotypes, the urbane, urban values of the well-educated professional class, with its postmodern cultural relativism and its rejection of old dogmas, are not attractive alternatives to what the working class has long relied on as a source of solace.
  • In the absence of other sources of meaning, Americans are left with meritocracy, a game of status and success, along with the often ruthless competition it engenders. And the consequence of a perspective of self-reliance—Americans, compared to people in other countries, hold a particularly strong belief that people succeed through their own hard work—is a sense that those who fail are somehow inferior
  • The concept of grace comes from the Christian teaching that everyone, not just the deserving, is saved by God’s grace. Grace in the broader sense that I (an agnostic) am using, however, can be both secular and religious. In the simplest terms, it is about refusing to divide the world into camps of deserving and undeserving, as those on both the right and left are wont to do
  • It rejects an obsession with excusing nothing, with measuring and judging the worth of people based on everything from a spotty résumé to an offensive comment.
  • Unlike an egalitarian viewpoint focused on measuring and leveling inequalities, grace rejects categories of right and wrong, just and unjust, and offers neither retribution nor restitution, but forgiveness.
  • With a perspective of grace, it becomes clearer that America, the wealthiest of nations, possesses enough prosperity to provide adequately for all. It becomes easier to part with one’s hard-won treasure in order to pull others up, even if those being helped seem “undeserving”—a label that today serves as a justification for opposing the sharing of wealth on the grounds that it is a greedy plea from the resentful, idle, and envious.
  • ignorance shouldn’t be considered an irremediable sin. Yet many of the liberal, affluent, and college-educated too often reduce the beliefs of a significant segment of the population to a mash of evil and delusion
  • From gripes about the backwardness and boredom of small-town America to jokes about “rednecks” and “white trash” that are still acceptable to say in polite company, it’s no wonder that the white working class believes that others look down on them. That’s not to say their situation is worse than that of the black and Latino working classes—it’s to say that where exactly they fit in the hierarchy of oppression is a question that leads nowhere, given how much all these groups have struggled in recent decades.
  • While there are no simple explanations for the desperation and anger visible in many predominantly white working-class communities, perhaps the most astute and original diagnosis came from the rabbi and activist Michael Lerner, who, in assessing Donald Trump’s victory, looked from a broader vantage point than most. Underneath the populist ire, he wrote, was a suffering “rooted in the hidden injuries of class and in the spiritual crisis that the global competitive marketplace generates.”
  • That cuts right to it. The modern economy privileges the well-educated and highly-skilled, while giving them an excuse to denigrate the people at the bottom (both white and nonwhite) as lazy, untalented, uneducated, and unsophisticated.
  • many well-off Americans from across the political spectrum scorn the white working class in particular for holding onto religious superstitions and politically incorrect views, and pity them for working lousy jobs at dollar stores and fast-food restaurants that the better-off rarely set foot in
  • This system of categorizing Americans—the logical extension of life in what can be called an extreme meritocracy—can be pernicious: The culture holds up those who succeed as examples, however anecdotal, that everyone can make it in America. Meanwhile, those who fail attract disdain and indifference from the better-off, their low status all the more painful because it is regarded as deserved.
  • the shame of low status afflicts not just the unemployed, but also the underemployed. Their days are no longer filled with the dignified, if exhausting, work of making real things.
  • For less educated workers (of all races) who have struggled for months or years to get another job, failure is a source of deep shame and a reason for self-blame. Without the right markers of merit—a diploma, marketable skills, a good job—they are “scrubs” who don’t deserve romantic partners, “takers” living parasitically off the government, “losers” who won’t amount to anything
  • Even those who consider themselves lucky to have jobs can feel a sense of despair, seeing how poorly they stand relative to others, or how much their communities have unraveled, or how dim their children’s future seems to be: Research shows that people judge how well they’re doing through constant comparisons, and by these personal metrics they are hurting, whatever the national unemployment rate may be.
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