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Javier E

A happiness expert's frank advice for Joe Biden - The Atlantic - 0 views

  • the ancient Hindu teaching on the stages of life, or ashramas, and the advice I received from a guru in southern India named Nochur Venkataraman. He taught me that many successful people get stuck in a stage called Grihastha—which is where you enjoy professional success and adulation—rather than progressing to Vanaprastha, which is where one should become more of a teacher (“crystallized intelligence”).
  • But there’s one more stage nearer the end called Sannyasa, which is to be fully enlightened and not working in the worldly domain. That transition is also sticky for many people—politicians, CEOs, sports figures, perhaps even the president—who struggle to stop doing what made them famous and admired. But that is the essence of truly retiring, and retiring well.
  • Matt: The United States seems to have the persistent problem of a geriatric ruling class. What’s your analysis of why that appears in our political elite?
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  • Arthur: Part of it is because we have a rigid system of power, and so we’re ridiculously institutionalized in the way that people can rise and prosper
  • Americans speak a good line about meritocracy, but we don’t have a meritocracy. When it comes to our politics, we have a gerontocracy that is based on seniority, loyalty, and tenure. We have leaders with tons of wisdom, but they don’t have the vigor and the focus and the energy to be putting in the grinding work of national and international governance.
  • Matt: Happiness is your principal subject, and your work usually frames it in terms of advice to the individual: How can you be happy? How can I be happy? But in this political moment, there’s also a dimension of this that’s about collective happiness, the public good—a general happiness that is at stake in Biden’s decision. How do you balance that?
  • Arthur: You know the famous Zen Buddhist koan: What is the sound of one hand clapping? One interpretation of that koan is that the sound of one hand clapping is an illusion. And one version of that illusion is that your personal happiness is somehow meaningful. In fact, the clapping becomes a reality only when there’s a second hand.
  • In other words, your happiness is real only when somebody else is happy as well. So if you’re a public figure, then the good of the public is required to get the second hand clapping. Otherwise you’ll be living in illusion.
  • a philosopher at the University of Cambridge named Stephen Cave who wrote a really important book called Immortality. In it, he talks about how one of the ways to become immortal is to build a legacy, and the way to think about that is the internal struggle of Achilles. Obviously, the Greek hero is a mythological character, but his story presents an emblematic dilemma: The best way to achieve immortality is to secure your legacy through a heroic end; the worst way to get immortality—and the most efficacious way to destroy your legacy—is to just hang around. Do you see the irony? People who hang around because of their legacy are diminishing their legacy.
  • Arthur: So there’s personal advice and there’s political advice. The personal advice is that for all successful people, there comes a time to decide between being special and being happy. Being special—staying on top—is hard, tiring work. But it is an addiction, which is why people keep at it way beyond what seems reasonable, at great harm to themselves and others. Get sober; choose happiness.
  • The political advice is based on a lesson from history, that the mark of great leadership is what happens after leaders leave the scene. Did they teach the next generation and set up those who came after for success? And then did they step aside with grace and humility? Be able to answer yes to both of those questions.
Javier E

Opinion | How We've Lost Our Moorings as a Society - The New York Times - 0 views

  • To my mind, one of the saddest things that has happened to America in my lifetime is how much we’ve lost so many of our mangroves. They are endangered everywhere today — but not just in nature.
  • Our society itself has lost so many of its social, normative and political mangroves as well — all those things that used to filter toxic behaviors, buffer political extremism and nurture healthy communities and trusted institutions for young people to grow up in and which hold our society together.
  • You see, shame used to be a mangrove
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  • That shame mangrove has been completely uprooted by Trump.
  • The reason people felt ashamed is that they felt fidelity to certain norms — so their cheeks would turn red when they knew they had fallen short
  • in the kind of normless world we have entered where societal, institutional and leadership norms are being eroded,” Seidman said to me, “no one has to feel shame anymore because no norm has been violated.”
  • People in high places doing shameful things is hardly new in American politics and business. What is new, Seidman argued, “is so many people doing it so conspicuously and with such impunity: ‘My words were perfect,’ ‘I’d do it again.’ That is what erodes norms — that and making everyone else feel like suckers for following them.”
  • Nothing is more corrosive to a vibrant democracy and healthy communities, added Seidman, than “when leaders with formal authority behave without moral authority.
  • Without leaders who, through their example and decisions, safeguard our norms and celebrate them and affirm them and reinforce them, the words on paper — the Bill of Rights, the Constitution or the Declaration of Independence — will never unite us.”
  • . Trump wants to destroy our social and legal mangroves and leave us in a broken ethical ecosystem, because he and people like him best thrive in a broken system.
  • He keeps pushing our system to its breaking point, flooding the zone with lies so that the people trust only him and the truth is only what he says it is. In nature, as in society, when you lose your mangroves, you get flooding with lots of mud.
  • Responsibility, especially among those who have taken oaths of office — another vital mangrove — has also experienced serious destruction.
  • It used to be that if you had the incredible privilege of serving as U.S. Supreme Court justice, in your wildest dreams you would never have an American flag hanging upside down
  • Your sense of responsibility to appear above partisan politics to uphold the integrity of the court’s rulings would not allow it.
  • Civil discourse and engaging with those with whom you disagree — instead of immediately calling for them to be fired — also used to be a mangrove.
  • when moral arousal manifests as moral outrage — and immediate demands for firings — “it can result in a vicious cycle of moral outrage being met with equal outrage, as opposed to a virtuous cycle of dialogue and the hard work of forging real understanding.”
  • In November 2022, the Heterodox Academy, a nonprofit advocacy group, surveyed 1,564 full-time college students ages 18 to 24. The group found that nearly three in five students (59 percent) hesitate to speak about controversial topics like religion, politics, race, sexual orientation and gender for fear of negative backlashes by classmates.
  • Locally owned small-town newspapers used to be a mangrove buffering the worst of our national politics. A healthy local newspaper is less likely to go too far to one extreme or another, because its owners and editors live in the community and they know that for their local ecosystem to thrive, they need to preserve and nurture healthy interdependencies
  • in 2023, the loss of local newspapers accelerated to an average of 2.5 per week, “leaving more than 200 counties as ‘news deserts’ and meaning that more than half of all U.S. counties now have limited access to reliable local news and information.”
  • As in nature, it leaves the local ecosystem with fewer healthy interdependencies, making it more vulnerable to invasive species and disease — or, in society, diseased ideas.
  • It’s not that the people in these communities have changed. It’s that if that’s what you are being fed, day in and day out, then you’re going to come to every conversation with a certain set of predispositions that are really hard to break through.”
  • we have gone from you’re not supposed to say “hell” on the radio to a nation that is now being permanently exposed to for-profit systems of political and psychological manipulation (and throw in Russia and China stoking the fires today as well), so people are not just divided, but being divided. Yes, keeping Americans morally outraged is big business at home now and war by other means by our geopolitical rivals.
  • More than ever, we are living in the “never-ending storm” that Seidman described to me back in 2016, in which moral distinctions, context and perspective — all the things that enable people and politicians to make good judgments — get blown away.
  • Blown away — that is exactly what happens to the plants, animals and people in an ecosystem that loses its mangroves.
  • a trend ailing America today: how much we’ve lost our moorings as a society.
  • Civil discourse and engaging with those with whom you disagree — instead of immediately calling for them to be fired — also used to be mangroves.
  • civility itself also used to be a mangrove.
  • “Why the hell not?” Drummond asks.“You’re not supposed to say ‘hell,’ either,” the announcer says.You are not supposed to say “hell,” either. What a quaint thought. That is a polite exclamation point in today’s social media.
  • Another vital mangrove is religious observance. It has been declining for decades:
  • So now the most partisan national voices on Fox News, or MSNBC — or any number of polarizing influencers like Tucker Carlson — go straight from their national studios direct to small-town America, unbuffered by a local paper’s or radio station’s impulse to maintain a community where people feel some degree of connection and mutual respect
  • In a 2021 interview with my colleague Ezra Klein, Barack Obama observed that when he started running for the presidency in 2007, “it was still possible for me to go into a small town, in a disproportionately white conservative town in rural America, and get a fair hearing because people just hadn’t heard of me. … They didn’t have any preconceptions about what I believed. They could just take me at face value.”
Javier E

Dating Apps Once Ran on Novelty. For Some Users, the Fun Is Over. - WSJ - 0 views

  • Around half of all U.S. adults under 30 have used a dating site or app at some point in their lives, and one in 10 adults with partners say they met their significant other by dating online
  • Online-dating growth has been slowing. Paying users declined 6% in the first quarter of the year at Match Group, whose portfolio includes the League, Tinder and Hinge, compared with a 3% dip in the first quarter of 2023. The Bumble app grew paying users 18% in the first quarter, compared with 31% growth in the period a year earlier. 
  • Nearly half of all online daters and more than half of female daters say their experiences have been negative, according to Pew, and a growing tide of users are sharing their dissatisfaction
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  • People bemoan a perceived rise in bad dating etiquette such as “ghosting” and the sending of unsolicited sexual messages, and blame the way online romance makes it easier to discard potential partners at a touch of a button. “Hacks,” or tricks designed to game the apps for better dates, abound, demonstrating the shortcomings of their designs. 
  • the companies’ growing emphasis on pricier premium services is giving users new reasons to scrutinize the algorithmically driven path to romance.
  • Bumble made its name as a free app that only let women make the first move, for example. But since 2016, it has charged for advantages such as unlimited “swipes” to connect with prospects. The most expensive plan today costs $80 a month
  • “This is not a new phenomenon, and I think that dating apps have crystallized and brought those concerns to the fore, primarily because the prior institutions that were responsible for connecting individuals—such as family, friends, churches, other homes of worship—were not able to assume blame in the same way,” said Jess Carbino, a sociologist who has worked as a consultant for Bumble and Tinder.
  • Unlike apps such as Tinder and Bumble, the League requires profile approval to join. On the app, users get three to five prospects a day unless they upgrade to become a paying member, which runs $99 a week or $399 for a three-month subscription. Once a match is made in the app, users have 14 days to initiate a conversation before the matches expire. 
Javier E

West Bank: More wounded Palestinians tell BBC the Israeli army forced them on to jeep - 0 views

  • since the 7 October Hamas attacks, violence against Palestinians in the West Bank by Israeli soldiers and settlers has reached record levels.“It’s more radicalised, it’s more brutalised, it’s more extreme,” he said. “Since 7 October, more than 500 Palestinians have been killed – more than 100 of them minors – and every day there are invasions of Palestinian cities.”
  • Jenin has been a particular target for Israeli raids since the 7 October Hamas attacks, with more than 120 Palestinians – civilians and fighters – killed by Israeli soldiers there.
  • But armed men still patrol Jenin camp where fighters backed by Hamas and Islamic Jihad are based, and residents in the town say there’s no sign of the war subsiding.“What the army doesn’t know is that resistance is an idea planted in the heart,” one resident said. “It won’t stop. If one is killed, five more will replace him.”
Javier E

The Infantile Style in American Politics - The Atlantic - 0 views

  • Too many on the left wing of American politics have become inured to the effect of their overheated rhetoric and histrionic displays of fealty to in-group norms
  • Bowman’s supporters sought easy explanations for his defeat, including that redistricting had shifted his district northward out of much of the Bronx and into Westchester. But Bowman in fact had fared well in the predominantly Democratic suburban county in his 2020 and 2022 campaigns.
  • claims that the massive spending of pro-Israel groups was responsible for Bowman’s defeat warrant skepticism
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  • Bowman also indulged a penchant—again shared broadly on the anti-Israel, anti-Zionist left—for performative and self-righteous politics.
  • For weeks, prominent left-wing organizers on social media slammed Latimer, a centrist liberal, as a reactionary white man backed by billionaires. The New York City chapter of the Democratic Socialists of America, which endorsed Bowman, decried Latimer as an AIPAC-picked, MAGA-bought racist.
  • using the term genocide has become de rigueur for candidates seeking an endorsement from DSA and Justice Democrats. Bowman obliged, repeatedly.
  • Bowman’s rhetoric was undisciplined and incendiary, while Latimer was a popular local politician whose internal polls showed him leading by double digits before AIPAC spent anything.
  • “The Paranoid Style in American Politics.” A modern left-wing update might be titled “The Infantile Style in American Politics”—as the conspiratorial mixes with obstinacy and braggadocio.
  • The Bronx rally offered a glimpse, too, of the sectarianism that routinely afflicts the left. Pro-Palestine protesters from Within Our Lifetime showed up and beat drums and chanted throughout the rally, doing their best to disrupt the proceedings. They denounced Bowman, Ocasio-Cortez, and Sanders as “Zionists” who backed “Genocide Joe” for president.
  • victories coexist with a growing shrillness and insistence by many on the left upon political purity. So longtime liberal Democratic politicians find themselves denounced as pro-genocide for supporting Israel and Biden’s position on the Gaza conflict.
  • Many mainstream Democrats seem less and less patient with the activist left. Hakeem Jeffries, the House minority leader and possible future speaker, would have none of the Bowman camp’s talk of martyrdom.
  • Jeffries took a noticeably removed and dispassionate view of that loss. “The results speak for themselves. The voters have spoken,” he said, sounding less than distraught. A senior Jeffries adviser later noted on social media that the minority leader has now supported six candidates challenged by DSA, and his candidates have won all six races.
Javier E

AI scientist Ray Kurzweil: 'We are going to expand intelligence a millionfold by 2045' ... - 0 views

  • American computer scientist and techno-optimist Ray Kurzweil is a long-serving authority on artificial intelligence (AI). His bestselling 2005 book, The Singularity Is Near, sparked imaginations with sci-fi like predictions that computers would reach human-level intelligence by 2029 and that we would merge with computers and become superhuman around 2045, which he called “the Singularity”. Now, nearly 20 years on, Kurzweil, 76, has a sequel, The Singularity Is Nearer
  • no longer seem so wacky.
  • Your 2029 and 2045 projections haven’t changed…I have stayed consistent. So 2029, both for human-level intelligence and for artificial general intelligence (AGI) – which is a little bit different. Human-level intelligence generally means AI that has reached the ability of the most skilled humans in a particular domain and by 2029 that will be achieved in most respects. (There may be a few years of transition beyond 2029 where AI has not surpassed the top humans in a few key skills like writing Oscar-winning screenplays or generating deep new philosophical insights, though it will.) AGI means AI that can do everything that any human can do, but to a superior level. AGI sounds more difficult, but it’s coming at the same time.
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  • Why write this book? The Singularity Is Near talked about the future, but 20 years ago, when people didn’t know what AI was. It was clear to me what would happen, but it wasn’t clear to everybody. Now AI is dominating the conversation. It is time to take a look again both at the progress we’ve made – large language models (LLMs) are quite delightful to use – and the coming breakthroughs.
  • It is hard to imagine what this would be like, but it doesn’t sound very appealing… Think of it like having your phone, but in your brain. If you ask a question your brain will be able to go out to the cloud for an answer similar to the way you do on your phone now – only it will be instant, there won’t be any input or output issues, and you won’t realise it has been done (the answer will just appear). People do say “I don’t want that”: they thought they didn’t want phones either!
  • The most important driver is the exponential growth in the amount of computing power for the price in constant dollars. We are doubling price-performance every 15 months. LLMs just began to work two years ago because of the increase in computation.
  • What’s missing currently to bring AI to where you are predicting it will be in 2029? One is more computing power – and that’s coming. That will enable improvements in contextual memory, common sense reasoning and social interaction, which are all areas where deficiencies remain
  • LLM hallucinations [where they create nonsensical or inaccurate outputs] will become much less of a problem, certainly by 2029 – they already happen much less than they did two years ago. The issue occurs because they don’t have the answer, and they don’t know that. They look for the best thing, which might be wrong or not appropriate. As AI gets smarter, it will be able to understand its own knowledge more precisely and accurately report to humans when it doesn’t know.
  • What exactly is the Singularity? Today, we have one brain size which we can’t go beyond to get smarter. But the cloud is getting smarter and it is growing really without bounds. The Singularity, which is a metaphor borrowed from physics, will occur when we merge our brain with the cloud. We’re going to be a combination of our natural intelligence and our cybernetic intelligence and it’s all going to be rolled into one. Making it possible will be brain-computer interfaces which ultimately will be nanobots – robots the size of molecules – that will go noninvasively into our brains through the capillaries. We are going to expand intelligence a millionfold by 2045 and it is going to deepen our awareness and consciousness.
  • Why should we believe your dates? I’m really the only person that predicted the tremendous AI interest that we’re seeing today. In 1999 people thought that would take a century or more. I said 30 years and look what we have.
  • I have a chapter on perils. I’ve been involved with trying to find the best way to move forward and I helped to develop the Asilomar AI Principles [a 2017 non-legally binding set of guidelines for responsible AI development]
  • All the major companies are putting more effort into making sure their systems are safe and align with human values than they are into creating new advances, which is positive.
  • Not everyone is likely to be able to afford the technology of the future you envisage. Does technological inequality worry you? Being wealthy allows you to afford these technologies at an early point, but also one where they don’t work very well. When [mobile] phones were new they were very expensive and also did a terrible job. They had access to very little information and didn’t talk to the cloud. Now they are very affordable and extremely useful. About three quarters of people in the world have one. So it’s going to be the same thing here: this issue goes away over time.
  • The book looks in detail at AI’s job-killing potential. Should we be worried? Yes, and no. Certain types of jobs will be automated and people will be affected. But new capabilities also create new jobs. A job like “social media influencer” didn’t make sense, even 10 years ago. Today we have more jobs than we’ve ever had and US average personal income per hours worked is 10 times what it was 100 years ago adjusted to today’s dollars. Universal basic income will start in the 2030s, which will help cushion the harms of job disruptions. It won’t be adequate at that point but over time it will become so.
  • Everything is progressing exponentially: not only computing power but our understanding of biology and our ability to engineer at far smaller scales. In the early 2030s we can expect to reach longevity escape velocity where every year of life we lose through ageing we get back from scientific progress. And as we move past that we’ll actually get back more years.
  • What is your own plan for immortality? My first plan is to stay alive, therefore reaching longevity escape velocity. I take about 80 pills a day to help keep me healthy. Cryogenic freezing is the fallback. I’m also intending to create a replicant of myself [an afterlife AI avatar], which is an option I think we’ll all have in the late 2020s
  • I did something like that with my father, collecting everything that he had written in his life, and it was a little bit like talking to him. [My replicant] will be able to draw on more material and so represent my personality more faithfully.
  • What should we be doing now to best prepare for the future? It is not going to be us versus AI: AI is going inside ourselves. It will allow us to create new things that weren’t feasible before. It’ll be a pretty fantastic future.
Javier E

Abortion Rights Debate Shifts to Pregnancy and Fertility as Election Nears - The New Yo... - 0 views

  • The public conversation about abortion has grown into one about the complexities of pregnancy and reproduction, as the consequences of bans have played out in the news. The question is no longer just whether you can get an abortion, but also, Can you get one if pregnancy complications put you in septic shock? Can you find an obstetrician when so many are leaving states with bans? If you miscarry, will the hospital send you home to bleed? Can you and your partner do in vitro fertilization?
  • That shift helps explain why a record percentage of Americans are now declaring themselves single-issue voters on abortion rights — especially among Black voters, Democrats, women and those ages 18 to 29. Republican women are increasingly saying their party’s opposition to abortion is too extreme, and Democrats are running on the issue after years of running away from it.
  • Tresa Undem, who has been polling people on abortion for 25 years, estimated that before the Supreme Court’s ruling in Dobbs v. Jackson Women’s Health Organization, the case that overturned Roe, less than 15 percent of the public considered abortion personally relevant — women who could get pregnant and would choose an abortion.
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  • “People used to talk about politicians trying to control our bodies,” she said. “Now it’s, they have no business getting involved in these medical decisions, these politicians don’t have medical expertise, they’re making these laws, and they’re not basing it on health care or science.”
  • Seventy-three percent of independents who support abortion rights said stories about women almost dying because of bans would affect how they vote.
  • “Now it’s about pregnancy, and everybody knows someone who had a baby or wants to have a baby or might get pregnant,” she said. “It’s profoundly personal to a majority of the public.”
  • Anti-abortion groups have responded by trying to carve out a difference between “elective abortion” for unwanted pregnancies — which they want banned — and “maternal fetal separation” in medical emergencies. (The medical procedure is the same.)
  • Opponents have long stigmatized abortion as something irresponsible women use as birth control or because they care more about their careers than having children. “When the focus shifts to the dangers that abortion bans inflict on pregnant people,” said Reva Siegel, a constitutional law professor at Yale who has written extensively about the country’s abortion conflict, “it’s easier for Americans to talk about.”
  • Technology and criminal law have flipped the script, she said.
  • Before Roe legalized abortion nationally in 1973, the law allowed more leeway for what were considered “therapeutic abortions.” Doctors, often solo practitioners, could use their good faith judgment to provide them. Even the Southern Baptist Convention supported abortions in cases of fetal deformity or when a woman’s physical or mental health was at risk.
  • Now, the threat of prosecution, $100,000 fines and loss of their medical licenses have chilled doctors and hospital systems in treating women with pregnancy complications. More often than not in some states, lawyers are making the decisions.
  • In Georgia, she said, more people opposed the state’s ban on abortion after six weeks of pregnancy once they were told that this meant two weeks after the average woman misses her period — not, as her own partner believed, six weeks after conception. Some voters, she said, believed that six weeks meant six weeks after women found out they were pregnant.
Javier E

Opinion | In Indiana, the MAGA Revolution Eats Its Own - The New York Times - 0 views

  • According to the Public Religion Research Institute’s 2023 American Values Atlas, 55 percent of Trump supporters are Christian nationalists, as measured by their agreement with statements like “Being Christian is an important part of being truly American” and “God has called Christians to exercise dominion over all areas of American society.”
  • The Christian right increasingly sees American politics as zero-sum, meaning it is either going to triumph or face subjugation. As Justice Samuel Alito of the Supreme Court was recorded saying, “One side or the other is going to win.”
Javier E

'Anxiety' Review: Confronting That Queasy Feeling - WSJ - 0 views

  • In “Anxiety: A Philosophical Guide,” Mr. Chopra builds his case on the pillars of four traditions of thought that in their various ways see anxiety as an inevitable part of the human condition
  • he first and oldest is Buddhism, which teaches that a feeling of dissatisfaction with life, dukkha, is the root of all mental suffering.
  • n the 19th and 20th centuries, Mr. Chopra notes, European existentialists saw anxiety as the necessary consequence of human freedom: Realizing that we have to choose our moral values and fashion our own futures induces a kind of vertigo as we feel the burden of responsibility for our fates.
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  • Freudian psychoanalysis offers yet another account. As Mr. Chopra’s summary has it: “Anxiety is a signal to us that we harbor repressed emotions, desires, and sexuality.”
  • Finally, there is the idea of “materialist alienation,” advocated by both Karl Marx and Herbert Marcuse. This theory identifies the sources of anxiety in the material and economic conditions of society rather than in the individual psyche:
  • Although Mr. Chopra, a philosophy professor emeritus at Brooklyn College, notes many overlaps and commonalities in the four approaches, their differences make them inconsistent as a set. It isn’t clear that they are centrally concerned with anxiety at all.
  • ukkha in Buddhism isn’t usually understood to refer to anxiety but rather to a state of discontent.
  • Mr. Chopra acknowledges that one of his key existentialist figures, Nietzsche, never uses the term. Alluding to Marx’s alienated labor, Mr. Chopra asks: “What does such alienation feel like?” His answer: “Like anxiety, for it is anxiety.
  • Mr. Chopra interprets everything through the lens of anxiety and as a result either magnifies its significance or sees it where it is not. He says, for example, that from his own experience he has concluded that being “indecisive, distracted, insecure, or anxious . . . amounted to the same thing.” But for many people those conditions are very different.
  • Mr. Chopra is a serial user of the “presumptive we”: using the first-person plural to speak for all of us when he is really speaking for some or sometimes only himself.
  • At times Mr. Chopra writes of anxiety as though it were a key to self-definition, saying, at one point “thus does anxiety inform me of who I am.” Tell me your anxieties and I’ll tell you who you are may sound profound, but replace “anxieties” with “dreams,” “loves,” “hopes” or “values” and it is just as true.
  • Even philosophy in Mr. Chopra’s view springs not from wonder, as Aristotle and Plato claimed, but from anxiety. However, neither those giants of thought nor others who followed them for centuries had much to say about it
  • That “anxiety is a basic human affect and signature of human consciousness” is made somewhat problematic, he concedes, by the fact that it only emerged as “an explicitly named and identified problem in the nineteenth century.”
  • Still, Mr. Chopra is right to want to normalize the anxiety that people really do feel, saying that it is wrong to think that mental health consists in being anxiety-free. His basic therapeutic advice—not to push anxiety away but “to see what it ‘points to’ ”—is also spot-on
  • his book is a good primer on the major philosophers of anxiety, or at least its close relations.
Javier E

Europe Has a New Economic Engine: American Tourists - WSJ - 0 views

  • the Mediterranean rush is turning Europe’s recent economic history on its head. In the 2010s, Germany and other manufacturing-heavy economies helped drag the continent out of its debt crisis thanks to strong exports of cars and capital goods, especially to China.
  • Today, Italy, Spain, Greece and Portugal contribute between a quarter and half of the bloc’s annual growth. 
  • While Germany’s economy is flatlining, Spain is Europe’s fastest-growing big economy. Nearly three-quarters of the country’s recent growth and one in four new jobs are linked to tourism
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  • In Greece, an unlikely economic star since the pandemic, as many as 44% of all jobs are connected to tourism. 
  • Can Europe’s emerging “museum economy” support sustained wealth creation and the expansive welfare systems Europeans have become accustomed to since the end of World War II? And what happens if the dollar falls and the tourists leave?
  • Rent and other living expenses are rising in hot spots, making it harder for many locals to make ends meet. A heightened focus on tourism, which turns a quick profit but remains a low-productivity activity, tethers these economies to a highly cyclical industry
  • It also risks keeping workers and capital from more profitable areas, like tech and high-end manufacturing. 
  • some economists, residents and politicians are concerned about the boom’s long-term implications.
  • “It is literally, for Americans right now, the place to go,”
  • The strong dollar—and a powerful post-Covid recovery—has empowered millions of Americans who would have vacationed in the U.S. before the pandemic. They are now finding they can afford a lavish European holiday.
  • One reason is the brutal sovereign debt crisis that hit the continent’s south especially hard just over a decade ago. Unable to stimulate demand with public spending or to energize exports by devaluing their currency—the euro, which is shared by 20 states—those countries could only boost their competitiveness by lowering wages.
  • “Your dollar goes a lot further,” Cross said over coffee in the lobby of her five-star hotel. “You don’t feel you’re scrounging as much.”
  • Tourism now generates one-fifth of economic output in Lisbon and supports one in four jobs. That boom has reverberated far beyond the capital.
  • Portugal’s gross domestic product grew nearly 8% between 2019 and 2024, compared with less than 1% for Germany,
  • The government recorded a rare 1.2% of GDP budget surplus last year, and its debt-to-GDP ratio is expected to fall to 95% this year, the lowest since 2009
  • Portugal’s population is growing again after years of decline, thanks in part to an influx of migrant workers and to various tax incentives and investor visas that have attracted high-income workers. 
  • Moedas, Lisbon’s mayor, says there’s room for further growth. For a city that doubles in size to around one million every day, including commuters, only around 35,000 are tourists, he said. “We are very far from a situation of so-called overtourism.”
  • The trend is part of a global readjustment following the Covid-19 lockdowns. Spending on travel and hospitality worldwide grew roughly seven times faster than the global economy over the past two years, according to Oxford Economics. That pattern is expected to continue for the next decade, though to a lesser degree.
  • Europe, especially southern Europe, has benefited more than many other regions. Though it is home to just 5% of the world’s population, the European Union received around one-third of all international tourist dollars—more than half a trillion dollars—last year. This is up roughly threefold over two decades, and compares with about $150 billion for the U.S., where tourism has been slower to rebound.
  • In Portugal, a country of 10 million that juts out into the North Atlantic from Spain, Americans recently surpassed Spaniards as the biggest group of foreign tourists. 
  • This and a real estate collapse that left hundreds of thousands of workers suddenly available made the region’s tourist industry ultracompetitive, much cheaper than Caribbean beach destinations and on a par with Latin American destinations like Mexico. 
  • Once an owner of TAP, Neeleman increased the number of direct flights to the U.S. eightfold between 2015 and 2020, adding major hubs such as JFK and Boston Logan, betting that would open up an untapped market. As bookings soared, other U.S. airlines followed. 
  • “It was actually comical, because I went from knowing no one who had been to Portugal to everyone telling me they were going to Portugal,”
  • For Gonçalo Hall, a 36-year-old tech worker, the influx of foreign cash that has transformed Lisbon has been overwhelmingly beneficial for the city. When he lived in the capital 15 years ago, he wouldn’t walk in the historic downtown after 8 p.m. It was “full of homeless people, not safe. Lots of empty and abandoned buildings,” he said. 
  • “The quality of life in Lisbon doesn’t match the prices. Even expats are leaving,” said Hall, who moved to the Atlantic island of Madeira during the pandemic and continues to work remotely.  
  • The average Portuguese employee earns around €1,000 a month after tax, or around $1,100 a month, and only 2% earn more than €2,000. A one-bedroom apartment in Lisbon can easily cost more than €500,000 to buy, or over €1,200 a month to rent. Rents in nearby cities are also climbing as people leave the capital, squeezed out as lucrative short-term rentals transform the housing market. 
  • Jessica Ribeiro, a 35-year-old sociologist, pays around €490 a month for an apartment that she shares with her ex-husband in a town close to Lisbon. Neither can afford to leave. Both make a little more than the minimum wage of €820 a month, and soaring rents mean it is impossible to find an apartment in the neighborhood for less than €700, Ribeiro said. 
  • “The harm that tourism has brought is infinitely bigger than the benefits,” Ribeiro said. “It sends people away from their place of work, making their lives much harder.” 
  • A frequent complaint from residents and housing advocates is that some of the boom’s biggest winners are American companies, from Airbnb to Uber, which often pay little tax in the places where they do most of their business.
  • Lisbon is cracking down on Airbnbs and increasing taxes on tourists, doubling the nightly city tax from €2 to €4, which should raise €80 million a year. Airbnb has paid Lisbon and Porto, Portugal’s two biggest cities, more than €63 million after entering into voluntary tax collection agreements with local officials. Moedas said he is considering “a bit more regulation” of the city’s many Ubers, whose drivers he said don’t always respect traffic rules. 
  • Around nine in 10 Airbnb hosts in Portugal rent their family home and almost half say the extra income helps them afford to stay in their homes, according to a spokesperson for the company. “Guests using our platform account for just 10% of total nights booked in Portugal, and we follow the rules and only allow listings that are registered with local authorities,”
  • Higher rents are forcing many businesses and cultural and social spaces catering to locals to close, according to Silva. “This is not an economy that is serving the needs of the majority of people,” she said.
  • Signs of discontent are bubbling up across the region. Tens of thousands of local residents marched in Spain’s Balearic and Canary islands in recent months to protest mass tourism and overcrowding. On Mallorca, activists have put up fake signs at some popular beaches warning in English of the risk of falling rocks or dangerous jellyfish to deter tourists, according to social-media posts.
  • Serving foreigners is difficult to scale up and is more exposed to economic headwinds. Like the discovery of oil, southern Europe’s new focus on tourism can crowd out higher-value activities by hogging capital and workers, a phenomenon some economists have dubbed the “beach disease.”
  • “Portugal isn’t an industrialized country. It’s just the playground of the EU,” said Priscila Valadão, a 43-year-old administrative assistant in Lisbon. She makes €905 a month and rents a room from a friend for €250 a month. “The type of jobs being offered…are restricted to a type of activity that really doesn’t enrich the country,”
  • For Europe’s policymakers, having people open hotels or restaurants is easier than incentivizing them to build up advanced manufacturing, which is capital intensive and takes a long time to pay off, said Marcos Carias, an economist with French insurer Coface. 
  • “Tourism is the easy way out,” Carias said. “What is the incentive to look for ingenuity and go through the pain of creating new economic value if tourism works as a short-term solution?”
  • Proponents say tourism attracts capital to poor regions, and can serve as a base to build a more diversified economy. Lisbon’s Moedas said he is trying to leverage the influx of foreign visitors to build up sectors such as culture and technology, including by developing conferences and cultural events. 
  • “Some extreme left parties basically say we need to reduce tourism,” Moedas said, but that is the wrong approach. “What we have to do is to increase other sectors like innovation, technology…. We should still invest in tourism, but we should go up the ladder.”
  • While Dias, the hotel owner, is diversifying into nightlife, he refuses to envisage a future where the sector would have to rely heavily on visitors from elsewhere.
  • More than one-third of highly qualified Portuguese students leave the country after graduating,
  • Even higher-paid technology workers have started decamping to cheaper places. 
  • Tiago Araújo, chief executive of tourism tech startup HiJiffy, has held on to his employees but says many of them have been moving out of Lisbon. The trend, which started during Covid, is now being primarily driven by the housing crisis.
  • In Athens, Mayor Haris Doukas says he is working on extending the tourist season, increasing the average length of stay and promoting specific types of tourism, such as organizing conferences and business meetings, to attract visitors with higher purchasing power. He’s also called for new taxes to help the city accommodate the millions of additional tourists thronging to the ancient capital.
  • If Americans stop coming to Lisbon, he said, “I don’t think we can charge this kind of [price] because we will have to go to Europeans, and the Europeans, they don’t have money.”
Javier E

Israeli Military Says Hamas Can't Be Destroyed, Escalating Feud With Netanyahu - WSJ - 0 views

  • A rift between Israeli Prime Minister Benjamin Netanyahu and the country’s military leadership is spilling increasingly into the open after the armed forces’ top spokesman said Netanyahu’s aim of destroying Hamas in Gaza is unachievable.“The idea that we can destroy Hamas or make Hamas disappear is misleading to the public,” military spokesman Daniel Hagari told Israeli television on Wednesday.
  • The exchange was an illustration of months of tensions between Netanyahu and the country’s military leadership, who argue that Hamas could only be defeated if Israel replaces it with another governing authority in Gaza. During more than eight months of war, the Israeli military has invaded swaths of the Gaza Strip, only to see Hamas reconstitute itself in areas when Israeli forces withdraw.“What we can do is grow something different, something to replace it,” Hagari said Wednesday. “The politicians will decide” who should replace Hamas, he said.
  • The friction between Netanyahu and the military establishment had burst into public view earlier in the war. In May, Defense Minister Yoav Gallant delivered a speech calling on the government to decide who should replace Hamas in Gaza. The lack of a decision, he said, left Israel with only two choices: Hamas rule or a complete Israeli military takeover of the strip.
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  • The Israeli military relies on reservist soldiers, some of whom have described growing exhaustion as Israel manages conflicts for months on end on multiple fronts, including the border with Lebanon and in the West Bank. An end to fighting in Gaza would give Israeli forces a respite that analysts say is needed, especially if fighting with Hezbollah escalates further.
  • Israel Ziv, a retired Israeli general and veteran of multiple wars, said tensions between the Israeli military and security establishment and Netanyahu are at a record high.“The IDF feels and the security echelon feels that we exhausted the purpose of the war. We reached the maximum tactical peak that we can achieve,” he said. “As long as Rafah was there, they could say finish the job. OK it’s finished now.”
  • Netanyahu has rejected a series of proposals for possible alternatives to Hamas, including an American plan to bring in the Palestinian Authority and Arab calls for a Palestinian unity government that would include Hamas. Some military analysts and former Israeli officials have questioned whether installing a new government in Gaza was ever possible, given that Hamas has managed to survive the Israeli military assault.
  • “We need to make a decision,” said Ziv. “Even a bad decision, that’s OK. Let’s say [we] occupy Gaza in the next few years because we need to clear up the last few terrorists. OK, it’s a bad decision, but it’s a decision. The military needs to know.”
  • The dispute between Netanyahu and the military centers in part on how officials define a defeat of Hamas. An Israeli military official said the army considers a battalion “dismantled” not when all its fighters are killed, but when its command structure and ability to carry out organized attacks are eliminated. 
  • Military analysts say that Hamas’s militia forces are likely to survive the Israeli military operation even in Rafah, in part because the Israeli army’s approach leaves many lower-ranking Hamas fighters in place. Hamas’s top leadership in the enclave, including its leader, Yahya Sinwar, have also eluded Israeli forces throughout the war.
  • “Hamas is preserving its forces in Rafah rather than engaging the Israel Defense Forces, likely because Hamas does not believe Israel’s Rafah operation will be decisive,” said an assessment this week from the Institute for the Study of War and the American Enterprise Institute’s Critical Threats Project.
Javier E

The Purpose of Journalism Is to Get the Story - WSJ - 0 views

  • It is a dark night on a vast plain. There are wild sounds—the hiss of prehistoric cicadas, the scream of a hyena. A tribe of cavemen sit grunting around a fire. An antelope turns on a spit. Suddenly another caveman runs in, breathlessly, from the bush. “Something happened,” he says. They all turn. “The tribe two hills over was killed by a pack of dire wolves. Everyone torn to pieces.”
  • Clamor, questions. How do you know? Did you see it? (He did, from a tree.) Are you sure they were wolves? “Yes, with huge heads and muscled torsos.” What did it look like? “Bloody.”
  • As he reports he is given water and a favored slice of meat. Because he has run far and is hungry, but mostly because he has told them the news, and they are grateful.
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  • The purpose of journalism is to get the story and tell the story.
  • Now the cavemen turn to the tribal elder. “What should we do?” “Short term, climb a tree if you see a wolf,” she says. “They don’t like fire and noise, so we should keep lit torches and scream. In the longer term, wolf packs are seen in the west, so we should go east to high ground.” That is the authentic sound of commentary, of editorials and columns. Advice, exhortation—they’re part of the news too. People will always want it, question it, disagree.
  • It is as if journalism is no longer about Get the Story but about Meeting People Where They Are and helping them navigate through a confusing world. But do you really think current editors know where people are? Do you think they know how to navigate? It all feels presumptuous.
  • The great news for journalism is there will always be a huge market for this. The need for news is built into human nature. Tech platforms change, portals change, but the need is forever.
  • The past two decades, accelerating over the past four years, newsrooms have increasingly become distracted from their main mission, confused about their purpose. Really, they’ve grown detached from their mission
  • the journalistic product now being offered has become something vaguer than it was, more boring, less swashbuckling, more labored, as if it’s written by frightened people. There’s an emphasis on giving the story “context,” but the story doesn’t feel alive and the context seems skewed
  • But even cavemen who eat bugs and wear hides are not always grim. Man wants not only to be informed but to be amused, entertained. He wants humor, wit, mischief, a visual tour of the latest cave paintings. Cave man want cooking app. And word games and reporting on the richest tribes: “Most Expensive Cave Dwelling Sells in Malibu.”
  • More disturbing, major stories go unreported because, the reader senses, they don’t relate to the personal obsessions of the editors and reporters, or to their political priors.
  • Facebook and social media can’t get the story. They can amplify it, give an opinion, comment. But they don’t have the resources and expertise; they don’t have trained investigative journalists and first-class experienced editors and a publisher willing to take a chance and spend the money. Social media has opinions, emotions, propaganda.
  • And the great thing for newspapers is if you get the story—if you are known to get the story, like the Washington Post in the Watergate years—you will be read.
  • In early 2023, Len Downie and Andrew Heyward, formerly executive editor of the Washington Post and president of CBS News, respectively, wrote a paper about how modern journalists see standards within their professions, and it seemed to me not only confused but a kind of capitulation. There had been a “generational shift” in journalism, and the many editors and reporters they interviewed think objectivity is more or less “outmoded,” a false standard created by the white male patriarchy.
  • What was really striking was there was no mention, not one, of the thrill of the chase, of getting the story—of journalism itself. It was all about the guck and mess, not the mission, and made them look like news bureaucrats, joyless grinds, self-infatuated bores.
  • They were obsessed with who’s in the newsroom when their readers are obsessed with what comes out of the newsroom.
  • current ways of encouraging diversity seem to yield a great sameness in terms of class and viewpoint, and in any case diversity is a mission within a mission, it isn’t the mission itself, which is: Get the story, tell the story.
Javier E

Dilemma on Wall Street: Short-Term Gain or Climate Benefit? - The New York Times - 0 views

  • team of economists recently analyzed 20 years of peer-reviewed research on the social cost of carbon, an estimate of the damage from climate change. They concluded that the average cost, adjusted for improved methods, is substantially higher than even the U.S. government’s most up-to-date figure.
  • That means greenhouse gas emissions, over time, will take a larger toll than regulators are accounting for. As tools for measuring the links between weather patterns and economic output evolve — and the interactions between weather and the economy magnify the costs in unpredictable ways — the damage estimates have only risen.
  • It’s the kind of data that one might expect to set off alarm bells across the financial industry, which closely tracks economic developments that might affect portfolios of stocks and loans. But it was hard to detect even a ripple.
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  • In fact, the news from Wall Street lately has mostly been about retreat from climate goals, rather than recommitment. Banks and asset managers are withdrawing from international climate alliances and chafing at their rules. Regional banks are stepping up lending to fossil fuel producers. Sustainable investment funds have sustained crippling outflows, and many have collapsed.
  • In some cases, it’s a classic prisoner’s dilemma: If firms collectively shift to cleaner energy, a cooler climate benefits everyone more in the future
  • in the short term, each firm has an individual incentive to cash in on fossil fuels, making the transition much harder to achieve.
  • when it comes to avoiding climate damage to their own operations, the financial industry is genuinely struggling to comprehend what a warming future will mean.
  • A global compact of financial institutions made commitments worth $130 trillion to try to bring down emissions, confident that governments would create a regulatory and financial infrastructure to make those investments profitable. And in 2022, the Inflation Reduction Act passed.
  • What about the risk that climate change poses to the financial industry’s own investments, through more powerful hurricanes, heat waves that knock out power grids, wildfires that wipe out towns?
  • “If we think about what is going to be the best way to tilt your portfolios in the direction to benefit, it’s really difficult to do,”
  • “These will probably be great investments over 20 years, but when we’re judged over one to three years, it’s a little more challenging for us.”
  • Some firms cater to institutional clients, like public employee pension funds, that want combating climate change to be part of their investment strategy and are willing to take a short-term hit. But they aren’t a majority
  • And over the past couple of years, many banks and asset managers have shrunk from anything with a climate label for fear of losing business from states that frown on such concerns.
  • On top of that, the war in Ukraine scrambled the financial case for backing a rapid energy transition. Artificial intelligence and the movement toward greater electrification are adding demand for power, and renewables haven’t kept up
  • All of that is about the relative appeal of investments that would slow climate change
  • If you bought some of the largest solar-energy exchange-traded funds in early 2023, you would have lost about 20 percent of your money, while the rest of the stock market soared.
  • There is evidence that banks and investors price in some physical risk, but also that much of it still lurks, unheeded.
  • “I’m very, very worried about this, because insurance markets are this opaque weak link,” Dr. Sastry said. “There are parallels to some of the complex linkages that happened in 2008, where there is a weak and unregulated market that spills over to the banking system.”
  • Regulators worry that failing to understand those ripple effects could not just put a single bank in trouble but even become a contagion that would undermine the financial system.
  • But while the European Central Bank has made climate risk a consideration in its policy and oversight, the Federal Reserve has resisted taking a more active role, despite indications that extreme weather is feeding inflation and that high interest rates are slowing the transition to clean energy.
  • “The argument has been, ‘Unless we can convincingly show it’s part of our mandate, Congress should deal with it, it’s none of our business,’”
  • a much nearer-term uncertainty looms: the outcome of the U.S. election, which could determine whether further action is taken to address climate concerns or existing efforts are rolled back. An aggressive climate strategy might not fare as well during a second Trump administration, so it may seem wise to wait and see how it shakes out.
  • big companies are hesitating on climate-sensitive investments as November approaches, but says that “two things are misguided and quite dangerous about that hypothesis.”
  • One: States like California are establishing stricter rules for carbon-related financial disclosures and may step it up further if Republicans win
  • And two: Europe is phasing in a “carbon border adjustment mechanism,” which will punish polluting companies that want to do business there.
  • at the moment, even European financial institutions feel pressure from the United States, which — while providing some of the most generous subsidies so far for renewable-energy investment — has not imposed a price on carbon.
  • The global insurance company Allianz has set out a plan to align its investments in a way that would prevent warming above 1.5 degrees Celsius by the end of the century, if everyone else did the same. But it’s difficult to steer a portfolio to climate-friendly assets while other funds take on polluting companies and reap short-term profits for impatient clients.
  • “This is the main challenge for an asset manager, to really bring the customer along,” said Markus Zimmer, an Allianz economist. Asset managers don’t have sufficient tools on their own to move money out of polluting investments and into clean ones, if they want to stay in business,
  • “Of course it helps if the financial industry is somehow ambitious, but you cannot really substitute the lack of actions by policymakers,”
  • According to new research, the benefit is greater when decarbonization occurs faster, because the risks of extreme damage mount as time goes on. But without a uniform set of rules, someone is bound to scoop up the immediate profits, disadvantaging those that don’t — and the longer-term outcome is adverse for all.
Javier E

It's not just vibes. Americans' perception of the economy has completely changed. - ABC... - 0 views

  • Applying the same pre-pandemic model to consumer sentiment during and after the pandemic, however, simply does not work. The indicators that correlated with people's feelings about the economy before 2020 no longer seem to matter in the same way
  • As with so many areas of American life, the pandemic has changed virtually everything about how people think about the economy and the issues that concern them
  • Prior to the pandemic, our model shows consumers felt better about the economy when the personal savings rate, a measure of how much money households are able to save rather than spend each month, was higher. This makes sense: People feel better when they have money in the bank and are able to save for important purchases like cars and houses.
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  • Before the pandemic, a number of variables were statistically significant indicators for consumer sentiment in our model; in particular, the most salient variables appear to be vehicle sales, gas prices, median household income, the federal funds effective rate, personal savings and household expenditures (excluding food and energy).
  • During the pandemic, the personal savings rate soared. In April 2020, the metric was nearly double its previous high, recorded in May 1975.
  • All this taken together meant Americans were flush with cash but had nowhere to spend it. So despite the fact that the savings rate went way up, consumers still weren't feeling positively about the economy — contrary to the relationship between these two variables we saw in the decades before the pandemic.
  • Fast forward to 2024, and the personal savings rate has dropped to one of its lowest levels ever (the only time the savings rate was lower was in the years surrounding the Great Recession)
  • during and after the pandemic, Americans saw some of the highest rates of inflation the country has had in decades, and in a very short period of time. These sudden spikes naturally shocked many people who had been blissfully enjoying slow, steady price growth their entire adult lives. And it has taken a while for that shock to wear off, even as inflation has cre
  • the numbers align with our intuitive sense of how consumers process suddenly having their grocery store bill jump, as well as the findings from our model. In simple terms: Even if inflation is getting better, Americans aren't done being ticked off that it was bad to begin with.
  • surprisingly, our pre-pandemic model didn't find a notable relationship between housing prices and consumer sentiment
  • However, in our post-pandemic data, when we examined how correlated consumer sentiment was with each indicator we considered, consumer sentiment and median housing prices had the strongest correlation of all****** (a negative one, meaning higher prices were associated with lower consumer sentiment)
  • during the pandemic, low interest rates, high savings rates and changes in working patterns — namely, many workers' newfound ability to work from home — helped overheat the homebuying market, and buyers ran headlong into an enduring supply shortage. There simply weren't enough houses to buy, which drove up the costs of the ones that were for sale.
  • That's true even if a family has been able to save enough for a down payment, already a difficult task when rents remain high as well. Fewer people are able to cover their current housing costs while saving enough to make a down payment.
  • Low-income households are still the most likely to be burdened with high rents, but they're not the only ones affected anymore. High rents have also begun to affect those at middle-income levels as well.
  • In short, there was already a housing affordability crisis before the pandemic. Now it's worse, locking a wider array of people, at higher and higher income levels, out of the home-buying market
  • People who are renting but want to buy are stuck. People who live in starter homes and want to move to bigger homes are stuck. The conditions have frustrated a fundamental element of the American dream
  • In our pre-pandemic model, total vehicle sales had a strong positive relationship with consumer sentiment: If people were buying cars, you could pretty reasonably bet that they felt good about the economy. This feels intuitive — who buys a car if they think the economy
  • Cox Automotive also tracks vehicle affordability by calculating the estimated number of weeks' worth of median income needed to purchase the average new vehicle, and while that number has improved over the last two years, it remains high compared to pre-pandemic levels. In April, the most recent month with data, it took 37.7 weeks of median income to purchase a car, compared with fewer than 35 weeks at the end of 2019.
  • "Right before the pandemic, the typical average transaction price was around $38,000 for a new car. By 2023, it was $48,000," Schirmer said. This could all be contributing to the break in the relationship between car sales and sentiment, he noted. Basically, people might be buying cars, but they aren't necessarily happy about it.
  • Inspired by our model of economic indicators and sentiment from 1987 to 2019, we tried to train a similar linear regression model on the same data from 2021 to 2024 to more directly compare how things changed after the pandemic. While we were able to get a pretty good fit for this post-pandemic model,******* something interesting happened: Not a single variable showed up as a statistically significant predictor of consumer sentiment.
  • This suggests there's something much more complicated going on behind the scenes: Interactions between these variables are probably driving the prediction, and there's too much noise in this small post-pandemic data set for the model to disentangle i
  • Changes in the kinds of purchases we've discussed — homes, cars and everyday items like groceries — have fundamentally shifted the way Americans view how affordable their lives are and how they measure their quality of life.
  • Even though some indicators may be improving, Americans are simply weighing the factors differently than they used to, and that gives folks more than enough reason to have the economic blues.
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