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Javier E

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

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

The Blog : On Spiritual Truths : Sam Harris - 0 views

  • Many of my fellow atheists consider all talk of “spirituality” or “mysticism” to be synonymous with mental illness, conscious fraud, or self-deception. I have argued elsewhere that this is a problem—because millions of people have had experiences for which “spiritual” and “mystical” seem the only terms available.
  • Osama bin Laden’s favorite philosopher. Qutb spent most of 1949 in Greeley, Colorado, and found, to his horror and satisfaction, that his American hosts were squandering their lives on gossip, trivial entertainments, and lawn maintenance.  From this Dark Night of Suburbia, he concluded that western civilization was so spiritually barren that it must be destroyed.
  • There is something degraded and degrading about many of our habits of attention.
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  • Perhaps I should just speak for myself on this point: It seems to me that I spend much of my waking life in a neurotic trance. My experiences in meditation suggest that there is an alternative to this,
  • terms like “spiritual” and “mystical” are often used to make claims, not merely about the quality of certain experiences, but about the nature of the cosmos. The fact that one can lose one’s sense of self in an ocean of tranquility does not mean that one’s consciousness is immaterial or that it presided over the birth of the universe. This is the spurious linkage between contemplative experience and metaphysics that pseudo-scientists like Deepak Chopra find irresistible.
  • But, as I argue in The Moral Landscape, a maturing science of the mind should help us to understand and access the heights of human well-being. To do this, however, we must first acknowledge that these heights exist.
Javier E

Got a Best Seller? Chipotle May Come Calling. - NYTimes.com - 0 views

  • a number of companies are latching on to a broader advertising notion of “the writer,” either as a conceptual, disembodied mascot or, in the case of Chipotle, by gathering literary luminaries to form a collective “spokescribe.”
  • As serious literature becomes further marginalized, cloistered from the cultural Kardashians at the gate, brands may be tapping into a quality associated with it that historically seduces aspirational consumers: elitism.
  • And, to the cynical marketplace, a novel conceived in a prestigious Midwestern graduate workshop, polished for years in a Brooklyn brownstone and edited in a Manhattan publishing house carries a whiff of artisanal craftsmanship not so far off from that of medicinal cocktails and locally sourced furniture.
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  • to be able to make rent while writing challenging, noncommercial fare now, in an era of diminishing readership and dwindling advances, is usually a sign that one has both the financial cushion and social privilege to do so, with all too infrequent exceptions.
  • “Just as American authors carefully craft plot lines and characters, the American makers at New Balance bring an unparalleled level of craftsmanship to every shoe they make,” the company says.
  • The company’s difficulty in rustling up authors for a highly paid and publicized piece of work points to an inherent stumbling block. When they aren’t enviously gossiping about who has landed a six-figure book deal, literary writers tend to be an anticapitalist lot
  • “That’s how we honor our writers in this country,” Mr. O’Brien quipped. “Other countries give them, like, a Nobel Prize. We give them a year’s supply of fast food.”
Javier E

Monopoly's Inventor: The Progressive Who Didn't Pass 'Go' - NYTimes.com - 0 views

  • It turns out that Monopoly’s origins begin not with Darrow 80 years ago, but decades before with a bold, progressive woman named Elizabeth Magie, who until recently has largely been lost to history, and in some cases deliberately written out of it.
  • Magie lived a highly unusual life. Unlike most women of her era, she supported herself and didn’t marry until the advanced age of 44. In addition to working as a stenographer and a secretary, she wrote poetry and short stories and did comedic routines onstage. She also spent her leisure time creating a board game that was an expression of her strongly held political beliefs.
  • Magie filed a legal claim for her Landlord’s Game in 1903, more than three decades before Parker Brothers began manufacturing Monopoly. She actually designed the game as a protest against the big monopolists of her time — people like Andrew Carnegie and John D. Rockefeller.
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  • She created two sets of rules for her game: an anti-monopolist set in which all were rewarded when wealth was created, and a monopolist set in which the goal was to create monopolies and crush opponents. Her dualistic approach was a teaching tool meant to demonstrate that the first set of rules was morally superior.
  • Elizabeth Magie was born in Macomb, Ill., in 1866, the year after the Civil War ended and Abraham Lincoln was assassinated. Her father, James Magie, was a newspaper publisher and an abolitionist who accompanied Lincoln as he traveled around Illinois in the late 1850s debating politics with Stephen Douglas.
  • On some level, Lizzie understood that the game provided a context — it was just a game, after all — in which players could lash out at friends and family in a way that they often couldn’t in daily life. She understood the power of drama and the potency of assuming roles outside of one’s everyday identity. Her game spread, becoming a folk favorite among left-wing intellectuals, particularly in the Northeast.
  • As an anti-monopolist, James Magie drew from the theories of George, a charismatic politician and economist who believed that individuals should own 100 percent of what they made or created, but that everything found in nature, particularly land, should belong to everyone. George was a proponent of the “land value tax,” also known as the “single tax.” The general idea was to tax land, and only land, shifting the tax burden to wealthy landlords. His message resonated with many Americans in the late 1800s, when poverty and squalor were on full display in the country’s urban centers.
  • Several years after she obtained the patent for her game, and finding it difficult to support herself on the $10 a week she was earning as a stenographer, Magie staged an audacious stunt mocking marriage as the only option for women; it made national headlines. Purchasing an advertisement, she offered herself for sale as a “young woman American slave” to the highest bidder. Her ad said that she was “not beautiful, but very attractive,” and that she had “features full of character and strength, yet truly feminine.”Continue reading the main story The ad quickly became the subject of news stories and gossip columns in newspapers around the country. The goal of the stunt, Magie told reporters, was to make a statement about the dismal position of women. “We are not machines,” Magie said. “Girls have minds, desires, hopes and ambition.”
  • “It is a practical demonstration of the present system of land-grabbing with all its usual outcomes and consequences,” Magie said of her game in a 1902 issue of The Single Tax Review. “It might well have been called the ‘Game of Life,’ as it contains all the elements of success and failure in the real world, and the object is the same as the human race in general seem to have, i.e., the accumulation of wealth.”
  • When she applied for a patent for her game in 1903, Magie was in her 30s. She represented the less than 1 percent of all patent applicants at the time who were women. (Magie also dabbled in engineering; in her 20s, she invented a gadget that allowed paper to pass through typewriter rollers with more ease.)
  • In its efforts to seize total control of Monopoly and other related games, the company struck a deal with Magie to purchase her Landlord’s Game patent and two more of her game ideas not long after it made its deal with Darrow.
  • Magie’s identity as Monopoly’s inventor was uncovered by accident. In 1973, Ralph Anspach, an economics professor, began a decade-long legal battle against Parker Brothers over the creation of his Anti-Monopoly game. In researching his case, he uncovered Magie’s patents and Monopoly’s folk-game roots. He became consumed with telling the truth of what he calls “the Monopoly lie.”
  • Roughly 40 years have passed since the truth about Monopoly began to appear publicly, yet the Darrow myth persists as an inspirational parable of American innovation. It’s hard not to wonder how many other buried histories are still out there — stories belonging to lost Lizzie Magies who quietly chip away at creating pieces of the world, their contributions so seamless that few of us ever stop to think about the person or people behind the idea.
Javier E

Why China Silenced a Clickbait Queen in Its Battle for Information Control - The New York Times - 0 views

  • The silencing of Ms. Ma, better known in China by her pen name, Mimeng, reflects a broader campaign by President Xi Jinping to purge the public sphere of popular voices that the ruling Communist Party finds threatening, no matter how innocuous they may seem.
  • “There is no longer any freedom of speech in China,” Jia Jia, a blogger who writes about history, said of the campaign. “In the end, no one will be spared.”
  • Now Mr. Xi is pushing to tame one of the most vibrant corners of the Chinese internet: the more than one million self-help gurus, novelists, sportswriters and other independent writers who make up the so-called “self-media.”
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  • In interviews, bloggers described the silencing of Ms. Ma as a clear warning to independent media in China: The party is in charge, and writers must play by its rules.
  • The party seems concerned that independent commentators, who have become a primary news source for China’s more than 800 million internet users, are drowning out its propaganda messages
  • “Bloggers are seen as encouraging discontent in society and potentially causing social instability,” said Hu Xingdou, a political economist in Beijing.
  • Such blogs represent one of the last bastions of relatively free discourse in China and have proliferated in recent years as the state-run news media has become more heavily focused on praising Mr. Xi and his policies.
  • For many writers, blogs are a lucrative business, with readers paying small fees for content and advertisers paying for mentions of their products. To avoid China’s strict laws on news gathering, many bloggers occupy a gray area, framing their views on current events as commentary.
  • The freewheeling competition for eyeballs has led to an alarming rise in fake news, a concern that the government often uses to justify its crackdown.
  • But Mr. Xi is targeting much more than false information. The authorities have blacklisted writers who traded celebrity gossip, analysts who discussed rising property prices and advocates who wrote about problems in the countryside.
  • Since December, the authorities have closed more than 140,000 blogs and deleted more than 500,000 articles, according to the state-run news media, saying that they contained false information, distortions and obscenities.
  • But while the range of banned topics in China was once clear — independence movements in Tibet and Taiwan, and the bloody crackdown in Tiananmen Square in 1989, for example — the party’s red line has become much more ambiguous.
  • China’s trade war with the United States is now considered sensitive. So too, sometimes, are musings about the futility of work, a theme often derided by censors as promoting “slacker culture.”
  • Li Yongfeng, who runs a popular book review channel, said he avoided publishing articles that mentioned social movements or past or present political leaders, even to offer praise.
  • “At the end of the day, it is up to authorities to decide what constitutes ‘positive energy’ and what does not,” she said.
  • In December, the Cyberspace Administration of China listed offenses by bloggers that included distorting government policy and party history, “flaunting wealth” and “challenging public order.”
  • An account that focused on women was suspended last year after the authorities said its posts on sexual health were “distasteful.”
  • Similarly, an account run by a nonprofit named NGOCN was shut down in December after it published articles on a chemical spill in eastern China
  • Increasingly, the party is seeking to limit content that depicts life in China as a constant struggle.
  • “It is becoming unbearable,” Mr. Wang said. “The party simply can’t tolerate anyone who has a big influence on society.”
knudsenlu

Martin Selmayr: The man at the heart of a Brussels saga - BBC News - 0 views

  • The European Commission has denied allegations of cronyism after a protégé of its president, Jean-Claude Juncker, was given one of the most powerful jobs in the EU civil service.Martin Selmayr has been appointed Secretary-General of the Commission, the organisation that monitors whether countries are sticking to EU rules, dreams up new laws and runs the Brexit talks day-to-day.
  • The 40-something former lawyer and media executive from Germany joined the European Commission as a press officer in 2004.He helped run Jean-Claude Juncker's successful campaign to be selected as president of the commission in 2014 and later became his head of cabinet, Brussels-speak for chief of staff.
  • Admirers, like his mentor the German MEP Elmar Brok, describe a hard-working strategic genius with political nous, who gets much better results than your average official.Detractors say his take-no-prisoners attitude goes too far. Asked about his fierce reputation, Mr Selmayr himself said: "You can't run the European Commission like a Montessori school," referring to the education system that favours child development over passing exams.
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  • At a surprise press conference in February, Jean-Claude Juncker announced he had been keeping a secret: the commission's top civil servant, the secretary-general, was retiring. Martin Selmayr would take his place.It emerged that Mr Selmayr had applied for the role of deputy secretary-general, got that job and was then instantly promoted.
  • It has been suggested that the only other candidate in the race to become deputy withdrew their application, meaning Mr Selmayr had a clear run to the top. It has been alleged that members of the European Commission were offered more generous severance packages as inducements to smooth Mr Selmayr's path, which is vigorously denied.It is claimed that he even plans to knock down walls in the commission's management suite to cement his power.
  • The European Parliament is to hold a debate about it. A motion calls for a formal inquiry into the appointment and more transparency in the recruitment process in general."The way Martin Selmayr was appointed puts the European institutions into disrespect. If this procedure was corresponding to the rules, the rules have to be changed," said Green MEP Sven Giegold.
  • To MEPs outside the most powerful parliamentary groups it looks like jobs for the boys.To campaigning reporters it smells bad. To less zealous journalists it is great gossip.To Brexiteers it is a "coup" that proves the EU's structures are opaque and undemocratic.To me, it is the latest twist in a long-running tussle over where power lies in Europe: with the member states or with an increasingly political commission that seeks to protect the very idea of the EU.
Javier E

Opinion | Politician Cyrus Habib Leaves Office to Join the Jesuits - The New York Times - 0 views

  • Try the parable of the blind man who gave up political glory for Jesus Christ.He quickly climbed the rungs of power, became the lieutenant governor of the state of Washington at 35 and had reason to believe that he’d be governor someday, maybe even before he turned 40.
  • At the age of 8, he lost his sight: A rare cancer forced the removal of both of his retinas. He spent the next decades proving to the world — and to himself — that he could nonetheless accomplish just about anything that he set his mind to.
  • He attended Columbia University. He won a Rhodes scholarship. He graduated from Yale Law. “From Braille to Yale” was how he often described his journey. It made for a great political speech.
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  • “I was in talks with a top literary agent in New York about a book deal, and it was all predicated on my biography, my identity,” he told me recently. He could feel himself being sucked into “a celebrity culture” in American politics that had nothing to do with public service. He could feel himself being swallowed by pride.
  • “How many ways,” he said “can you be called a rising star?”
  • He decided not to find out. Last month Habib, now 38, announced that instead of being on the ballot in November for a second term as lieutenant governor, he would soon leave office to become a Roman Catholic priest.
  • He is entering the Jesuit religious order, whose intensive, extensive ordination process typically takes about 10 years and involves vows of poverty and obedience as well as chastity.
  • But the more frequently that was mentioned, the more awkwardly it sat with him. His friend Lee Goldberg, who went to Columbia with him, told me that Habib watched other politicians race to the television cameras and meticulously plot their careers and was increasingly turned off.
  • Habib worried that if he moved into the governor’s office, he might be too intoxicated by power to let it go. Stepping down now, he told me, is like “giving your car keys to someone before you start drinking.”
  • And he committed to this course just as political gossips speculated about a heady promotion for him. He was a lock for re-election, as is the state’s governor, Jay Inslee. But in one scenario, a Joe Biden presidency could lead to a high-level administration position for Inslee, who would then have to step down. His lieutenant governor would immediately take his place.
  • If anything, that bolsters his resolve to take a sledgehammer to the old fortifications of his ego. “That can-do, can-overcome mentality is fantastic and can get you far,” he said. “But if hardened into an ideology of its own, it can crowd God out, because it makes you into a kind of god and says: ‘I’m not a contingent creature. I’m completely independent.’”
  • Habib devoured popular fiction, serious literature and history, reading in Braille or listening to recordings. “Books allowed me to see — through the eyes of the author, the eyes of the narrator,” he said.
  • he and his admirers assumed there’d be even higher offices down the road.
  • “We’re not completely in control,” he told me during a series of long telephone conversations over the past two weeks. “Look at what we’re going through now. Something that you can’t even see with the naked eye is ravaging us.”
  • Habib said that federal lawmakers increasingly seemed to be interested in posturing, not problem-solving, which involves compromise. “You have to face the political reality you’re in and not just present a competing utopia,” he said.
  • Although he hadn’t been particularly religious as a child or in college, he was subsequently drawn to Catholic teaching and faith, and one of his spiritual advisers in the church recommended that he read “The Jesuit Guide to (Almost) Everything” by the Rev. James Martin, a nationally renowned Jesuit priest and best-selling author. Habib did — and it pointed him toward what he thought might be a more satisfying, impactful way of helping people in need.
  • What about the surrender of his autonomy to the order’s directives? Wouldn’t his world become smaller?
  • “I don’t see it as a shrinking of my world,” he said. “I see it as a shrinking of my self. When the focus is not as much on my brand, my messaging, my re-election, my fund-raising process, my legislative agenda, you create more space for God to operate on you.”
Javier E

How Index Funds May Hurt the Economy - The Atlantic - 0 views

  • Thanks to their ultralow fees and stellar long-term performance, these investment vehicles have soaked up more and more money since being developed by Vanguard’s Jack Bogle in the 1970s
  • as of 2016, investors worldwide were pulling more than $300 billion a year out of actively managed funds and pushing more than $500 billion a year into index funds. Some $11 trillion is now invested in index funds, up from $2 trillion a decade ago. And as of 2019, more money is invested in passive funds than in active funds in the United States.
  • Indexing has also gone small, very small. Although many financial institutions offer index funds to their clients, the Big Three control 80 or 90 percent of the market. The Harvard Law professor John Coates has argued that in the near future, just 12 management professionals—meaning a dozen people, not a dozen management committees or firms, mind you—will likely have “practical power over the majority of U.S. public companies.”
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  • Indexing has gone big, very big. For nine in 10 companies on the S&P 500, their largest single shareholder is one of the Big Three. For many, the big indexers control 20 percent or more of their shares. Index funds now control 20 to 30 percent of the American equities market, if not more.
  • The problem is that the public markets have been cornered by a group of investment managers small enough to fit at a lunch counter, dedicated to quiescence and inertia.
  • Passively managed investment options do not just outperform actively managed ones in terms of both better returns and lower fees. They eat their lunch.
  • Let’s imagine that a decade ago you invested $100 in an index fund charging a 0.04 percent fee and $100 in a traditional mutual fund charging a 1.5 percent fee. Let’s also imagine that the index fund tracked the S&P 500, and that the mutual fund ended up returning what the S&P 500 returned. Your passively invested $100 would have turned into $356.66 in 10 years. Your traditionally invested $100 would have turned into $313.37.
  • Actively managed investment options could make up for their higher fees with higher returns. And some do, some of the time. Yet scores of industry and academic studies stretching over decades show that trying to beat the market tends to result in lower returns than just buying the market. Only a quarter of actively managed mutual funds exceeded the returns of their passively managed cousins in the decade leading up to 2019,
  • What might be good for retail investors might not be good for the financial markets, public companies, or the American economy writ large, and the passive revolution’s scope has raised all sorts of hand-wringing and red-flagging. Analysts at Bernstein have called passive investing “worse than Marxism.” The investor Michael Burry, of The Big Short fame, has called it a “bubble,” and a co-head of Goldman Sachs’s investment-management division has warned about froth too. Shortly before his death in 2019, Bogle himself warned that index funds’ dominance might not “serve the national interest.”
  • One primary concern comes from the analysts at Bernstein: “A supposedly capitalist economy where the only investment is passive is worse than either a centrally planned economy or an economy with active, market-led capital management.”
  • Active managers direct investment dollars to companies on the basis of those companies’ research-and-development prospects, human capital, regulatory outlook, and so on. They take new information and price it into a company’s stock when buying and selling shares.
  • Passive investors, by contrast, ignore annual reports and market rumors. They do nothing with trading-floor gossip. They make no attempt to research what to invest in and what to skip. Whether holding international or domestic assets, holding stocks or bonds, or using a mutual-fund structure or an ETF structure, they just mirror the market. Big U.S.-stock index funds buy big U.S. stocks just because they’re big U.S. stocks.
  • At least in a Soviet-type centrally planned economy, apparatchiks would be making some attempt to allocate resources efficiently.
  • Passive management is merely a giant phenomenon, not an all-encompassing one. Hundreds of actively managed mutual funds are still out there, as are legions of day traders, hedge funds, and private offices buying and selling and buying and selling. Stock prices still move around, sometimes dramatically, on the basis of new data and new ideas.
  • Still, passive investing may well be degrading the informational content of the markets, messing up price signals and making business decisions harder as a result.
  • When one of these commodities ends up on an index, the firms that use that commodity in their business see a 6 percent increase in costs and a 40 percent decrease in operating profits, relative to firms without exposure to the commodity, the academics found
  • Their theory is that ETF trading shifts prices in subtle ways, making it harder for businesses to know when to buy their gold and copper. Corporate executives “are being influenced by what happens in the futures market, and what happens in the futures market is being influenced by ETF trading,”
  • More broadly, the Bernstein analysts, among others, worry that index-linked investing is increasing correlation, whereby the prices of stocks, bonds, and other assets move up or down or sideways together.
  • the price fluctuations of a newly indexed stock “magically and quickly” change. A firm’s shares begin to move “more closely with its 499 new neighbors and less closely with the rest of the market. It is as if it has joined a new school of fish.”
  • A far bigger concern is that the rise of the indexers might be making American firms less competitive, through “common ownership,” in which the mega-asset managers control large stakes in multiple competitors in the same industry. The passive firms control big chunks of the airlines American, Delta, JetBlue, Southwest, and United, for instance
  • The rise of common ownership might be perverting corporate behavior in weird ways, academics argue. Think about the incentives like this: Let’s imagine that you are a major shareholder in a public widget company. We’d expect you to desire—insist, even—that the company fight for market share and profits. But now imagine that you are a major shareholder in all the important widget companies. You would no longer really care which one succeeded, particularly not if one company doing better meant another company doing worse. You’d just care about the widget sector’s corporate profits, which would go up if the widget companies quit competing with one another and started raising prices to pad their bottom line.
  • one major paper showed that common ownership of airline stocks had the effect of raising ticket prices by 3 to 7 percent.
  • A separate study showed that consumers are paying higher prices for prescription medicines because generic-drug makers have less incentive to compete with the companies making name-brand drugs.
  • Yet another study showed that common ownership is leading retail banks to charge higher prices.
  • Across firms, executive compensation seems to be more closely linked to a company’s performance when its shareholders are not invested in the company’s rivals, the study found. In other words, firms stop paying managers for performance when owned by the same people who own their rivals.
  • The market clout of the indexers raises other questions too. The actual owners of the stocks—not the index-fund managers but the people putting money into index funds—have little say over the companies they own. Vanguard, Fidelity, and State Street, not Mom and Dad, vote in shareholder elections
  • In fact, the Big Three cast roughly 25 percent of the votes in S&P 500 companies.
  • In an interview with The Wall Street Journal, the chief executive officer of State Street said he thought it was “almost inevitable, when you see this kind of concentration, that it probably will make sense to do something about it.”
  • But figuring out what the appropriate restrictions are depends on determining just what the problem with the indexers is—are they distorting price signals, raising the cost of consumer goods, posing financial systemic risk, or do they just have the market cornered? Then, what to do about it? Common ownership is not a problem the government is used to handling.
  • , thanks to the passive revolution, a broad variety and huge number of firms might have less incentive to compete. The effect on the real economy might look a lot like that of rising corporate concentration. And the two phenomena might be catalyzing one another, as index investing increases the number of mergers and makes them more lucrative.
  • In recent decades, the whole economy has gone on autopilot. Index-fund investment is hyperconcentrated. So is online retail. So are pharmaceuticals. So is broadband. Name an industry, and it is likely dominated by a handful of giant players. That has led to all sorts of deleterious downstream effects: suppressing workers’ wages, raising consumer prices, stifling innovation, stoking inequality, and suffocating business creation
  • The problem is not just the indexers. It is the public markets they reflect, where more chaos, more speculation, more risk, more innovation, and more competition are desperately needed.
brookegoodman

Marie-Antoinette - HISTORY - 0 views

  • Born in Vienna, Austria, in 1755, Marie Antoinette married the future French king Louis XVI when she was just 15 years old.
  • Marie Antoinette herself became the target of a great deal of vicious gossip
  • Marie Antoinette was arrested and tried for trumped-up crimes against the French republic. She was convicted and sent to the guillotine on October 16, 1793.
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  • Marie Antoinette, the 15th child of Holy Roman Emperor Francis I and the powerful Habsburg empress Maria Theresa
  • More than 5,000 guests watched as the two teenagers were married. It was the beginning of Marie Antoinette’s life in the public eye.
  • Eighteenth-century colonial wars–particularly the American Revolution, in which the French had intervened on behalf of the colonists–had created a tremendous debt for the French state
  • Life as a public figure was not easy for Marie Antoinette.
  • she spent most of her time socializing and indulging her extravagant tastes. (For example, she had a model farm built on the palace grounds so that she and her ladies-in-waiting could dress in elaborate costumes and pretend to be milkmaids and shepherdesses.
  • Before long, it had become fashionable to blame Marie Antoinette for all of France’s problems.
  • There is no evidence that Marie Antoinette ever said that starving peasants should “eat cake” if they had no bread. In fact, the story of a fatuous noblewoman who said “Let them eat cake!” appears in the philosopher Jean-Jacques Rousseau’s Confessions, which was written around 1766 (when Marie Antoinette was just 11 years old).
  • ordinary people, on the other hand, felt squeezed by high taxes and resentful of the royal family’s conspicuous spending.
  • Louis XVI and his advisers tried to impose a more representative system of taxation, but the nobility resisted.
  • Marie Antoinette continued to be a convenient target for their rage. Cartoonists and pamphleteers depicted her as an “Austrian whore” doing everything she could to undermine the French nation.
  • One of Marie Antoinette’s best friends, the Princesse de Lamballe, was dismembered in the street, and revolutionaries paraded her head and body parts through Paris.
  • In July 1793, she lost custody of her young son, who was forced to accuse her of sexual abuse and incest before a Revolutionary tribunal. In October, she was convicted of treason and sent to the guillotine. She was 37 years old.
  • She and the people around her seemed to represent everything that was wrong with the monarchy and the Second Estate: They appeared to be tone-deaf, out of touch, disloyal (along with her allegedly treasonous behavior, writers and pamphleteers frequently accused the queen of adultery) and self-interested. What Marie Antoinette was actually like was beside the point; the image of the queen was far more influential than the woman herself.
clairemann

Melania Trump Makes Herself The Victim In Statement On Capitol Attack | HuffPost - 0 views

  • “I find it shameful that surrounding these tragic events there has been salacious gossip, unwarranted personal attacks, and false misleading accusations on me ― from people who are looking to be relevant and have an agenda. This time is solely about healing our country and its citizens. It should not be used for personal gain.”
  • “It was an assault on human life and our great democracy,” Wolkoff wrote of the riot. “Unfortunately, our president and first lady have little, if any, regard for either.”
  • The first lady did not address her husband’s role in inciting the mob that attacked the Capitol. She tried to play peacemaker in her statement, however.“Our Nation must heal in a civil manner,” she said. “Make no mistake about it, I absolutely condemn the violence that has occurred on our Nation’s Capitol. Violence is never acceptable.”
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  • “I implore people to stop the violence, never make assumptions based on the color of a person’s skin or use differing political ideologies as a basis for aggression and viciousness,” she added. ” “We must listen to one another, focus on what unites us, and rise above what divides us.”
kaylynfreeman

On the Way Out, Melania Trump Denounces Attacks on Her as 'Shameful' - The New York Times - 0 views

  • “I find it shameful that surrounding these tragic events there has been salacious gossip, unwarranted personal attacks, and false misleading accusations on me — from people who are looking to be relevant and have an agenda,” Mrs. Trump wrote in a statement released on the White House’s official website.
  • I absolutely condemn the violence that has occurred on our Nation’s Capitol. Violence is never acceptable.”
  • The statement released Monday by Mrs. Trump was also rife with grammatical errors and typos, including a misspelling of the last name of a rioter who was fatally shot during the attack at the Capitol, Ashli Babbitt. (It was later corrected online.)
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  • “I implore people to stop the violence, never make assumptions based on the color of a person’s skin or use differing political ideologies as a basis for aggression and viciousness,” Mrs. Trump also said in the statement. “We must listen to one another, focus on what unites us, and rise above what divides us.”
Javier E

Donald Trump, the Most Unmanly President - The Atlantic - 0 views

  • Why do working-class white men—the most reliable component of Donald Trump’s base—support someone who is, by their own standards, the least masculine man ever to hold the modern presidency?
  • the question is why so many of Trump’s working-class white male voters refuse to hold Trump to their own standards of masculinity—why they support a man who behaves more like a little boy.
  • They are, as an American Psychological Association feature describes them, men who adhere to norms such as “toughness, dominance, self-reliance, heterosexual behaviors, restriction of emotional expression and the avoidance of traditionally feminine attitudes and behaviors.”
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  • they are men like my late father and his friends, who understood that a man’s word is his bond and that a handshake means something. They are men who still believe in a day’s work for a day’s wages. They feel that you should never thank another man when he hands you a paycheck that you earned.
  • courage, honesty, respect, an economy of words, a bit of modesty, and a willingness to take responsibility are all virtues prized by the self-identified class of hard-working men, the stand-up guys, among whom I was raised.
  • yet, many of these same men expect none of those characteristics from Trump, who is a vain, cowardly, lying, vulgar, jabbering blowhard
  • As the writer Windsor Mann has noted, Trump behaves in ways that many working-class men would ridicule: “He wears bronzer, loves gold and gossip, is obsessed with his physical appearance, whines constantly, can't control his emotions, watches daytime television, enjoys parades and interior decorating, and used to sell perfume.”
  • To reduce all of this to sexual inadequacy, however, is too facile. It cannot explain why millions of men look the other way when Trump acts in ways they would typically find shameful. Nor is arguing that Trump is a bad person and therefore that the people who support him are either brainwashed or also bad people helpful. He is, and some of them are. But that doesn’t explain why men who would normally ostracize someone like Trump continue to embrace him.
  • one must first grasp how deeply they are betraying their own definition of masculinity by looking more closely at the flaws they should, in principle, find revolting.
  • This is related to one of Trump’s most noticeable problems, which is that he can never stop talking.
  • the fact of the matter is that Trump is an obvious coward. He has two particular phobias: powerful men and intelligent women.
  • Whenever he is in the company of Russian President Vladimir Putin, to take the most cringe-inducing example, he visibly cowers.
  • he is eager to criticize China, until he is asked about Chinese President Xi Jinping.
  • Is Trump honorable? This is a man who routinely refused to pay working people their due wages, and then lawyered them into the ground when they objected to being exploited. Trump is a rich downtown bully, the sort most working men usually hate.
  • In the end, Trump will continue to act like a little boy, and his base, the voters who will stay with him to the end, will excuse him. When a grown man brags about being brave, it is unmanly and distasteful; when a little boy pulls out a cardboard sword and ties a towel around his neck like a cape, it’s endearing. When a rich and powerful old man whines about how unfairly he is being treated, we scowl and judge; when a little boy snuffles in his tears and says that he was bullied—treated worse than Abraham Lincoln, even—we comfort.
  • Women clearly scare Trump. You don’t have to take my word for it. “Donald doesn’t like strong women,” Senator Ted Cruz said back in 2016
  • Trump never seems more fearful and insecure than when women question him
  • Does Trump accept responsibility and look out for his team? Not in the least. In this category, he exhibits one of the most unmanly of behaviors: He’s a blamer.
  • Stern’s observation opens the door to a better explanation of why—despite all of his whiny complaints, his pouty demeanor, and his mean-girl tweets—Trump’s working-class voters forgive him.
  • Trump’s lack of masculinity is about maturity. He is not manly because he is not a man. He is a boy.
  • Trump is a hero to a culture in which so many men are already trapped in perpetual adolescence.
  • especially for men who feel like life might have passed them by, whose fondest memories are rooted somewhere in their own personal Wonder Years from elementary school until high-school graduation, Trump is a walking permission slip to shrug off the responsibilities of manhood.
  • so many of the men who support Trump have morphed into childish caricatures of themselves. They, too, are little boys, playing at being tough but crying about their victimization at the hands of liberal elites if they are subjected to criticism of any kind.
  • Trump’s base of support among working-class white women. (Those numbers are now declining.) But perhaps these women, too, regard Trump as just one more difficult and mischievous man-child in their lives to be accommodated and forgiven.
  • The best example of women giving him a pass was after the Access Hollywood tape came to light in the fall of 2016.
  • Female Trump supporters were interviewed on national television and—in a tragic admission about the state of American families—seemed confused about why Trump would be considered any worse than the men around them.
  • Is Trump a man who respects women?
  • Donald Trump is unmanly because he has never chosen to become a man. He has weathered few trials that create an adult of any kind. He is, instead, working-class America’s dysfunctional son, and his supporters, male and female alike, have become the worried parent explaining what a good boy he is to terrorized teachers even while he continues to set fires in the hallway right outside.
  • Howard Stern, of all people, said it best: “The oddity in all of this is the people Trump despises most, love him the most. The people who are voting for Trump for the most part … He’d be disgusted by them.” The tragedy is that they are not disgusted by him in return.
woodlu

Remote-first work is taking over the rich world | The Economist - 2 views

  • N FEBRUARY 2020 Americans on average spent 5% of their working hours at home. By May, as lockdowns spread, the share had soared to 60%—a trend that was mirrored in other countries.
  • Most office workers remain steadfastly “remote-first”, spending most of their paid time out of the office. Even though a large share of people have little choice but to physically go to work, 40% of all American working hours are still now spent at home
  • Last year British government ministers exhorted workers to get back to the office; now they are quieter
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  • bosses expect that in a post-pandemic world an average of 1.3 days a week will be worked from home—a quarter more than they expected when asked the same question in January.
  • Many people remain scared of contracting covid-19, and thus wish to avoid public spaces.
  • workers have more bargaining power.
  • it takes a brave boss to make people take a sweaty commute five days a week (workers view being forced to be in the office full-time as equivalent to a 5% pay cut).
  • Work that is largely done remotely may be more efficient compared with an office-first model.
  • Not all the papers find a positive impact on productivity. A recent paper by Michael Gibbs of the University of Chicago and colleagues studies an Asian IT-services company. When the firm shifted to remote work last year average hours rose but output fell slightly.
  • “higher communication and co-ordination costs”. For instance, managers who had once popped their head round someone’s door may have found it harder to convey precisely what they needed when everyone was working remotely.
  • more positive results
  • Only 15% of home-workers believe they are less efficient working in this way than they were on business premises before the pandemic, according to a paper published by the team in Apri
  • One possibility is that they can more easily focus on tasks than in an office, where the temptation to gossip with a co-worker looms large.
  • Commuting, moreover, is tiring. Another factor relates to technology.
  • Remote workers, by necessity, rely more on tools such as Slack and Microsoft Teams. This may allow bosses to co-ordinate teams more effectively, if the alternative in the office was word-of-mouth instructions that could easily be forgotten or misinterpreted.
  • If it is so wonderful, then why is there little evidence of a shift towards “fully remote” work, where firms shut down their offices altogether? Companies that have chosen to do this are in a tiny minority.
  • A new study in Nature Human Behaviour, however,suggests that firms have good reason to hold on to their office buildings, even if they are used less frequently.
  • Remote work makes people’s collaboration practices more “static and siloed”, it finds. People interact more with their closest contacts, but less with the more marginal members of their networks who can offer them new perspectives and ideas
  • That probably hurts innovation. The upshot is that fully remote teams might do quite well in the short term, but will ultimately suffer as innovation dries up.
Javier E

Our generation was told liberal economics would make us free. Look at us now. We were misled | Nesrine Malik | The Guardian - 0 views

  • Behind the strikes, inflation numbers and talk of all the difficult decisions politicians have to make are a multitude of trapped people, their choices shrinking. People in bad relationships who cannot leave because rents and mortgages have gone up so being single is no longer viable. People who would like to have a child, or another child, but cannot afford its care, or who would like to return to work after having a child but the sums just don’t work. People in bad jobs with no security or benefits who cannot quit and look for alternatives because they have no savings to buffer rising costs. The end result is a crisis not just of the economy, but of freedom.
  • With that crisis, an entire liberal ambition becomes thwarted. We talk of liberalism in grand abstract terms, as the noble heart of an ideal political order that promotes human rights, the rule of law, civil liberties and freedom from religious dogma and prejudice
  • But when economic arrangements themselves become coercive and abusive, then political liberalism can coexist with, and indeed mask, a state of illiberalism and bondage. In the throes of personal challenges, lofty political ideals feel remote and irrelevant. All that people like Jane and others have the time or energy to register is a set of invisible oppressive economic forces that simply must be weathered because they are facts of nature
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  • This, it strikes me, is not only a political choice, but a reneging on a historical deal, forged in the colossal upheavals of the Enlightenment, the Industrial Revolution, and revolution in England, the US and Europe.
  • You can hear the language and logic of this economic dictatorship everywhere. Tony Blair tells us that with an ageing population, a climate crisis, higher debt interest and an economic workforce increasingly constrained in its ability to seek services such as housing and healthcare outside the public sector, we should be ready to not wait for the NHS and use private health providers for minor health matters, and that we should ultimately be “taxing less and spending less”.
  • The result is a sort of ambient autocracy, where personal choices are increasingly dictated by forces that you had no say in creating and have no means of overthrowing.
  • The trade-off was that we would lose the traditional supports and solaces of rural values and extended families, but become free from their prejudices and patriarchies, and the associated economic and political exploitations of a hierarchical system that was skewed to landowners, rent seekers and those imbued with authority because of where they were born in that hierarchy.
  • to choose how to live our lives. “The only freedom which deserves the name,” wrote John Stuart Mill, “is that of pursuing our own good, in our own way, so long as we do not attempt to deprive others of theirs, or impede their efforts to obtain it.”
  • That good is now increasingly limited to those who can afford it – who can purchase the liberty to love, leave and leisure, and the right to indulge in creative work and expression.
  • The rest are caught in a halfway house between the old and new worlds.
  • Bereft of the support and proximity of family and community, people are deprived of the social safety net that was supposed to replace it, increasingly having to fork out funds for childcare, subsidising boomeranging single children and elderly parents while paying tax, or fretting about their fates in a cutthroat housing market and a scandalously underfunded care system.
  • Anything that disturbs this tenuous balance cannot be contemplated, so the shackles to partners, employers and imperfect domestic arrangements grow ever tighter.
  • I grew up in the old world and saw only its limitations, chafing against it and impatient for some individual autonomy. My mother had four children, working throughout her childbearing years as a school teacher, only able to go back to work because, with each child, a new family member would move in, or move back in, to help. They joined others who lived with us on and off over the years when they needed housing.
  • My parents were distant but seemed to be broadly content figures, either at work or obscured by a blur of relatives they were constantly entertaining, feeding or cleaning up after in a gaggle of chat, laughter and gossip. The price for that mutual communal facilitation was paid in other ways – a violating lack of privacy and personal space, and a sense that everyone’s lives, in their most private and intimate detail, were the subject of others’ opinions and policing. It was a “gilded cage”, as it is called in Orientalist literature
  • In hindsight now, and in adulthood and parenthood, having experienced both in the new world, I can see that gilded cages come in many forms
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