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Javier E

Nancy Folbre: Conservatives and the Zombie Apocalypse - NYTimes.com - 1 views

  • two competing horror-show narratives that increasingly dominate political discourse in this country
  • The basic right-wing story line evokes zombie apocalypse: The shambling, diseased living dead — Obama Zombies — are threatening human civilization.
  • A forthcoming book by Nicholas Eberstadt is titled “A Nation of Takers: America’s Entitlement Epidemic.” Charles Sykes contends that we have become “A Nation of Moochers.”
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  • the left-wing narrative of vampire threat, which warns of a small group of powerful, almost immortal beings who invest in blood funds, suck out the profits and stash them in Transylvanian tax shelters.
  • Zombies and vampires represent archetypal middle-class fears: the fear of being pulled down by the needy or stomped on by the powerful.
  • who exactly are these zombies (or “takers” or “moochers”)?We know who they are not.
  • They are not those who paid no federal income taxes last year, because many of these can point to a record of hard work.
  • They are not those stuck at the very bottom of the income distribution: When all taxes (rather than merely federal income taxes) are taken into consideration, the share of all taxes paid by different income groups corresponds pretty closely to their share of total income
  • They are not those who get more in government benefits than they pay in taxes in a given year, because many of these families include children, elderly people, or adults who are eager to resume wage-earning as soon as they can find jobs but for now are unemployed.
  • Maybe the zombies are those likely to receive more in government benefits over their lifetime than they have paid in taxes. At the top of this list would be seriously injured military veterans in need of continuing care, along with those receiving costly Medicare-financed interventions in the last two months of their lives.
  • Alternatively, one might point to all those who have received means-tested public assistance. If so, Mr. Romney’s father George, who received public relief at one point, falls under suspicion.
Javier E

Bill Moyers | Henry Giroux: Zombie Politics and Casino Capitalism - 0 views

  • you have a consolidation of power that is so overwhelming, not just in its ability to control resources and drive the economy and redistribute wealth upward, but basically to provide the most fraudulent definition of what a democracy should be. I mean, the notion that profit making is the essence of democracy, the notion that economics is divorced from ethics, the notion that the only obligation of citizenship is consumerism, the notion that the welfare state is a pathology, that any form of dependency basically is disreputable and needs to be attacked, I mean, this is a vicious set of assumptions.
  • The biggest lie of all is that capitalism is democracy. We have no way of understanding democracy outside of the market, just as we have no understanding of how to understand freedom outside of market values.
  • Metaphorically. Two things happened. 1) There was this assumption that the government was evil except when it regulated its power to benefit the rich. So it wasn't a matter of smashing the government as Reagan seemed to suggest, it was a matter of rearranging it and reconfiguring it so it served the wealthy, the elites and the corporate,
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  • Thatcher said something else that's particularly interesting in this discussion. She said there's no such thing as society. There are only individuals and families. And so what we begin to see is the emergence of a kind of ethic, a survival of the fittest ethic that legitimates the most incredible forms of cruelty, that seems to suggest that freedom in this discourse of getting rid of society, getting rid of the social-- that discourse is really only about self-interest, that possessive individualism is now the only virtue that matters. So freedom, which is essential to any notion of democracy, now becomes nothing more than a matter of pursuing your own self interests
  • I want to echo something that FDR once said, When he said that, you know, you not only have to have personal freedoms and political freedoms, the right to vote the right to speak, you have to have social freedom. You have to have the freedom from want, the freedom from poverty, the freedom from-- that comes with a lack of health care.
  • How do you get a discourse governing the country that seems to suggest that anything public, public health, public transportation, public values, you know, public engagement is a pathology?
  • Individualize the social, which means that all problems, if they exist, rest on the shoulders of individuals.
  • that the government-- the larger social order, the society has no responsibility whatsoever so that-- you often hear this, I mean, if there--I mean, if you have an economic crisis caused by the hedge fund crooks, you know and millions of people are put out of work and they're all lining up for unemployment, what do we hear in the national media? We hear that maybe they don't know how to fill out unemployment forms, maybe it's about character.
  • I think that what we haven't seen before is an attack on the social contract, Bill, that is so overwhelming, so dangerous in the way in which its being deconstructed and being disassembled that you now have as a classic example, you have a whole generation of young people who are now seen as disposable.
  • young people can't turn anywhere without in some way being told that the only obligation of citizenship is to shop, is to be a consumer. You can't walk on a college campus today and walk into the student union and not see everybody represented there from the local banks to Disneyland to local shops, all selling things.
  • Where are the public spaces for young people other learn a discourse that's not commodified, to be able to think about non-commodifiable values like trust, justice, honesty, integrity, caring for others, compassion. Those things, they're just simply absent, they're not part of those public spheres because those spheres have been commodified.
  • It's a death machine. It's a death machine because in my estimation it does everything it can to kill any vestige of a robust democracy. It turns people into zombies, people who basically are so caught up with surviving that they have no-- they become like the walking dead, you know, they lose their sense of agency-
  • Zombie Politics and Culture in the Age of Casino Capitalism.” Why that metaphor, zombie politics? HENRY GIROUX: Because it's a politics that's informed by the machinery of social and civil death.
  • This casino capitalism as we talk about it, right, one of the things that it does that hasn't been done before, it doesn't just believe it can control the economy. It believes that it can govern all of social life. That's different. That means it has to have its tentacles into every aspect of everyday life. Everything from the way schools are run to the way prisons are outsourced to the way the financial services are run to the way in which people have access to health care, it's an all-encompassing, it seems to me, political, cultural, educational apparatus.
  • as the social state is crippled, as the social state is in some way robbed, hollowed out and robbed of its potential and its capacities, what takes its place? The punishing state takes its place. You get this notion of incarceration, this, what we call the governing through crime complex where governance now has been ceded to corporations who largely are basically about benefiting the rich, the ultra-rich, the big corporations and allowing the state to exercise its power in enormously destructive and limited ways.
  • we kill the imagination by suggesting that the only kind of rationality that matters, the only kind of learning that matters is utterly instrumental, pragmatist. So what we do is we collapse education into training, and we end up suggesting that not knowing much is somehow a virtue. And I'll and I think what's so disturbing about this is not only do you see it in the popular culture with the lowest common denominator now drives that culture, but you also see it coming from politicians who actually say things that suggest something about the policies they'd like to implement.
  • Rick Santorum is not-- is kind of a, you know, an obvious figure. But when he stands up in front of a body of Republicans and he says, the last thing we need in the Republican party are intellectuals. And I think it's kind of a template for the sort of idiocy that increasingly now dominates our culture.
  • I think intellectuals are-- there are two ways we can describe intellectuals. In the most general sense, we can say, "Intellectuals are people who take pride in ideas. They work with ideas." I mean, they believe that ideas matter. They believe that there's no such thing as common sense, good sense or bad sense, but reflective sense.
  • how we learn what we learn and what we do with the knowledge that we have is not just for ourselves. It's for the way in which we can expand and deepen the very processes of democracy in general, and address those problems and anti-democratic forces that work against it.
  • I think the real issue here is, you know, what would it mean to begin to do at least two things?
  • one is to develop cultural apparatuses that can offer a new vocabulary for people, where questions of freedom and justice and the problems that we're facing can be analyzed in ways that reach mass audiences in accessible language. We have to build a formative culture
  • Secondly, we've got to overcome the fractured nature of these movements. I mean the thing that plagues me about progressives in the left and liberals is they are all sort of ensconced in these fragmented movements
  • here's the contradiction I hear in what you're saying. That if you write about a turning toward despair and cynicism in politics. Can you get movements out of despair and cynicism? Can you get people who will take on the system when they have been told that the system is so powerful and so overwhelming that they've lost their, as you call it, moral and political agency?
  • to be different than it is now, rather than romanticizing hope and turning it into something Disney-like, right, it really has to involve the hard work of A) recognizing the structures of domination that we have to face, B) organizing collectively and somehow to change those, and C) believing it can be done, that it's worth the struggle.
  • I refuse to become complicitous. I refuse to say--I refuse to be alive and to watch institutions being handed over to right wing zealots. I refuse to be alive and watch the planet be destroyed. I mean, when you mentioned-- you talk about the collective imagination, you know, I mean that imagination emerges when people find strength in collective organizations, when they find strength in each other.
Javier E

Rubio and the Zombies - NYTimes.com - 0 views

  • a zombie idea is a proposition that has been thoroughly refuted by analysis and evidence, and should be dead — but won’t stay dead because it serves a political purpose, appeals to prejudices, or both. The classic zombie idea in U.S. political discourse is the notion that tax cuts for the wealthy pay for themselves
  • the big question: How did we get into the mess we’re in? The financial crisis of 2008 and its painful aftermath, which we’re still dealing with, were a huge slap in the face for free-market fundamentalists. Circa 2005, the usual suspects — conservative publications, analysts at right-wing think tanks like the American Enterprise Institute and the Cato Institute, and so on — insisted that deregulated financial markets were doing just fine, and dismissed warnings about a housing bubble as liberal whining. Then the nonexistent bubble burst, and the financial system proved dangerously fragile; only huge government bailouts prevented a total collapse.
  • What about responding to the crisis? Four years ago, right-wing economic analysts insisted that deficit spending would destroy jobs, because government borrowing would divert funds that would otherwise have gone into business investment, and also insisted that this borrowing would send interest rates soaring. The right thing, they claimed, was to balance the budget, even in a depressed economy.
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  • here we are, more than five years into the worst economic slump since the Great Depression, and one of our two great political parties has seen its economic doctrine crash and burn twice: first in the run-up to crisis, then again in the aftermath. Yet that party has learned nothing; it apparently believes that all will be well if it just keeps repeating the old slogans, but louder.
Javier E

Opinion | How Zombies Ate the G.O.P.'s Soul - The New York Times - 0 views

  • zombies have been eating Republican brains for decades.
  • Voodoo economics had completely taken over the party by the early 2000s, when then-House majority leader Tom DeLay declared, “Nothing is more important in the face of war than cutting taxes.”
  • Climate deniers have ruled since at least 2009, when only eight House Republicans supported a bill to limit greenhouse gas emissions.
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  • zombie ideas haven’t eaten just Republicans’ brains. They have also eaten the party’s soul.
  • Think about what is now required for a Republican politician to be considered a party member in good standing. He or she must pledge allegiance to policy doctrines that are demonstrably false; he or she must, in effect, reject the very idea of paying attention to evidence.
  • There used to be Republican politicians who were more than that, but they were mainly holdovers from an earlier era, and at this point have all left the scene, one way or another. John McCain may well have been the last of his kind.
  • What’s left now is a party that, as far as I can tell, contains no politicians of principle; anyone who does have principles has been driven out.
  • you might have hoped that there would be some limits to what these apparatchiks would accept, that even they would draw the line at gross abuses of power and collusion with foreign autocrats
  • there is no line. If Trump wants to dismantle democracy and rule of law (which he does), his party will stand with him all the way.
Javier E

'An Army of Zombies Is Leading Us to Hell': A Russian Who Fled Putin's Draft Speaks Out... - 0 views

  • Shalaev: I blame myself for our careless life, for our hedonism. We were completely relaxed, a bunch of computer geeks enjoying a happy and comfortable decade of Moscow life, creating and playing our games. We thought the entire country was like us; we did not know our country.
  • Nemtsova: Do you yourself feel guilt?
  • Shalaev: A few old men and an army of zombies are leading us to hell. I say that because people around me in Russia behaved as if they had been bitten by a zombie, dragging my entire country into a dreadful war. All I saw was Russian loser husbands beating their wives, while the entire rotting house of the state system has turned my people into an army of the dead.
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  • On less than a day’s notice, these men of military age all left their relatively comfortable lives in downtown Moscow to fly to Yerevan, the capital of Armenia. Because of Putin’s war, Shalaev tossed a book, an iPad, and a laptop in a backpack and got out of Dodge.
Javier E

Opinion | The Zombie Style in American Politics - The New York Times - 0 views

  • On issue after issue, what you see are multiple levels of denial combined with a refusal ever to give up an argument no matter how completely it has been discredited.
  • I first encountered this style of argument a long time ago, over the issue of rising inequality. By the early 1990s it was already obvious that growth in the United States economy was becoming ever more skewed
  • The answer was multilayered denial. Inequality wasn’t rising. O.K., it was rising, but that wasn’t a problem. O.K., rising inequality was unfortunate, but there was nothing that could be done about it without crippling economic growth.
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  • Global warming is a myth — a hoax concocted by a vast conspiracy of scientists around the world. O.K., the climate is changing, but it’s a natural phenomenon that has nothing to do with human activity. O.K., man-made climate change is real, but we can’t do anything about it without destroying the economy.
  • You see the same thing on climate change
  • in each case those making denialist arguments, while they may invoke evidence, don’t actually care what the evidence says; at a fundamental level, they aren’t interested in the truth. Their goal, instead, is to serve a predetermined agenda.
  • What the right’s positioning on inequality, climate and now Russian election interference have in common is that in each case the people pretending to be making a serious argument are actually apparatchiks operating in bad faith.
  • Thus, inequality denial is about using whatever argument comes to hand to defend policies that benefit the rich at the expense of working Americans. Climate denial is about using whatever argument comes to hand to defend fossil fuel interests. Russia denial is about using whatever argument comes to hand to defend Donald Trump
  • reporting about these debates typically frames them as disputes about the facts and what they mean, when the reality is that one side isn’t interested in the facts.
  • Calling out dishonesty and bad faith can seem like partisan bias when, to put it bluntly, one side of the political spectrum lies all the time, while the other side doesn’t.
  • But pretending that good faith exists when it doesn’t is unfair to readers
  • The public deserves to know that the big debates in modern U.S. politics aren’t a conventional clash of rival ideas. They’re a war in which one side’s forces consist mainly of intellectual zombies.
Javier E

Trump's war on pragmatism - The Washington Post - 0 views

  • We Americans have always fancied ourselves practical, can-do people who put old feuds aside when faced with a big collective problem.
  • Instead, Trump championed the extremists who continued their marches on several state capitals over the weekend demanding an abrupt and reckless end to the temporary shutdowns that have slowed the virus’s spread
  • This tradition acknowledges that we often have multiple goals. In the coronavirus crisis, this means beating the pandemic and getting the economy humming again.
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  • President Trump is failing because he has abandoned our commitments to favoring problem-solving over ideological posturing and to acting nationally in the face of looming catastrophe.
  • Instead of rallying the resources required for a nationally organized testing program, Trump told the nation’s governors that the federal government will “be standing alongside of you.”
  • Having thrown the burden of resolving the crisis on those governors, Trump might at least have encouraged his own supporters to back off their reflexive opposition to a gradual and considered approach to economic recovery
  • it’s no accident that one of the United States’ great contributions to philosophy is William James’s theory of pragmatism. Our bias is toward ideas that work and innovation by way of trial and error.
  • Why? “They seem to be protesters that like me,” he said gleefully.
  • Considering this lack of leadership, what would a William James pragmatist do?
  • Virtually everyone except for Trump and his apologists understands the obvious: Reopening the economy requires, first, a national commitment to a robust testing program fully backed by the federal government
  • “Even if the government-imposed social distancing rules are relaxed to encourage economic activity, risk-averse Americans will persist in social distancing, and that behavior, too, will restrain the hoped-for economic rebound,
  • Those who shout for opening the economy in the name of freedom don’t think much about the freedom of workers to protect themselves from a potentially deadly disease. And employers do not want to find themselves facing legal liabilities for infected employees.
  • If the economy is substantially reopened without adequate testing, said Thea Lee, president of the Economic Policy Institute, the most vulnerable would include “low-wage workers, women, people of color, immigrants, and the elderly.” They are “concentrated in the riskiest jobs, with the least financial cushion, and the least likely to have employer-provided benefits or protections,”
nataliedepaulo1

Britain Will Pay for Theresa May's Election Gamble - The New York Times - 0 views

  • LONDON — Like a stumbling figure from “The Walking Dead,” Britain’s prime minister, Theresa May, has yet to realize that she is a political zombie. For all her poise as she spoke on Downing Street on Friday, the day after Britain’s general election, when she declared her intention to continue in office, she is roaming the land of the undead. Sooner or later, reality is going to bite — hard.
  • As an admirer of Mrs. May, I wish she had chosen to leave with honor intact, instead of subjecting herself, and the country, to the ordeal ahead. The party is well and truly over. Will someone have the grace to tell her?
rerobinson03

Lockdowns, Round 2: A New Virus Surge Prompts Restrictions, and Pushback - The New York... - 0 views

  • As the coronavirus crisis mounts with renewed force in the United States, surpassing 11 million total cases and threatening to overwhelm hospitals across the country, governors, mayors and other officials are ordering restrictions, and once again finding themselves in the crosscurrents of public health and economic crises.
  • “It’s just incredibly reckless, considering everything that has happened,” said Ms. Whitmer, who faced fierce opposition for her coronavirus restrictions in the spring: Mr. Trump tweeted a call to “liberate Michigan” and protesters at the State Capitol chanted, “Lock her up.”
  • The fraught political atmosphere is a return to an earlier era of the pandemic, when protesters who were angry about business shutdowns screamed without masks on at state capitols and Mr. Trump encouraged right-wing protests demanding the reopening of the economy.
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  • “But it’s also much worse than the spring because this virus is now much more widespread,” she said. “It’s not just one region of the country experiencing the surge. It’s every state.”
  • Dr. Watson said she worried that hospitals in many cities would soon become overwhelmed, as they were in New York City and other places on the East Coast during the spring peak.
  • The country is now recording more than 150,000 new cases each day on average, more than ever before.
  • The governors of Michigan, New Mexico, Oregon and Washington who have announced new restrictions in the last few days are all Democrats.
  • During that time, all roads in the
  • Navajo Nation are closed to visitors, residents must stay at home except for urgent trips, and most government offices will be closed. Essential businesses like gas stations and groceries are allowed to open, but only from 7 a.m. to 3 p.m.
  • The virus killed about 1,700 people in Philadelphia in the early months of the pandemic, overwhelming the city’s funeral homes. With Covid-19 hospitalizations soaring again in the city, Dr. Farley warned that the virus could kill a similar number of Philadelphians this fall and winter if left unchecked.
  • “The bottom line is this: If we don’t do something to change the trajectory of this epidemic, the hospitals will become full,” Dr. Farley said. “They’ll have difficulty treating people, and we’ll have between several hundred and a thousand deaths by just the end of this year.”
Javier E

Opinion | The Lost Boys of the American Right - The New York Times - 0 views

  • while I freely acknowledge that there was more racism on the right than I was willing or able to see before the rise of Trump, there has been a distinct change in young right-wing culture. It is dramatically different from what it was when I was in college, in law school and starting my legal career.
  • As I survey the right — especially the young, so-called new right — I see a movement in the grip of some rather simple but powerful cultural forces. Hatred, combined with masculine insecurity and cowardice, is herding young right-wing men into outright bigotry and prejudice
  • they’re not strong or tough or courageous. They’re timid sheep in wolves’ clothing, moving exactly where the loudest and most aggressive voices tell them to.
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  • The result is a relentless pull to the extremes.
  • A tiny fringe adopts this mind-set as a conscious ethos, but for a much larger group, it is simply their cultural reality. In their minds, the left is so evil — and represents such an existential threat — that any accommodation of it (or any criticism of the right) undermines the forces of light in their great battle against the forces of darkness.
  • To understand the cultural dynamic, I want to introduce you to an obscure online concept, no enemies to the right.
  • one of their prime reproofs of what they might call the zombie right, the Reagan right of their parents’ generation, is that it was simply too accommodating
  • As they see it, classical liberal politics, which preserve free speech and robust debate as a priority, emboldened and empowered the left. Compromise, in their view, ran only one way
  • here’s where masculine insecurity enters the equation. To the new right, their opposition to the left is so obviously correct that only moral cowardice or financial opportunism (“grifting”) can explain any compromise
  • To fight on the right — mainly by trolling on social media or embracing authoritarianism as the based alternative to weak-kneed classical liberalism — is seen as strong, courageous and cool. It’s a sign of a fierce and independent mind.
  • Thus, the troll isn’t just a troll; he’s a man. He’s a warrior.
  • What happens if you ask: Wait, are we going too far? Well, then, you’re weak and small. You become the grifter
  • even when one initially embraces bigotry “only” as a form of social transgression, marinating in that environment soon turns trolling into conviction
  • “What starts off as joking can very quickly become unironically internalized as an actual belief.”
  • It’s difficult to break the hold of bigotry and fury on the online right, but as is so often the case, the solution to online evil can be found in offline relationships, the family and friends who keep us grounded to the real.
  • encountering people in full, rather than as mere online avatars for hated ideas, can indeed soften hearts and change minds.
  • The lost boys of the American right corrupt our culture. Full of fury against their opponents and afraid of running afoul of their “friends,” they poison our politics and damage their own souls.
Javier E

David Stockman: Mitt Romney and the Bain Drain - Newsweek and The Daily Beast - 1 views

  • Is Romney really a job creator? Ronald Reagan’s budget director, David Stockman, takes a scalpel to the claims.
  • Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.
  • Mitt Romney claims that his essential qualification to be president is grounded in his 15 years as head of Bain Capital, from 1984 through early 1999. According to the campaign’s narrative, it was then that he became immersed in the toils of business enterprise, learning along the way the true secrets of how to grow the economy and create jobs. The fact that Bain’s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case
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  • Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.
  • That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system—a regime of crony capitalism—where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.
  • So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.
  • In truth, LBOs are capitalism’s natural undertakers—vulture investors who feed on failing businesses. Due to bad policy, however, they have now become monsters of the financial midway that strip-mine cash from healthy businesses and recycle it mostly to the top 1 percent.
  • Accordingly, Bain’s returns on the overwhelming bulk of the deals—67 out of 77—were actually lower than what a passive S&P 500 indexer would have earned even without the risk of leverage or paying all the private-equity fees. Investor profits amounted to a prosaic 0.7X the original investment on these deals and, based on its average five-year holding period, the annual return would have computed to about 12 percent—well below the 17 percent average return on the S&P in this period.
  • having a trader’s facility for knowing when to hold ’em and when to fold ’em has virtually nothing to do with rectifying the massive fiscal hemorrhage and debt-burdened private economy that are the real issues before the American electorate
  • Indeed, the next president’s overriding task is restoring national solvency—an undertaking that will involve immense societywide pain, sacrifice, and denial and that will therefore require “fairness” as a defining principle. And that’s why heralding Romney’s record at Bain is so completely perverse. The record is actually all about the utter unfairness of windfall riches obtained under our anti-free market regime of bubble finance.
  • When Romney opened the doors to Bain Capital in 1984, the S&P 500 stood at 160. By the time he answered the call to duty in Salt Lake City in early 1999, it had gone parabolic and reached 1270. This meant that had a modern Rip Van Winkle bought the S&P 500 index and held it through the 15 years in question, the annual return (with dividends) would have been a spectacular 17 percent. Bain did considerably better, of course, but the reason wasn’t business acumen.
  • The secret was leverage, luck, inside baseball, and the peculiar asymmetrical dynamics of the leveraged gambling carried on by private-equity shops. LBO funds are invested as equity at the bottom of a company’s capital structure, which means that the lenders who provide 80 to 90 percent of the capital have no recourse to the private-equity sponsor if deals go bust. Accordingly, LBO funds can lose 1X (one times) their money on failed deals, but make 10X or even 50X on the occasional “home run.” During a period of rising markets, expanding valuation multiples, and abundant credit, the opportunity to “average up” the home runs with the 1X losses is considerable; it can generate a spectacular portfolio outcome.
  • The Wall Street Journal examined 77 significant deals completed during that period based on fundraising documents from Bain, and the results are a perfect illustration of bull-market asymmetry. Overall, Bain generated an impressive $2.5 billion in investor gains on $1.1 billion in investments. But 10 of Bain’s deals accounted for 75 percent of the investor profits.
  • The credentials that Romney proffers as evidence of his business acumen, in fact, mainly show that he hung around the basket during the greatest bull market in recorded history.
  • By contrast, the 10 home runs generated profits of $1.8 billion on investments of only $250 million, yielding a spectacular return of 7X investment. Yet it is this handful of home runs that both make the Romney investment legend and also seal the indictment: they show that Bain Capital was a vehicle for leveraged speculation that was gifted immeasurably by the Greenspan bubble. It was a fortunate place where leverage got lucky, not a higher form of capitalist endeavor or training school for presidential aspirants.
  • The startling fact is that four of the 10 Bain Capital home runs ended up in bankruptcy, and for an obvious reason: Bain got its money out at the top of the Greenspan boom in the late 1990s and then these companies hit the wall during the 2000-02 downturn, weighed down by the massive load of debt Bain had bequeathed them. In fact, nearly $600 million, or one third of the profits earned by the home-run companies, had been extracted from the hide of these four eventual debt zombies.
  • The bankruptcy forced the closure of about 250—or 40 percent—of the company’s stores and the loss of about 5,000 jobs. Yet the moral of the Stage Stores saga is not simply that in this instance Bain Capital was a jobs destroyer, not a jobs creator. The larger point is that it is actually a tale of Wall Street speculators toying with Main Street properties in defiance of sound finance—an anti-Schumpeterian project that used state-subsidized debt to milk cash from stores that would not have otherwise survived on the free market.
  • Ironically, the businesses and jobs that Staples eliminated were the office-supply counterparts of the cracker-box stores selling shoes, shirts, and dresses that Bain kept on artificial life-support at Stage Stores Inc. At length, Wal-Mart eliminated these jobs and replaced them with back-of–the-store automation and front-end part-timers, as did Staples, which now has 40,000 part-time employees out of its approximate 90,000 total head count. The pointless exercise of counting jobs won and lost owing to these epochal shifts on the free market is obviously irrelevant to the job of being president, but the fact that Bain made $15 million from the winner and $175 million from the loser is evidence that it did not make a fortune all on its own. It had considerable help from the Easy Button at the Fed.
  • The lesson is that LBOs are just another legal (and risky) way for speculators to make money, but they are dangerous because when they fail, they leave needless economic disruption and job losses in their wake. That’s why LBOs would be rare in an honest free market—it’s only cheap debt, interest deductions, and ludicrously low capital-gains taxes that artifically fuel them.
  • The larger point is that Romney’s personal experience in the nation’s financial casinos is no mark against his character or competence. I’ve made money and lost it and know what it is like to be judged. But that experience doesn’t translate into answers on the great public issues before the nation, either. The Romney campaign’s feckless narrative that private equity generates real economic efficiency and societal wealth is dead wrong.
  • The Bain Capital investments here reviewed accounted for $1.4 billion or 60 percent of the fund’s profits over 15 years, by my calculations. Four of them ended in bankruptcy; one was an inside job and fast flip; one was essentially a massive M&A brokerage fee; and the seventh and largest gain—the Italian Job—amounted to a veritable freak of financial nature.
  • In short, this is a record about a dangerous form of leveraged gambling that has been enabled by the failed central banking and taxing policies of the state. That it should be offered as evidence that Mitt Romney is a deeply experienced capitalist entrepreneur and job creator is surely a testament to the financial deformations of our times.
Javier E

A Hidden Consensus on Health Care - NYTimes.com - 0 views

  • The politicians’ consensus is that health care reform shouldn’t alter or disrupt the way the majority of Americans get their insurance today
  • The policy consensus, though, is that the status quo is actually the problem, and that it deserves to be threatened, undermined and replaced as expeditiously as possible. Wonks of the left and right disagree on what that replacement should look like. But they’re united in regarding employer-provided coverage as an unsustainable relic: a burden on businesses, a source of perverse incentives for the health care market and an obstacle to more efficient, affordable and universal coverage.
  • Obamacare has an unwieldy, Frankenstein’s monster quality in part because the law is trying to serve both consensuses at once. The core of the bill, the subsidies for the uninsured and the exchanges where they can purchase plans, is designed to offer a center-left alternative to the existing system. But much of the surrounding architecture is designed to prop up existing arrangements — and in the process, protect Obama from exactly the kind of criticisms he once leveled against McCain.
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  • If it dropped the employer mandate, the Obama White House would be fully committed to a more disruptive future, in which exchanges and subsidies gradually replaced the employer-based system.  And since those exchanges and subsidies are going to be implemented by this administration no matter what — barring a Martian invasion or a zombie apocalypse, at least — the sooner we find out if they really work and what they really cost the better.
  • “if you like Obamacare, and you want it to work, you don’t need the employer mandate.” And if you don’t like Obamacare (as Roy doesn’t), and don’t expect it to work, then all the mandate does is delay a necessary reckoning with the new system’s flaws.
  • Either way, the White House’s decision is a step toward honesty in policy-making. It takes us a little closer to a world where politicians of both parties actually level with the public, and acknowledge that employer-provided health insurance is an idea whose time has passed.
Javier E

The Hidden Scars All Refugees Carry - The New York Times - 0 views

  • Many people have characterized my novel, “The Sympathizer,” as an immigrant story, and me as an immigrant. No. My novel is a war story and I am not an immigrant. I am a refugee who, like many others, has never ceased being a refugee in some corner of my mind
  • Immigrants are more reassuring than refugees because there is an endpoint to their story; however they arrive, whether they are documented or not, their desires for a new life can be absorbed into the American dream or into the European narrative of civilization.
  • 60 million such stateless people exist, 1 in every 122 people alive today. If they formed their own country, it would be the world’s 24th largest — bigger than South Africa, Spain, Iraq or Canada.
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  • By contrast, refugees are the zombies of the world, the undead who rise from dying states to march or swim toward our borders in endless waves.
  • Today, when many Americans think of Vietnamese-Americans as a success story, we forget that the majority of Americans in 1975 did not want to accept Vietnamese refugees
  • For a country that prides itself on the American dream, refugees are simply un-American, despite the fact that some of the original English settlers of this country, the Puritans, were religious refugees.
  • For people like my parents and the Syrians today, their voyages across land and sea are far more perilous than the ones undertaken by astronauts or Christopher Columbus. To those watching news reports, the refugees may be threatening or pitiful, but in reality, they are nothing less than heroic
  • It is understandable that some do not want to speak of their scars and might want to pretend that they are not refugees. It is more glamorous to be an exile, more comprehensible to be an immigrant, more desirable to be an expatriate. The need to belong can change refugees themselves both consciously and unconsciously, as has happened to me and others
  • it is precisely because I do not look like a refugee that I have to proclaim being one, even when those of us who were refugees would rather forget that there was a time when the world thought us to be less than human.
Javier E

Student Protests Rile Chile - NYTimes.com - 0 views

  • Ms. Vallejo, like many of her fellow student leaders, is an avowed communist. But while she has publicly commended other regional leftists like Presidents Evo Morales of Bolivia and Rafael Correa of Ecuador, she and her generation have little in common with the older left of Fidel Castro or Hugo Chávez. They are less ideological purists than change-seeking pragmatists, even if that means working within the existing political order.
  • As the protests increasingly devolve into rock and tear-gas exchanges between students and the police, it’s becoming clear that more than education policy is at stake: a nonviolent social revolution in which disaffected, politically savvy youth are trying to overthrow the mores of an older generation, one they feel is still tainted by the legacy of Pinochet. It is not just about policy reform, but also about changing the underlying timbers of Chilean society.
  • Chile is perhaps Latin America’s greatest success story. After decades of authoritarian rule, it has spent the last 20 years building a thriving economy with a renewed democratic culture and a booming, educated middle class. But it is also confronting a dangerous imbalance: While the liberalization of higher education has led to improvements in access, tuition has consistently outpaced inflation and now represents 40 percent of the average household’s income.
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  • wealthy students from private and expensive, co-pay charter schools have unfair access to elite universities, while the rest struggle to meet entrance standards at under-financed public institutions.
  • Echoing 1960s street activism, the Chilean Winter dabbled in the absurd, but with a high-tech, social-media twist. Thousands gathered in front of the presidential palace in June dressed as zombies, then broke into a choreographed dance to Michael Jackson’s “Thriller.” In July, students again gathered in front of the palace for a huge “kiss-in.” Though the ideas came, said Giorgio Jackson, former student president of Chile’s Catholic University, from “everywhere, absolutely every local space,” the movement’s success hinged on the leadership’s ability to channel such creativity while maintaining a unified front to government and the media. The organization used a Web site to gather ideas and disseminate content for placards and posters. And it has used Ms. Vallejo’s 300,000-plus Twitter followers to quickly initiate huge “cacerolazos,” a form of dictatorship-era protest where people walk the streets banging on pots and pans.
  • “Something very powerful that has come out of the heart of this movement is that people are really questioning the economic policies of the country,” Ms. Vallejo said. “People are not tolerating the way a small number of economic groups benefit from the system. Having a market economy is really different from having a market society. What we are asking for, via education reform, is that the state take on a different role.”
  • “The student movement here is permanently connected to other student movements, principally in Latin America, but also in the world,” Ms. Vallejo said. “We believe this reveals something fundamental: that there is a global demand for the recovery and defense of the right to education.”
  • This may be Ms. Vallejo’s greatest contribution: to restore faith in a discredited system by showing a new generation that politics can be responsive to the people’s demands.
Javier E

Confessions of a 'Bad' Teacher - NYTimes.com - 0 views

  • In fact, I don’t just want to get better; like most teachers I know, I’m a bit of a perfectionist. I have to be. Dozens and dozens of teenagers scrutinize my language, clothing and posture all day long, all week long. If I’m off my game, the students tell me. They comment on my taste in neckties, my facial hair, the quality of my lessons. All of us teachers are evaluated all day long, already. It’s one of the most exhausting aspects of our job. Teaching was a high-pressure job long before No Child Left Behind and the current debates about teacher evaluation. These debates seem to rest on the assumption that, left to our own devices, we teachers would be happy to coast through the school year, let our skills atrophy and collect our pensions. The truth is, teachers don’t need elected officials to motivate us. If our students are not learning, they let us know. They put their heads down or they pass notes. They raise their hands and ask for clarification. Sometimes, they just stare at us like zombies. Few things are more excruciating for a teacher than leading a class that’s not learning. Good administrators use the evaluation processes to support teachers and help them avoid those painful classroom moments — not to weed out the teachers who don’t produce good test scores or adhere to their pedagogical beliefs. Worst of all, the more intense the pressure gets, the worse we teach
Javier E

The Great Disconnect - NYTimes.com - 0 views

  • A sense of proportion, once the conservative virtue, is considered treasonous on the right today
  • how large a stake conservatives have in convincing themselves and voters that Reagan failed. Think about it: if they conceded ideological victory they would have to confront the more prosaic reasons that entitlements, deficits and regulations continue to grow in Republican and Democratic administrations alike. They would be forced to devise a new, forward-looking agenda to benefit even their own constituencies, like ensuring that American business can draw on an educated, healthy work force; can rely on modern public infrastructure; and can count on stable, transparent financial markets. And they would have to articulate a conservative vision for those welfare state programs that are likely to remain with us, like disability insurance, food stamps and Head Start.
  • Conservatives have always been great storytellers; it is their fatal weakness. They love casting their eyes back to the past to avoid seeing what lies right under their noses. The story always involves some expulsion from Eden, whether by the hippies of the 1960s, or the suffragists, or the wretched refuse of the shtetls, or the French Revolution, or the Enlightenment, or Luther, or Machiavelli or the sack of Rome.
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  • For some years now the Claremont Institute has been promoting the idea that Wilson was a kind of double agent, whipping the Huns in World War I while surreptitiously introducing the Hegelian bacillus into the American water supply and turning us into zombie-slaves of an elite-run progressivist State.
  • Yes, the hydra-headed Progressive movement, resisting varied but real economic threats to democratic self-­government, did extend the jurisprudential limits of government activity in ways that were wise and sometimes not so wise. Yes, the New Deal did convince Americans that citizens are not road kill and that government can legitimately protect public welfare and basic human dignity. And yes, the Great Society’s liberal architects vastly overreached and overpromised, destroying the public’s confidence in active government and threatening the solid achievements of the New Deal and the Progressive Era.
  • Reagan did in fact restore (then overinflate) America’s self-confidence, and he did bequeath to Republicans a clear ideological alternative to Progressivism. But he also transformed American liberalism. As an author named Barack Obama once wrote, Reagan “put us on a fundamentally different path because the country was ready for it.” By delegitimizing Great Society liberalism and emphasizing growth, he forced the Democratic Party back toward the center, making the more moderate presidencies of Bill Clinton and Barack Obama possible. Reagan won the war of ideas, as everyone knows. Except conservatives.
  • Conservatives need a psychological specialist, someone at the level of the great Jewish sage and sometime physician Maimonides. In the late 12th century Maimonides received a letter from a group of rabbis in Marseille who had worked themselves into a frenzy over astrological predictions of the End Times. His prescription — I translate loosely from the Hebrew — was, Get a grip!
  • the right’s rage against Obama, which has seeped out into the general public, has very little to do with anything the president has or hasn’t done. It’s really directed against the historical process they believe has made America what it is today. The conservative mind, a repository of fresh ideas just two decades ago, is now little more than a click-click slide projector holding a tray of apocalyptic images of modern life that keeps spinning around, raising the viewer’s fever with every rotation.
  • the conservatives have also spooked themselves. They now really believe the apocalyptic tale they’ve spun, and have placed mild-mannered Barack Obama at the center of it.
  • Kesler admits that “Obama is at pains to be, and to be seen as, a strong family man, a responsible husband and father urging responsibility on others, a patriot, a model of pre-’60s, subliminally anti-’60s, sobriety.” But that’s just a disguise. In fact, he’s the “latest embodiment of the visionary prophet-statesman” of the Progressives, someone who “sees himself engaged in an epic struggle” whose success will mean “the Swedenization of America.”
  • what is Kesler’s evidence for these extravagant claims? He hasn’t any. Early in the book he writes that Obama came to office planning “bold, systemic changes to energy policy, environmental regulation, taxation, foreign policy” — though he never describes these plans and in fact never mentions them again. He carefully avoids Obama’s moderate record
  • By now conservative intellectuals and media hacks have realized that it’s much easier to run a permanent counterrevolution out of their plush think-tank offices and television studios than to reflect seriously, do homework and cut a deal. All they have to do is spook their troops into believing that the Progressive Idea is still on the march and that they are setting out to meet it at Armageddon.
  • more than a few of our fellow citizens are loathing themselves blind over Barack Obama. Why?
  • Whenever conservatives talk to me about Barack Obama, I always feel quite certain that they mean something else. But what exactly? The anger, the suspicion, the freestyle fantasizing have no perceptible object in the space-time continuum that centrist Democrats like me inhabit. What are we missing? Seen from our perspective, the country elected a moderate and cautious straight shooter committed to getting things right and giving the United States its self-­respect back after the Bush-Cheney years.
  • Kesler’s history of Progressivism doesn’t involve real public figures making real choices about real policies under real constraints in real time. It follows the determined historical journey of the Progressive Idea in words, from the New Freedom platform of Wilson’s first campaign, down through the New Deal speeches of Franklin Roosevelt (who spoke German as a child), then to Lyndon Johnson’s announcements of the War on Poverty and the Great Society. Once that rhetorical lineage is established, he then tries to show how the Idea spread out into American culture at large, bringing with it existentialist self-absorption, moral relativism and passivity in the face of the new administrative state, so that by the midcentury we nearly became Europeans (only fatter)
Javier E

Meet Me at the Fair - NYTimes.com - 0 views

  • The way people see the future can define their present. A century or so ago, when Americans were trying to imagine the year 2000, the talk was about ending social ills.
  • In 1964 at the fair, everyone was thinking about building stuff.
  • And what about our visions of the future now? Imagining things 50 years in the future, our novelists and scriptwriters generally see things getting worse — civilizations crash, zombies arrive, the environment implodes. We’ve certainly got problems, but it seems a tad over-negative.
Javier E

How Russians Lost the War - NYTimes.com - 0 views

  • Of course, I wish my homeland victory. But what would constitute a victory for my country? Each one of Hitler’s victories was a defeat for the German people. And the final rout of Nazi Germany was a victory for the Germans themselves, who demonstrated how a nation can rise up and live like human beings without the delirium of war in their heads.
  • Today, though, Victory Day has nothing to do with the people’s victory or my father’s victory. It is not a day of peace and remembrance for the victims. It is a day for rattling swords, a day of zinc coffins, a day of aggression, a day of great hypocrisy and great baseness.
  • hanks to the “zombie box,” the population now has a make-believe idea of the world: The West wants to destroy us, so we are compelled, like our fathers and grandfathers, to wage holy war against fascism and we must be prepared to sacrifice everything for victory.
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  • Russia’s rulers have stolen my people’s oil, stolen their elections, stolen their country. And stolen their victory.Father, we lost the war.
dpittenger

How Congress is Cutting Science Out of Science Policy - 0 views

  • The bill's impact dramatically affects the fundamental regulatory process, so that nearly every type of protective regulation is vulnerable. As a result, the RAA is opposed by groups who advocate on a variety of issues, ranging from consumer safety and financial reform to food safety and worker rights.
  • Years pass between the time a rule is proposed and its implementation.
  • You might want to call this the first in what we expect to be a long list of "zombie bills" — retreads of bills which failed to become law in previous years, but have been resurrected one more time. These legislative proposals harm science-informed policy, jeopardizing public health, safety and the environment.
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  • The worst part of the bill is the blatant cynicism it demonstrates. This bill harms science, but it also harms democracy.
  • This blatant attempt to subvert public protections has brought together science, consumer, public health, financial reform and environmental activists.
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