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How 'Concept Creep' Made Americans So Sensitive to Harm - The Atlantic - 0 views

  • How did American culture arrive at these moments? A new research paper by Nick Haslam, a professor of psychology at the University of Melbourne, Australia, offers as useful a framework for understanding what’s going on as any I’ve seen. In “Concept Creep: Psychology's Expanding Concepts of Harm and Pathology,”
  • concepts like abuse, bullying, trauma, mental disorder, addiction, and prejudice, “now encompass a much broader range of phenomena than before,”expanded meanings that reflect “an ever-increasing sensitivity to harm.”
  • “they also have potentially damaging ramifications for society and psychology that cannot be ignored.”
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  • He calls these expansions of meaning “concept creep.”
  • critics may hold concept creep responsible for damaging cultural trends, he writes, “such as supposed cultures of fear, therapy, and victimhood, the shifts I present have some positive implications.”
  • How did a working-class mom get arrested, lose her fast food job, and temporarily lose custody of her 9-year-old for letting the child play alone at a nearby park?
  • The concept of abuse expanded too far.
  • Classically, psychological investigations recognized two forms of child abuse, physical and sexual, Haslam writes. In more recent decades, however, the concept of abuse has witnessed “horizontal creep” as new forms of abuse were recognized or studied. For example, “emotional abuse” was added as a new subtype of abuse. Neglect, traditionally a separate category, came to be seen as a type of abuse, too.
  • Meanwhile, the concept of abuse underwent “vertical creep.” That is, the behavior seen as qualifying for a given kind of abuse became steadily less extreme. Some now regard any spanking as physical abuse. Within psychology, “the boundary of neglect is indistinct,” Haslam writes. “As a consequence, the concept of neglect can become over-inclusive, identifying behavior as negligent that is substantially milder or more subtle than other forms of abuse. This is not to deny that some forms of neglect are profoundly damaging, merely to argue that the concept’s boundaries are sufficiently vague and elastic to encompass forms that are not severe.”
  • Concept creep is inevitable and vital if society is to make good use of new information. But why has the direction of concept creep, across so many different concepts, trended toward greater sensitivity to harm as opposed to lesser sensitivity?
  • Haslam endorses two theories
  • One concerns the field of psychology and its incentives. “It could be argued that just as successful species increase their territory, invading and adapting to new habitats, successful concepts and disciplines also expand their range into new semantic niches,” he theorizes. “Concepts that successfully attract the attention of researchers and practitioners are more likely to be applied in new ways and new contexts than those that do not.”
  • The other theory posits an ideological explanation. “Psychology has played a role in the liberal agenda of sensitivity to harm and responsiveness to the harmed,” he writes “and its increased focus on negative phenomena—harms such as abuse, addiction, bullying, mental disorder, prejudice, and trauma—has been symptomatic of the success of that social agenda.”
  • Jonathan Haidt, who believes it has gone too far, offers a fourth theory. “If an increasingly left-leaning academy is staffed by people who are increasingly hostile to conservatives, then we can expect that their concepts will shift, via motivated scholarship, in ways that will help them and their allies (e.g., university administrators) to prosecute and condemn conservatives,
  • there are many reasons to be concerned about excessive sensitivity to harm:
  • While Haslam and Haidt appear to have meaningfully different beliefs about why concept creep arose within academic psychology and spread throughout society, they were in sufficient agreement about its dangers to co-author a Guardian op-ed on the subject.
  • It focuses on how greater sensitivity to harm has affected college campuses.
  • “Of course young people need to be protected from some kinds of harm, but overprotection is harmful, too, for it causes fragility and hinders the development of resilience,” they wrote. “As Nasim Taleb pointed out in his book Antifragile, muscles need resistance to develop, bones need stress and shock to strengthen and the growing immune system needs to be exposed to pathogens in order to function. Similarly, he noted, children are by nature anti-fragile – they get stronger when they learn to recover from setbacks, failures and challenges to their cherished ideas.”
  • police officers fearing harm from dogs kill them by the hundreds or perhaps thousands every year in what the DOJ calls an epidemic.
  • After the terrorist attacks of September 11, 2001, the Bush Administration and many Americans grew increasingly sensitive to harms, real and imagined, from terrorism
  • Dick Cheney declared, “If there's a 1% chance that Pakistani scientists are helping al-Qaeda build or develop a nuclear weapon, we have to treat it as a certainty in terms of our response. It's not about our analysis ... It's about our response.” The invasion of Iraq was predicated, in part, on the idea that 9/11 “changed everything,”
  • Before 9/11, the notion of torturing prisoners was verboten. After the Bush Administration’s torture was made public, popular debate focused on mythical “ticking time bomb” scenarios, in which a whole city would be obliterated but for torture. Now Donald Trump suggests that torture should be used more generally against terrorists. Torture is, as well, an instance in which people within the field of psychology pushed concept creep in the direction of less sensitivity to harm,
  • Concept creep can be necessary or needless. It can align concepts more or less closely with underlying realities. It can change society for better or worse. Yet many who push for more sensitivy to harm seem unaware of how oversensitivty can do harm.
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What's the matter with Dem? Thomas Frank talks Bill Clinton, Barack Obama and everythin... - 0 views

  • The Democrats are a class party; it’s just that the class in question is not the one we think it is. It’s not working people, you know, middle class. It’s the professional class. It’s people with advanced degrees. They use that phrase themselves, all the time: the professional class.
  • What is the professional class?The advanced degrees is an important part of it. Having a college education is obviously essential to it. These are careers based on educational achievement. There’s the sort of core professions going back to the 19th century like doctors, lawyers, architects, engineers, but nowadays there’s many, many, many more and it’s a part of the population that’s expanded. It’s a much larger group of people now than it was 50 or 60 years ago thanks to the post-industrial economy. You know math Ph.Ds that would write calculations on Wall Street for derivative securities or like biochemists who work in pharmaceutical companies. There’s hundreds of these occupations now, thousands of them. It’s a much larger part of the population now than it used to be. But it still tends to be very prosperous people
  • there’s basically two hierarchies in America. One is the hierarchy of money and big business and that’s really where the Republicans are at: the one percent, the Koch brothers, that sort of thing.
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  • The hierarchy of status is a different one. The professionals are the apex of that hierarchy.
  • these two hierarchies live side by side. They share a lot of the same assumptions about the world and a lot of the same attitudes, but they also differ in important ways. So I’m not one of these people who says the Democrats and the Republicans are the same. I don’t think they are. But there are sometimes similarities between these two groups.
  • professionals tend to be very liberal on essentially any issue other than workplaces issues. So on every matter of cultural issues, culture war issues, all the things that have been so prominent in the past, they can be very liberal.
  • On economic questions, however, they tend not to be. (dishes clattering) They tend to be much more conservative. And their attitudes towards working-class people in general and organized labor specifically is very contemptuous.
  • if you look just back to the Bill Clinton administration: In policy after policy after policy, he was choosing between groups of Americans, and he was always choosing the interests of professionals over the interests of average people. You take something like NAFTA, which was a straight class issue, right down the middle, where working people are on one side of the divide and professionals are on another. And they’re not just on either side of the divide: Working people are saying, “This is a betrayal. You’re going to ruin us.” And professional people are saying, “What are you talking about? This is a no-brainer. This is what you learn on the first day of economics class.” And hilariously, the working people turned out to be right about that. The people flaunting their college degrees turned out to be wrong.
  • Every policy decision he made was like this. The crime bill of 1994, which was this sort of extraordinary crackdown on all sorts of different kinds of people. And at the same time he’s deregulating Wall Street.
  • You’re teaching a course that meets three times a week and you’re getting $1,500 for an entire semester. That was a shocking lesson but at the same time that was happening to us, the price of college was going up and up and up, because increasingly the world or increasingly the American public understands and believes that you have to have a college degree to get ahead in life. So they are charging what the markets can bear
  • If you go down the list of leading Democrats, leading Democratic politicians, what you find is that they’re all plucked from obscurity by fancy universities. This is their life story. Bill Clinton was from a town in Arkansas, goes to Georgetown, becomes a Rhodes Scholar, goes to Yale Law School — the doors of the world open up for him because of college.
  • beginning in the 1960s, Americans decided that the right way to pursue opportunities was through the university. It’s more modern than you think. I was reading a book about social class from right after World War II. And the author was describing this transition, this divide between people who came up through their work, who learned on the job and were promoted, versus people who went to universities. And this was in the ’40s. But by the time Bill Clinton was coming up in the ’60s, university was essential
  • just look at his cabinet choices, which are all from a very concentrated very narrow sector of the American elite. It’s always Ivy League institutions.
  • The tuition price spiral is one of the great landmark institutions of our country in the last couple of decades.
  • Or deregulating telecoms. Or capital gains tax cuts. It’s always choosing one group over another.
  • look, I’m in favor of education. I think people should be educated, should go to college. I think it’s insane that it costs as much as it does. And I think that the country is increasingly agreeing with me
  • The student debt crisis? This is unbearable. We have put an entire generation of young people — basically they come out of college with the equivalent of a mortgage and very little to show for it. It’s unbelievable that we’ve done this. My dad went to college basically for free. It wasn’t even that expensive when I went, in the early 1980s. This is unbelieveable what we’re doing to young people now and it can’t go on
  • You seem to be suggesting, the way you talk about the Democrats, that somehow this is elitist and to pursue an education puts you out of touch with real people.I don’t think so. Especially since we’re rapidly becoming a country where — what is the percentage of people who have a college degree now? It’s pretty high. It’s a lot higher than it was when I was young.
  • One of the chronic failings of meritocracy is orthodoxy. You get people who don’t listen to voices outside their discipline. Economists are the most flagrant example of this. The economics profession, which treats other ways of understanding the world with utter contempt. And in fact they treat a lot of their fellow economists with utter contempt.
  • there’s no solidarity in a meritocracy. The guys at the top of the profession have very little sympathy for the people at the bottom. When one of their colleagues gets fired, they don’t go out on strike
  • There’s no solidarity in this group, but there is this amazing deference between the people at the top. And that’s what you see with Obama. He’s choosing those guys.
  • you start to wonder, maybe expertise is a problem.But I don’t think so. I think it’s a number of things.
  • The first is orthodoxy which I mentioned
  • when Clinton ran in ’92, they were arguing about inequality then as well. And it’s definitely the question of our time. The way that issue manifested was Wall Street in ’08 and ’09. He could have taken much more drastic steps. He could have unwound bailouts, broken up the banks, fired some of those guys. They bailed out banks in the Roosevelt years too and they broke up banks all the time. They put banks out of business. They fired executives, all that sort of thing. It is all possible, there is precedent and he did none of it
  • the third thing is this. You go back and look at when government by expert has worked, because it has worked. It worked in the Roosevelt administration, very famously. They called it the Brains Trust. These guys were excellent.
  • These were not the cream of the intellectual crop. Now he did have some Harvard- and Yale-certified brains but even these were guys who were sort of in protest. Galbraith: This is a man who spent his entire career at war with economic orthodoxy. I mean, I love that guy. You go right on down the list. Its amazing the people he chose. They weren’t all from this one part of American life.
  • Is there a hero in your book?I don’t think there is.
  • The overarching question of our time is inequality, as [Obama] himself has said. And it was in Bill Clinton’s time too.Well you look back over his record and he’s done a better job than most people have done. He’s no George W. Bush. He hasn’t screwed up like that guy did. There have been no major scandals. He got us out of the Iraq war. He got us some form of national health insurance. Those are pretty positive things. But you have to put them in the context of the times, weigh them against what was possible at the time. And compared to what was possible, I think, no. It’s a disappointment.
  • The second is that a lot of the professions have been corrupted. This is a very interesting part of the book, which I don’t explore at length. I wish I had explored it more. The professions across the board have been corrupted — accounting, real estate appraisers, you just go down the list
  • What else? You know a better solution for health care. Instead he has this deal where insurance companies are basically bullet-proof forever. Big Pharma. Same thing: When they write these trade deals, Big Pharma is always protected in them. They talk about free trade. Protectionism is supposed to be a bad word. Big Pharma is always protected when they write these trade deals.
  • You talk about “a way of life from which politicians have withdrawn their blessing.” What is that way of life?You mean manufacturing?You tell me. A sort of blue-collar way of life. It’s the America that I remember from 20, 30, 40 years ago. An America where ordinary people without college degrees were able to have a middle class standard of living. Which was — this is hard for people to believe today — that was common when I was young
  • Today that’s disappeared. It’s disappearing or it has disappeared. And we’ve managed to convince ourselves that the reason it’s disappeared is because — on strictly meritocratic grounds, using the logic of professionalism — that people who didn’t go to college don’t have any right to a middle-class standard of living. They aren’t educated enough. You have to be educated if you want a middle-class standard of living.
  • here have been so many different mechanisms brought into play in order to take their power away. One is the decline of organized labor. It’s very hard to form a union in America. If you try to form a union in the workplace, you’ll just get fired. This is well known. Another, NAFTA. All the free trade treaties we’ve entered upon have been designed to give management the upper hand over their workers. They can threaten to move the plant. That used to happen of course before NAFTA but now it happens more often.
  • Basically everything we’ve done has been designed to increase the power of management over labor in a broad sociological sense.
  • And then you think about our solutions for these things. Our solutions for these things always have something to do with education. Democrats look at the problems I am describing and for every economic problem, they see an educational solution
  • The problem is not that we aren’t smart enough; the problem is that we don’t have any power
  • Why do you think that is?I go back to the same explanation which is that Obama and company, like Clinton and company, are in thrall to a world view that privileges the interest of this one class over everybody else. And Silicon Valley is today when you talk about the creative class or whatever label you want to apply to this favored group, Silicon Valley is the arch-representative.
  • So do you think it’s just a matter of being enthralled or is it a matter of money? Jobs? Oh the revolving door! Yes. The revolving door, I mean these things are all mixed together.
  • When you talk about social class, yes, you are talking about money. You are talking about the jobs that these people do and the jobs that they get after they’re done working for government. Or before they begin working for government. So the revolving door — many people have remarked upon the revolving door between the Obama administration and Wall Street.
  • Now it’s between the administration and Silicon Valley. There’s people coming in from Google. People going out to work at Uber.
  • the productivity advances that it has made possible are extraordinary. What I’m skeptical of is when we say, oh, there’s a classic example when Jeff Bezos says, ‘Amazon is not happening to book-selling. The future is happening to book-selling.’ You know when people cast innovation — the interests of my company — as, that’s the future. That’s just God. The invisible hand is doing that. It just is not so.
  • Every economic arrangement is a political decision. It’s not done by God. It’s not done by the invisible hand — I mean sometimes it is, but it’s not the future doing it. It’s in the power of our elected leaders to set up the economic arrangements that we live in. And to just cast it off and say, oh that’s just technology or the future is to just blow off the entire question of how we should arrange this economy that we’re stumbling into.
  • I may end up voting for Hillary this fall. If she’s the candidate and Trump is the Republican. You bet I’m voting for her. There’s no doubt in my mind. Unless something were to change really really really dramatically.
  • Bernie Sanders because he has raised the issues that I think are really critical. He’s a voice of discontent which we really need in the Democratic party. I’m so tired of this smug professional class satisfaction. I’ve just had enough of it. He’s talking about what happens to the millennials. That’s really important. He’s talking about the out-of-control price of college. He’s even talking about monopoly and anti-trust. He’s talking about health care. As far as I’m concerned, he’s hitting all the right notes. Now, Hillary, she’s not so bad, right? I mean she’s saying the same things. Usually after a short delay. But he’s also talking about trade. That’s critical. He’s really raising all of the issues, or most of the issues that I think really need to be raised.
  • My main critique is that she, like other professional class liberals who are so enthralled with meritocracy, that she can’t see this broader critique of all our economic arrangements that I’ve been describing to you. For her, every problem is a problem of the meritocracy: It’s how do we get talented people into the top ranking positions where they deserve to be
  • People who are talented should be able to rise to the top. I agree on all that stuff. However that’s not the problem right now. The problems are much more systemic, much deeper, much bigger. The whole thing needs to be called into question. So I think sometimes watching Hillary’s speeches that she just doesn’t get that
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Britain Asks if Tone of 'Brexit' Campaign Made Violence Inevitable - The New York Times - 0 views

  • In a widely distributed piece written for the magazine The Spectator, which favors leaving the European Union, Alex Massie drew a connection between the “Leave” campaign, which has featured outlandish assertions, xenophobia and Islamophobia, to the death of Ms. Cox.
  • “Sometimes rhetoric has consequences,” Mr. Massie wrote. “If you spend days, weeks, months, years telling people they are under threat, that their country has been stolen from them, that they have been betrayed and sold down the river, that their birthright has been pilfered, that their problem is they’re too slow to realize any of this is happening, that their problem is they’re not sufficiently mad as hell, then at some point, in some place, something or someone is going to snap. And then something terrible is going to happen.”
  • “When you shout BREAKING POINT over and over again, you don’t get to be surprised when someone breaks,” Mr. Massie wrote. “When you present politics as a matter of life and death, as a question of national survival, don’t be surprised if someone takes you at your word. You didn’t make them do it, no, but you didn’t do much to stop it either.”
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  • Polly Toynbee, a columnist for the left-leaning Guardian newspaper, said that the murder of a public official could not be seen as an isolated episode. “It occurs against a backdrop of an ugly public mood in which we have been told to despise the political class, to distrust those who serve, to dehumanize those with whom we do not readily identify,” Ms. Toynbee wrote.
  • there are others whose recklessness has been open and shocking. I believe they bear responsibility, not for the attack itself, but for the current mood: for the inflammatory language, for the finger-jabbing, the dog whistling and the overt racism.”
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Andrew Sullivan: The Madness of King Donald - 0 views

  • all politicians lie. Bill Clinton could barely go a day without some shading or parsing of the truth. Richard Nixon was famously tricky. But all the traditional political fibbers nonetheless paid some deference to the truth — even as they were dodging it. They acknowledged a shared reality and bowed to it. They acknowledged the need for a common set of facts in order for a liberal democracy to function at all.
  • Trump’s lies are different. They are direct refutations of reality — and their propagation and repetition is about enforcing his power rather than wriggling out of a political conundrum. They are attacks on the very possibility of a reasoned discourse, the kind of bald-faced lies that authoritarians issue as a way to test loyalty and force their subjects into submission.
  • No error is ever admitted. Any lie is usually doubled down by another lie — along with an ad hominem attack.
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  • Here is what we are supposed to do: rebut every single lie. Insist moreover that each lie is retracted — and journalists in press conferences should back up their colleagues with repeated follow-ups if Spicer tries to duck the plain truth. Do not allow them to move on to another question. Interviews with the president himself should not leave a lie alone; the interviewer should press and press and press until the lie is conceded.
  • “In the life of every honorable man comes a difficult moment … when the simple statement that this is black and that is white requires paying a high price.”
  • Then there is the obvious question of the president’s mental and psychological health. I know we’re not supposed to bring this up — but it is staring us brutally in the face
  • If you came across someone in your everyday life who repeatedly said fantastically and demonstrably untrue things, what would you think of him? If you showed up at a neighbor’s, say, and your host showed you his newly painted living room, which was a deep blue, and then insisted repeatedly — manically — that it was a lovely shade of scarlet, what would your reaction be?
  • It is that when the linchpin of an entire country is literally delusional, clinically deceptive, and responds to any attempt to correct the record with rage and vengeance, everyone is always on edge.
  • I think this is a fundamental reason why so many of us have been so unsettled, anxious, and near panic these past few months. It is not so much this president’s agenda
  • This man is off his rocker. He’s deranged; he’s bizarrely living in an alternative universe; he’s delusional. If he kept this up, at some point you’d excuse yourself and edge slowly out of the room and the house and never return. You’d warn your other neighbors. You’d keep your distance. If you saw him, you’d be polite but keep your distance.
  • At the core of the administration of the most powerful country on earth, there is, instead, madness.
  • There is no anchor any more
  • With someone like this barging into your consciousness every hour of every day, you begin to get a glimpse of what it must be like to live in an autocracy of some kind
  • He begins to permeate your psyche and soul; he dominates every news cycle and issues pronouncements — each one shocking and destabilizing — round the clock.
  • He delights in constantly provoking and surprising you, so that his monstrous ego can be perennially fed. And because he is also mentally unstable, forever lashing out in manic spasms of pain and anger, you live each day with some measure of trepidation
  • One of the great achievements of free society in a stable democracy is that many people, for much of the time, need not think about politics at all. The president of a free country may dominate the news cycle many days — but he is not omnipresent — and because we live under the rule of law, we can afford to turn the news off at times.
  • In that sense, it seems to me, we already live in a country with markedly less freedom than we did a month ago. It’s less like living in a democracy than being a child trapped in a house where there is an abusive and unpredictable father, who will brook no reason, respect no counter-argument, admit no error, and always, always up the ante until catastrophe inevitably strikes
  • I’ve managed to see Scorsese’s Silence twice in the last couple of weeks. It literally silenced me. It’s a surpassingly beautiful movie — but its genius lies in the complexity of its understanding of what faith really is
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US-China war would be a disaster for the world, says Communist party | World news | The... - 0 views

  • “Were the United States and China to wage war on one another, the whole world would divide itself,” the People’s Daily newspaper argued in a commentary, paraphrasing Henry Kissinger
  • Fears of a potentially calamitous trade war, or even a military clash between the two nuclear powers, have been building since Trump’s shock election win last November.
  • Steve Bannon, Trump’s influential chief strategist, was last week reported to have warned last year that war between the US and China in the resource-rich waterway was inevitable.
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  • Meanwhile, in a likely indication of the frictions between Washington and Beijing, Trump has yet to speak to his Chinese counterpart, Xi Jinping, despite having held conversations with at least 18 world leaders since his inauguration.
  • Last month, the China’s foreign ministry urged the US president’s team to “speak and act cautiously” after the White House press secretary, Sean Spicer, vowed the US would foil Chinese efforts to “take over” the South China Sea.
  • In a diplomatically worded editorial published on page three of the People’s Daily domestic edition on Monday, the voice of the Communist party said both countries should strive to avoid confrontation, conflict, misunderstandings and miscalculations.
  • Differences of opinion were inevitable due to the historical, cultural, economic and social differences between the US and China, the article said, “but wise men should seek common ground”. The article was printed under the byline “Zhong Sheng”, a homonym for “Voice of China”.
  • “The Chinese have not let themselves be bated … They understand that they are dealing with a different American leader who operates in different ways. They want to manage it carefully so it doesn’t needlessly escalate,” said Medeiros, who is now the managing director for Asia at the political risk consultancy Eurasia Group.
  • However, attitudes had shifted from nervousness about the US president’s erratic tweeting to resignation that the two countries were entering a “difficult period”. “The possibilities for an escalation of tensions are growing because distrust is high,” the article said.
  • Susan Shirk, the head of the 21st Century China Centre at the University of California, San Diego, said China specialists were “flummoxed” at Trump’s apparent determination to take on Beijing and said such moves came at an unfortunate time.
  • “As a person who sees a very strong connection between Chinese domestic politics and its foreign policy, I see the Trump statements as resonating through Chinese foreign policy in a way that could really be dangerous,” said Shirk, the author of China: Fragile Superpower
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The Trump Show - The Washington Post - 0 views

  • The line between showbiz and politics has been blurring for decades now. In the ’60s, it was still a bit of a shock to learn that Richard Nixon had hired TV producers — including a young Roger Ailes, later the pioneer of Fox News — to run his campaign. Decades later, Reagan was criticized for having Deaver stage his appearances.
  • the Trump Show takes us a step beyond. When he and Netanyahu spoke at their news conference, they had not even held a meeting yet. Such appearances are normally meant to communicate what the leaders have already talked about. This show was only about the show.
  • In The Post’s interviews with Trump, he often took on a strange, puzzled look when confronted with some contradiction between what he’d said in the past and what he was saying now. “Only you people care about that,” he’d say, whether the topic was his tax returns, his coarse relationships with women or his longtime liberalism in the years before he decided to paint himself as something of a conservative. The show is always now.
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  • Great theater both entertains and confronts. Trump gets the first part — his brand of performance aims to deploy his audacity and his authority to rev up the audience and soak up attention. But neither at his campaign rallies nor in the opening weeks of his presidency has he challenged the crowds’ thinking. The Trump Show is, as ever, a spectacle, a cavalcade of provocations. It is designed not to prompt thought or even to persuade, but to sell tickets to the next performance.
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Donald Trump is about to make a mockery of Wall Street - The Washington Post - 0 views

  • It started on election night. Trump's shocking win had sent markets into a tailspin — would he start a trade war or an actual war or who knows what else? — before they started to wonder whether he'd really be so bad for them. At which point he said the magic words: "We're going to rebuild our infrastructure." Of course, that was something he'd talked about quite a bit during the campaign, but a lot of things he'd talked about were, well, contradictory.
  • Trump, you see, has used the words "border tax" to refer to outright tariffs, to a tax on companies that outsource jobs and, yes, to Ryan's "border-adjustment tax." Which one did he mean? Good question.
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    " Donald Trump is about to make a mockery of Wall Street"
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A Quiet Giant of Investing Weighs In on Trump - The New York Times - 0 views

  • a private letter he wrote to his investors a little over two weeks ago about investing during the age of President Trump — and offering his thoughts on the current state of the hedge fund industry — has quietly become the most sought-after reading material on Wall Street.
  • He is Seth A. Klarman, the 59-year-old value investor who runs Baupost Group, which manages some $30 billion.
  • Mr. Klarman sets forth a countervailing view to the euphoria that has buoyed the stock market since Mr. Trump took office, describing “perilously high valuations.”
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  • Much of Mr. Klarman’s anxiety seems to emanate from Mr. Trump’s leadership style. He described it this way: “The erratic tendencies and overconfidence in his own wisdom and judgment that Donald Trump has demonstrated to date are inconsistent with strong leadership and sound decision-making.”
  • “While they might be popular, the reason the U.S. long ago abandoned protectionist trade policies is because they not only don’t work, they actually leave society worse off.”
  • He worries, for example, that Mr. Trump’s stimulus efforts “could prove quite inflationary, which would likely shock investors.”
  • “Exuberant investors have focused on the potential benefits of stimulative tax cuts, while mostly ignoring the risks from America-first protectionism and the erection of new trade barriers,”
  • “The big picture for investors is this: Trump is high volatility, and investors generally abhor volatility and shun uncertainty,” he wrote. “Not only is Trump shockingly unpredictable, he’s apparently deliberately so; he says it’s part of his plan.”
  • he warned, “If things go wrong, we could find ourselves at the beginning of a lengthy decline in dollar hegemony, a rapid rise in interest rates and inflation, and global angst.”
  • he issued a statement after Mr. Trump criticized a judge over his Mexican heritage, saying he planned to support Mrs. Clinton: “His words and actions over the last several days are so shockingly unacceptable in our diverse and democratic society that it is simply unthinkable that Donald Trump could become our president.”
  • “Despite my preference to stay out of the media,” he wrote, “I’ve taken the view that each of us can be bystanders, or we can be upstanders. I choose upstander.”
  • “This should give long-term value investors a distinct advantage,” he wrote. “The inherent irony of the efficient market theory is that the more people believe in it and correspondingly shun active management, the more inefficient the market is likely to become.
  • “In matters of style, swim with the current; in matters of principle, stand like a rock.”
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Trump: Hollywood's political obsession led to Oscars blunder - CNNPolitics.com - 0 views

  • Trump: Hollywood's political obsession led to Oscars blunder
  • "They were focused so hard on politics that they didn't get the act together at the end," Trump said in an interview with Breitbart News. "It was a little sad. It took away from the glamour of the Oscars."
  • When "La La Land" producer Jordan Horowitz revealed moments later that "Moonlight" had actually won, audience members and viewers were left in shock.
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  • Referencing Trump's travel ban and stance on immigration, Kimmel joked that in Hollywood, "we don't discriminate against people based on where they're from. We discriminate against them based on their age and weight."
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Advice for My Conservative Students - The New York Times - 0 views

  • Conservative media outlets have built a cottage industry of outrage on the premise that conservative students are victims of a “tyrannical” campus left. I know this message well, because over a decade ago, as a conservative student at Bucknell, I helped devise and spread it.
  • I am now a much more liberal professor.
  • In the early 2000s, as I watched conservatives embrace the Patriot Act after Sept. 11, reject marriage equality and insist on authority over women’s reproductive health decisions, the libertarian streak that brought me to conservatism began pulling me to the left.
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  • But I still care deeply for the liberty of my conservative students. For this reason I have some advice for those in college who are concerned about their freedom of speech.
  • My Conservatives Club colleagues and I received national attention. Some were featured on the cover of The New York Times Magazine, and others got booked on popular TV shows like “The O’Reilly Factor.” In short, for an oppressed minority group whose speech was stifled, we had an awful lot of press.
  • My fellow conservative students and I half-ironically borrowed the language of the multiculturalist left and applied it to ourselves.
  • Most of us conservatives didn’t suffer from similar injustices, but we saw ourselves nevertheless as victims of ideological oppression.
  • It seemed that everyone was celebrating diversity and multiculturalism, and I didn’t see a role for myself in that. It occurred to me, as it has to countless other conservative students, that I might also be a kind of minority — an “ideological minority” — because of my conservative political views.
  • You know the world doesn’t love a victim. Don’t adopt a posture you disagree with just because it plays well in conservative media.
  • false equivalence is not helping you prepare for the wider world.
  • What I’m getting at is that I was never a victim. My message to conservative students is that neither are you.
  • You have a voice and ideas that people need to hear, but don’t compare disagreement with your ideas to suppression.
  • Many conservative students denounced recent protests against the college tour of the right-wing provocateur Milo Yiannopoulos as an attack on free speech. In all likelihood, those were protests against Mr. Yiannopoulos’s bullying and ridicule.
  • A “conservative campus speaker” is not someone who belittles left-wing students, but whose visit is for teaching and learning.
  • It is important you invite speakers to campus. We certainly did. But seek out the highly credentialed thinkers, like Walter Williams, Victor Davis Hanson or Yuval Levin.
  • The Foundation for Individual Rights in Education keeps a handy database of nationwide attempts to withdraw invitations to speakers, and 2016 was a record year. But almost a third of those attempts were directed at Mr. Yiannopoulos alone. That should be food for thought
  • Until you stop settling for what’s surely the satisfying release of Mr. Yiannopoulos’s deliberate and superficial antagonism, you can’t know whether it’s the actual conservatism that your fellow students have rejected.
  • If you take responsibility for the parts of your education you control, and focus your energy on learning, writing, speaking and debating (instead of shock-value pranks, appeals to victimhood or dismissal of academia at large), you will grow and succeed
  • Read Edmund Burke, Matthew Arnold, Russell Kirk, Thomas Sowell, Michael Oakeshott and Peggy Noonan. Acknowledge arguments you disagree with on their own terms, and respond to their substance.
  • Put conservative ideas at the forefront of your politics, even if conservative leaders and icons have largely abandoned conservatism. In some ways your potential to make civil choices and to restore dignity to the Republican Party makes you the most crucial allies of those across the political spectrum who care about truth, honor, liberty and democracy.
  • My aspiration for all the students I teach who don’t agree with me is for them to become my most formidable interlocutors. If you don’t like this advice, consider it a prompt.
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Democratic Presidents Are Better for the Economy - Bloomberg - 1 views

  • After three years in office, President Barack Obama has enough of a record to judge against the economic performances of other recent presidents. The rankings can help you cast a more informed vote in November
  • In “The President as Economist: Scoring Economic Performance From Harry Truman to Barack Obama,” I compare the 12 presidents since World War II using 17 economic indicators, including growth in gross domestic product, rate of unemployment, inflation, population below the poverty line, increase in the Dow Jones Industrial Average, savings and investment rates, exports and trade balances, federal budget growth, and debt and federal taxes as a share of GDP.
  • The book examines each indicator for each administration, and boils down the many aspects of a president’s economic performance to a single score. The scores are derived using basic statistical methods, including averaging each president’s indicators, then determining standard deviations from the mean. These methods produce a common unit of comparison for indicators that are expressed in different units, such as growth rates and shares of GDP.
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  • Presidents Harry S Truman, John F. Kennedy and Lyndon B. Johnson rank first through third.
  • Presidents George H.W. Bush, Jimmy Carter and George W. Bush make up the bottom three.
  • President Ronald Reagan is No. 8, just one slot above President Obama.
  • there are six Republicans and six Democrats, so if we take the average for Democratic and Republican presidents we can make a head-to-head party comparison
  • The Democratic presidents scored substantially higher than the Republican presidents, with a score of 26.95. Republican presidents scored -26.95.
  • Five out of six Democrats reduced the national debt as a percentage of GDP, while four out of six Republicans raised it. The story is similar on budget deficits, with five of the top six performances recorded by Democrats and four of the bottom five recorded by Republicans.
  • With respect to GDP growth, three of the top four performers were Democrats and four of the bottom five were Republicans. In reducing the poverty rate, the top three were Democrats and two of the bottom three were Republicans. The Democrats also had a better record on employment.
  • Republicans had better records on reducing inflation, achieving four of the top five performances, while Democrats had four of the bottom five showings. Republicans also did well in lowering tax revenue as a percentage of GDP, claiming the top five spots.
  • what does this tell us about Obama? When all of the indicators are combined, he ranks ninth out of 12, one position below Reagan but above Bush 41, Carter and Bush 43. Obama is also well below the midpoint that falls between Clinton and Nixon. For Republicans who view Reagan as an economic miracle- maker and Obama as, well, something less than that, it might come as a shock that Obama falls next in line in economic performance.
  • Lined up against his contemporaries after 1977, Obama ranks third out of six.
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To Make America Great Again, We Need to Leave the Country - Elliot Gerson - The Atlantic - 1 views

  • When Americans travel abroad, they are often surprised at how well other countries do the things we used to think America does best. In fact, one reason so many American businesses still lead the world is because they benchmark the competition and emulate best practices. But suggest to an American politician that we should try to learn from other countries, and he will look at you like you are from Mars. It is somehow unpatriotic even to raise such comparisons.
  • The U.S. is, for too many, the only country that matters; experiences anywhere else are irrelevant
  • New statistical evidence of this appears almost weekly. When it comes to student performance in mathematics, we are now 25th among the 34 advanced economies, and behind many developing countries as well. In college attendance, our previous preeminence has long faded; we are now 9th in percentage of younger workers with two-year or four-year degrees, and 12th in college graduation rate. In health, we are 37th in infant mortality and equally low in life expectancy. In environmental performance, we are 61st. In the percentage of people below the poverty line, we are 21st. Even when it comes to the "pursuit of happiness," enshrined in our Declaration of Independence as one of the noble goals of government, our citizens are only the 15th most satisfied with their lives.
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  • Sadly, and shockingly given where the U.S. used to stand in most rankings, few of the best practices foreign leaders want to emulate are any longer in the U.S.
  • Young Americans who see this country from different shores can't help but conclude that something is awry in a political culture that denies what they plainly see elsewhere: health care systems that provide better outcomes at lower cost and for everyone; better airports, faster trains, more extensive urban public transportation--and even, amazingly, better highways; more upward mobility (yes, the American dream is now more real in many other countries than it is here); more sustainable energy policies; elections that work more quickly and inexpensively, with more rational discourse and greater citizen participation. The list is long.
  • Consider some of the things that have fueled that American lantern of attraction for more than two centuries. Perhaps more than anything else, it has been the American Dream: the universal desire of all parents that their children will lead lives better than their own. This dream was given an American name, and not just in American dictionaries. But that dream is dying. And it can't be resuscitated if talented people sit on the political sidelines or don't attend the game at all. According to a recent Rasmussen poll, only 17 percent of Americans believe our national government possesses the consent of the governed. These numbers may not seem shocking, because they've been low for so long. But not always. In 1964, Pew found 77 percent of Americans expected their government to do "the right thing" most of the time.
  • One of the strongest indications of American democratic dysfunction is pervasive and expanding poverty. It is not just its existence in the richest country on earth that is shameful, but its utter absence from political discourse. Most of the poor don't vote; they have largely given up hope. And what national politician talks about poverty? Can you name any? America is moving toward the kind of bifurcated society we used to deride in banana republics--rich getting richer in gated communities, while the poor grow poorer, barely seen in segregated urban ghettos and hidden rural decay. Over 20 million Americans live in extreme poverty. One in 50 Americans' only income is food stamps. Add the poor and the near-poor--that is under $44K for a family of four--and you have more than 100 million people. The richest country in the world now has the highest rate of child poverty in the developed world. The U.S. has gone from being relatively egalitarian to one of the most unequal countries in the world.
  • hese are just a few signs that American government is broken. So why is it so broken? Let's consider the matter of money. When I left for Oxford in 1974, the total spent by all candidates for Congress, House and Senate, was $77 million. In 2010, it was $1.8 billion. Members of Congress spend up to 70 percent of their time raising money; that is their job; they become fundraisers far more than they are legislators. In that same year, 3 percent of retiring Congressmen became lobbyists. Now it's 50 percent of Senators, 42 percent of House members. Critics from the left and right and middle alike call our political finance system one of "legalized bribery."
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Business - Derek Thompson - How Americans Lost Two Decades of Wealth, in 1 Graph - The ... - 0 views

  • The typical American family's net worth plunged by 40 percent between 2007 and 2010, from $126,400 to $77,300, wiping out two decades of gains and thrusting the typical family's wealth back to 1992 levels.
  • median household wealth popped in the bubble and collapsed in the bust, as housing prices fell by 30 to 40 percent in the worst-hit metros, in California, Nevada, and Florida. In 2007, barely half of families surveyed by the Federal Reserve reported savings. Just as the boom made families feel richer, the financial shock made families feel poorer. And so falling housing prices led to falling wealth, which led to falling spending, which led to falling private sector revenue, which led to massive job cuts, which dragged down housing prices even further, and around and around we go.
  • this is why stimulus-supporters support stimulus. A nation that controls its currency and has low borrowing costs has not only an obligation but also an easy opportunity to step into the vicious cycle and erect a firewall -- either with (a) massive spending, (b) tax cuts, (c) lower interest rates, (d) higher inflation expectations, or (e) all of the above
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Shedding Light on a Vast Toll of Jews Killed Away From the Death Camps - NYTimes.com - 0 views

  • t a third or more of the almost six million Jews killed in the Holocaust perished not in the industrial-scale murder of the camps, but in executions at what historians call killing sites: thousands of villages, quarries, forests, wells, streets and homes that dot the map of Eastern Europe.
  • “The further east the Wehrmacht went, the greater the killing,”
  • The executions and unmarked mass graves became “an element of German rule in Eastern Europe.”
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  • In the years after 1945, the executions were not discussed much. The shock of the discovery of concentration camps was one factor. The camps had survivors, found in place, who told their unimaginable tale. By contrast, the local executions terrorized and silenced survivors in the eastern regions. In addition, after World War II, many witnesses were left behind the Iron Curtain, and no one was interested in their memories.
  • “in the popular mind, this subject is far less known than the Holocaust.” The executions became, he said, “in a sense, invisible.”
  • The killing was “secret for Western countries, at a high level,” he said. “It was ultra-public in a village.”
  • , the work has huge significance, given that “more Jews were killed by shooting in Ukraine” — an estimated 1.5 million — “than murdered in Auschwitz in the crematoria.”
  • Father Desbois and German historians noted the special role played by Jews’ determination that, if possible, the name of every person killed in the Holocaust should live on.
  • the aim should be “to give back the names of as many people as possible.”
  • Whether to focus more heavily on Jewish loss or to include the 1.3 million to 1.5 million non-Jews estimated by Dr. Pohl to have been executed by the Nazis or their Axis allies is another big question.
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Rumsfeld's War and Its Consequences Now by Mark Danner | The New York Review of Books - 0 views

  • if the attacks on New York and Washington had been bold and shocking and outlandish, the goals behind them had been the classic objects of insurgents for millennia: to encourage recruits to join the insurgent cause, to show the vulnerability of the ruling power, and to provoke that power to overreact—to respond to insurgent attacks in such a way that would reveal to the world the regime’s cruelty and repressiveness and so bring the quiescent population (in this case, all Muslims) increasingly over to the insurgents’ side
  • the Americans offered a gift undreamt of in al-Qaeda’s philosophy: they invaded and occupied Iraq, a much more important country. The result was catastrophe, not only for Iraq but for the Bush administration’s worldwide “war on terror,” for the invasion seemed to brand Bush’s war, in image after bloody humiliating image of “Americans killing Muslims,” as a new Western crusade against the Islamic world, confirming in every newscast the guiding idea of al-Qaeda’s politics and propaganda.
  • Henry Kissinger, Rumsfeld’s old antagonist from the Ford administration, when asked why he supported the Iraq war, had reportedly replied, “because Afghanistan wasn’t enough.” The radical Islamists had wanted to humiliate us, he went on, “and we need to humiliate them.”3 This was about restoring national credibility, about rebuilding the national power—consisting in no small part of the image of power—that had been severely diminished by those world-altering real-time pictures of the collapsing towers
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  • Proud realists, neither man put much stock in the “democratic tsunami” that, in the fantasy of neoconservative true believers like Wolfowitz, the Iraq war would send sweeping out of Baghdad to engulf the Middle East. Instead they put their faith in “American leadership” and the restoration of American power through a decisive demonstration of American strength.
  • Rumsfeld is first and foremost a patriotic midwesterner, a politician who nourishes in his soul a primordial and undying belief in the manifest need for, and rightness of, American power. To him this truth is self-evident, imbibed at an Illinois breakfast table. Who do we want to lead in the world? Somebody else? The idea is plainly inconceivable.
  • As for the occupation—well, if democracy were to come to Iraq it would be the Iraqis themselves who must build it. There would be no occupation, and thus no planning for it. Rumsfeld’s troops would be in and out in four months. As he told a then adoring press corps, “I don’t do quagmires.”
  • He was smart, brash, ambitious, experienced, skeptical of received wisdom, jealous of civilian control, self-searching, analytical, domineering, and he aimed at nothing less than to transform the American military. The parallels with McNamara are stunning.
  • month after month in his arrogance and tenacity he would deny an insurgency had taken root. Month after month, as the shortcomings of the army he had sent into Iraq—too small, too conventional, not configured or equipped or trained to fight an insurgency and thus fated in its impotent bludgeoning to make it ever worse—became impossible to deny, he would go on denying them, digging in his heels and resisting the change he had to know was necessary.
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A Proud Nation Ponders How to Halt Its Slow Decline - NYTimes.com - 0 views

  • Today, however, Europe is talking about “the French question”: can the Socialist government of President François Hollande pull France out of its slow decline and prevent it from slipping permanently into Europe’s second tier?
  • At stake is whether a social democratic system that for decades prided itself on being the model for providing a stable and high standard of living for its citizens can survive the combination of globalization, an aging population and the acute fiscal shocks of recent years.
  • France’s friends, Germany in particular, fear that Mr. Hollande may simply lack the political courage to confront his allies and make the necessary decisions.
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  • the challenge in France seems especially hard, in part because of the nation’s amour-propre and self-image as a European leader and global power, and in part because French life is so comfortable for many and the day of reckoning still seems far enough away, especially to the country’s small but powerful unions.
  • as the European economy slowly mends, the French temptation will be to hope that modest economic growth will again mask, like a tranquilizer, the underlying problems.
  • The French are justifiably proud of their social model. Health care and pensions are good, many French retire at 60 or younger, five or six weeks of vacation every summer is the norm, and workers with full-time jobs have a 35-hour week and significant protections against layoffs and firings.
  • the question is not whether the French social model is a good one, but whether the French can continue to afford it. Based on current trends, the answer is clearly no, not without significant structural changes — in pensions, in taxes, in social benefits, in work rules and in expectations.
  • Today, at Nanterre, students worried about finding jobs and losing state benefits are demanding that nothing change at all.
  • “The young people march now to reject all reforms,” he said. “We see no alternatives. We’re a generation without bearings.”
  • The Socialists have become a conservative party, desperately trying to preserve the victories of the last century.
  • There is nonetheless an underlying understanding that there will be little lasting gain without structural changes to the state-heavy French economy. The warning signs are everywhere: French unemployment and youth unemployment are at record levels; growth is slow compared with Germany, Britain, the United States or Asia; government spending represents nearly 57 percent of gross domestic product, the highest in the euro zone, and is 11 percentage points higher than Germany. The government employs 90 civil servants per 1,000 residents, compared with 50 in Germany.
  • Hourly wage costs are high and social spending represents 32 percent of G.D.P., highest among the industrialized countries; real wage increases outpace productivity growth; national debt is more than 90 percent of G.D.P.
  • About 82 percent of the new jobs created last year were temporary contracts, up from 70 percent only five years ago, not the kind of full-time work that opens the door to the French middle class. That keeps nearly an entire generation living precariously, no matter how hard people study or work.
  • Last year, France was ranked 28th out of the 60 most competitive economies in the world, according to the International Institute for Management Development in Lausanne, Switzerland. The United States was first. Even China, at 21, and Japan, at 24, outranked France.
  • In the World Bank’s ranking of “ease of doing business,” France ranks 34th, compared with 7th for Britain and 20th for Germany.
  • France is the world’s fifth-largest economy, with strong traditions in management, science and innovation.
  • The country retains plenty of strengths.
  • The gap between rich and poor is narrower in France than in most Western countries, although it is growing.
  • When the French work, they work hard; labor productivity, perhaps the single most important indicator of an economy’s potential, is still relatively high, if dropping. But with long holidays and the 35-hour week, the French work fewer hours than most competitors, putting an extra strain on corporations and the economy.
  • Large French companies compete globally; there are more French companies in the Fortune 500 than any other European country. But the bulk of their employees are abroad, and there are few of the midsize companies that are the backbone of Germany.
  • Ninety percent of French companies have 10 or fewer employees and fear expansion because of extra tax burdens and strict labor regulations.
  • In poll after poll, the French insist that they want renovation and modernization, so long as it does not touch them. That is always the political challenge, and Mr. Hollande’s conservative predecessor, Nicolas Sarkozy, is considered to have failed in his promise to make serious structural changes.
  • One of Mr. Sarkozy’s advisers, Alain Minc, who tried to get him interested in Germany’s social market revisions, once admitted that Mr. Sarkozy was simply afraid to confront the unions and the social uproar that real change would provoke.
  • There is a broad consensus that real social and structural renovation can be carried out only by the left. But that can happen only if Mr. Hollande, who has a legislative majority, is willing to confront his own party in the name of the future, as the former German chancellor Gerhard Schröder did a decade ago with a series of legal modifications that now get much of the credit for Germany’s revival.
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Mandela and the Question of Violence - Ta-Nehisi Coates - The Atlantic - 0 views

  • That people are shocked that South Africa, almost 20 years out of apartheid, is struggling with fairness and democracy, reflects a particular ignorance, a particular blindness, and a peculiar lack of humility, about our own struggles. 
  • On the great issue of the day, the generations that followed George Washington offered not just disappointment but betrayal.
  • Americans did not simply tolerate this "unfortunate condition," they turned it into the cornerstone of the American economic system. By 1860, 60 percent of all American exports came from cotton produced by slave labor. "Property in man" was, according to Yale historian David Blight, worth some $3.5 billion more than "all of America's manufacturing, all of the railroads, all of the productive capacity of the United States put together."
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  • if it is right for America to draft us, and teach us how to be violent in defense of her, then it is right for you and me to do whatever is necessary to defend our own people right here in this country.
  • For at least its first 100 years, or perhaps longer, this country was a disappointment, an experiment which—by its own standards of life, liberty, and pursuit of happiness—failed miserably.
  • Nowhere is that blindness more apparent then in the constant, puerile need to critique Mandela's turn toward violence.
  • Washington's slaveholding descendants went from evincing skepticism about slavery to calling it "a positive good" and "a great physical, philosophical, and moral truth." And they did this while plundering and raiding this continent's aboriginal population
  • Offered the chance to be free by the avowed white supremacist P.W. Botha if he would renounce violence, Mandela replied, “Let him renounce violence.” Americans should understand this. Violent resistance to tyranny, violent defense of one's body, is not simply a political strategy in our country, it is taken as a basic human right
  • one sees a constant, indefatigable specter which has dogged us from birth. For the most of American history, very few of our institutions believed that black people were entitled to the rights of other Americans. Included in this is the right of self-defense.
  • The real reason that nonviolence is considered to be a virtue in Negroes—I am not speaking now of its racial value, another matter altogether—is that white men do not want their lives, their self-image, or their property threatened. One wishes they would say so more often.
  • The questions which dog us about Mandela's legacy, his relationship to other African autocrats, the great imperfections which remain in his country, and his insistence on the right of self-defense ultimately say more about us than they do about Mandela
  • "I cannot sell my birthright," Mandela responded to calls for him to renounce violence. "Nor am I prepared to sell the birthright of the people to be free." 
  • This is a universal appeal, and our inability to see such universality in those who are black, or in those who oppose our stated interests, reveal the borders of all our grand talk about democratic values. That is the next frontier. A serious embrace of universality. A rejection of selective morality.
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Why Only One Top Banker Went to Jail for the Financial Crisis - NYTimes.com - 0 views

  • Over the past year, I’ve interviewed Wall Street traders, bank executives, defense lawyers and dozens of current and former prosecutors to understand why the largest man-made economic catastrophe since the Depression resulted in the jailing of a single investment banker
  • Many assume that the federal authorities simply lacked the guts to go after powerful Wall Street bankers, but that obscures a far more complicated dynamic. During the past decade, the Justice Department suffered a series of corporate prosecutorial fiascos, which led to critical changes in how it approached white-collar crime. The department began to focus on reaching settlements rather than seeking prison sentences, which over time unintentionally deprived its ranks of the experience needed to win trials against the most formidable law firms. By the time Serageldin committed his crime, Justice Department leadership, as well as prosecutors in integral United States attorney’s offices, were de-emphasizing complicated financial cases — even neglecting clues
  • The Andersen case was supposed to embolden the Justice Department, but it quickly backfired. Chertoff’s chutzpah shocked much of the corporate world and even many prosecutors, who thought the department had abused its powers at the cost of thousands of innocent workers. Almost immediately, the Andersen verdict resulted not in more boldness but in more caution on the part of federal prosecutors
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  • Chertoff told Biern, according to attendees, that if the Justice Department “can’t bring these cases because it may bring harm, then maybe these banks are too big.” In the end, though, Chertoff and the Justice Department blinked.
  • From 2004 to 2012, the Justice Department reached 242 deferred and nonprosecution agreements with corporations, compared with 26 in the previous 12 years, according to a study by David M. Uhlmann, a former prosecutor and law professor at the University of Michigan. And while companies paid large sums in the settlements — the days of $7 million cost-of-doing-business fees were over — several veteran Justice Department officials told me that these settlements emboldened defense lawyers.
  • Indeed, the department now effectively outsources many of its investigations of corporate executives to outside firms, which invariably produce reports that exculpate those at the top.
  • Over the years, the KPMG debacle and the corporate revolt would lead the Justice Department to roll back the Thompson memo to nearly the point of reversal. Today prosecutors are prohibited from even asking companies to waive their attorney-client privilege. They are also prohibited from pushing a company to cut off the legal fees for indicted executives or pressuring it to forgo joint defense agreements.
  • In the decade since, the courts dulled other prosecutorial tools.
  • Breuer may have come with the right pedigree, but he now faced troubles that hurt as much as the debacles of Arthur Andersen and KPMG, or the retreat from the Thompson memo: austerity. The department faced periodic hiring freezes. The F.B.I., which assigned dozens of agents to Enron, had shifted resources to terrorism. The Postal Service wound down an elite unit that had specialized in complex financial investigations. President Obama’s Fraud Enforcement and Recovery Act, which was designed to give hundreds of millions to prosecute financial criminals, was able to deliver only $65 million in 2010 and 2011. Prosecutors reporting to Breuer proposed setting up a mortgage-fraud initiative, a “Prosecutorial Strike Force,” as one July 2009 memo put it, but the Justice Department dithered. Finally it set up the Financial Fraud Enforcement Task Force, an enormous coordinating committee with essentially no investigative operation.
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For Black Kids in America, a Degree Is No Guarantee - Janell Ross - The Atlantic - 0 views

  • In 2013, the most recent period for which unemployment data are available by both race and educational attainment, 12.4 percent of black college graduates between the ages of 22 and 27 were unemployed. For all college graduates in the same age range, the unemployment rate stood at just 5.6 percent. The figures point to an ugly truth: Black college graduates are more than twice as likely to be unemployed.
  • this is not about individuals, or individual effort. There is simply overwhelming evidence that discrimination remains a major feature of the labor market."
  • College-educated blacks are also more likely than all others with degrees to confront underemployment, which the study defined as working in jobs that don't require a four-year degree. The proportion of young African-American college graduates who are underemployed has spiked since 2007 by fully 10 percentage points to a striking 56 percent. During that same period, underemployment among all recent college graduates has edged up only slightly to around 45 percent.
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  • "This study—its findings, as terrible as they are—honestly should not come as a shock to anyone who is willing to face the truth about employment and unemployment in the United States,
  • DiTomaso says the study, like other research, challenges the assumption that opportunity is available to all Americans who equip themselves with the right skills
  • Private-sector labor data reported to the federal government shows little change in the share of management and executive-level jobs held by racial and ethnic minorities since the 1980s, she said. In fact, in industries that offer workers the best wages, the share of white men in these jobs has actually grown
  • In her 2013 book, The American Non-Dilemma: Racial Inequality Without Racism, DiTomaso concluded that racial inequality isn't rooted solely in racist ideas or conscious efforts to exclude some groups from distinct opportunities. Instead, she argued that informal networks allow whites, who still hold most of the decision-making positions in the private economy, to hoard and distribute advantage among their family and friends, who tend to be mostly white.
  • The whites among those DiTomaso interviewed found 70 percent of the jobs they held over their lifetimes through inside information shared by a family member, friend, or neighbor, a direct intervention (someone walking a resume into a hiring manager's office or a direct request that a family member or friend get an open job) or other means not open to the general public. 
  • I think it's high time," DiTomaso said, "that we really started to look closely not just at the ways that the labor market is biased against blacks but the ways in which it is biased in favor of whites."
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Violence in Baltimore - NYTimes.com - 0 views

  • “Former U.S. president Bill Clinton has called for an end to mass incarceration, admitting that changes in penal policy that happened largely under his watch put ‘too many people in prison and for too long’ and ‘overshot the mark.’”
  • “In 1994 Clinton championed a crime bill that laid down several of the foundations of the country’s current mass incarceration malaise. Vowing to be ‘tough on crime’ — a quality that had previously been more closely associated with the Republicans and which Clinton adopted under his ‘triangulation’ ploy — he created incentives to individual states to build more prisons, to put more people behind bars and to keep them there for longer. His also presided over the introduction of a federal three-strikes law that brought in long sentences for habitual offenders.”
  • The black community in America has been betrayed by Democrats and Republicans alike — it has been betrayed by America itself.
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  • Therefore, it can be hard to accept at face value any promises made or policies articulated.
  • violent revolt has often been the catalyst for change in this country and that nonviolence, at least in part, draws its power from the untenable alternative of violence.
  • We can’t rush to label violent protesters as “thugs” while reserving judgment about the violence of police killings until a full investigation has been completed and all the facts are in.
  • We can’t condemn explosions of frustration born of generations of marginalization and oppression while paying only passing glances to similar explosions of frustration over the inanity of a sports team’s victory or loss or a gathering for a pumpkin festival.
  • Nonviolence, as a strategy, hinges on faith: It is a faith in ultimate moral rectitude and the perfectibility of systems of power.
  • The time that any population will silently endure suffering is term-limited and the end of that term is unpredictable, often set by a moment of trauma that pushes a simmering discontent over into civil disobedience.
  • in those moments, America feigns shock and disbelief. Where did this anger come from? How can we quickly restore calm? How do we instantly start to heal?
  • That is because America likes to hide its sins. That is because it wants its disaffected, dispossessed and disenfranchised to use the door under the steps. That is because America sees its underclass as some sort of infinity sponge: capable of quietly absorbing disadvantage, neglect and oppression forever for the greater good of superficial calm and illusory order.
  • Zora Neale Hurston: “If you are silent about your pain, they’ll kill you and say you enjoyed it.”
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