Search Results for: Depression

Home Is Where the Fraud Is

Banksy. Crayon House Foreclosure, East Los Angeles. Via Occupy.com

David Dayen | Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud | The New Press | May 2016 | 26 minutes (7,150 words)

Below is an excerpt from Chain of Title, by David Dayen, the true story of how a group of ordinary Americans took on the nation’s banks at the height of the housing crisis, calling into question fraudulent foreclosure practices. This story is recommended by Longreads contributing editor Dana Snitzky

* * *

How could you not know who I am if you’re suing me?

Lisa Epstein drove down Highway A1A, along the Intracoastal Waterway, back to her old apartment in Palm Beach. At her side was her daughter Jenna, in a car seat; atop the dashboard was an envelope containing the monthly payment on her unsold co-op. Though her house was in foreclosure, Lisa always paid the mortgage on the apartment, her fallback in case of eviction.

Lisa gazed at the water out the window. She never wanted to miss mortgage payments; Chase told her to do it and promised assistance afterward, but then put her into foreclosure. The delinquency triggered late fees, penalties, and notifications to national credit bureaus. A damaged credit score affected a mortgage company’s decision to grant loan relief, which hinged on the ability to pay. Even if Lisa managed to finally sell the apartment, even if she could satisfy the debt on the house, the injury from this “advice” would stick with her for years. Chase Home Finance never mentioned the additional consequences, emphasizing only the possibility of aid. The advice was at best faulty, at worst a deliberate effort to seize the home. Lisa spent a lifetime living within her means, guarding against financial catastrophe. Now Chase Home Finance obliterated this carefully constructed reputation. She felt tricked.

America has a name for people who miss their mortgage payments: deadbeats. Responsible taxpayers who repay their debts shouldn’t have to “subsidize the losers’ mortgages,” CNBC host Rick Santelli shouted from the floor of the Chicago Board of Trade on February 19, 2009, two days after Lisa got her foreclosure papers. “This is America! How many of you people want to pay for your neighbor’s mortgage, that has an extra bathroom and can’t pay their bills, raise your hand!” The floor traders in Chicago, between buying and selling commodity futures, hooted. This rant would later be credited as the founding moment of the Tea Party. And it signified a certain posture toward delinquent homeowners, a cultural bias that equated missing the mortgage payment with failing the duties of citizenship. The indignation didn’t account for mortgage companies driving customers into default. However, lenders welcomed anything that humiliated deadbeats into blaming themselves. In most cases it worked: in the twenty-three states that required judicial sign-off for foreclosures, around 95 percent of the cases went uncontested.

But Lisa had an inquisitive mind. Before she would acquiesce, she wanted to understand the circumstances that led to this lawsuit from U.S. Bank, an entity she had never encountered before seeing it listed as the plaintiff. She had three questions: who was this bank, why did it have a relationship with her, and why was it trying to take her house? Read more…

Borges and $: The Parable of the Literary Master and the Coin

Elizabeth Hyde Stevens | Longreads | June 2016 | 31 minutes (7,830 words)

 

Nothing is less material than money. . . . Money is abstract, I repeated, money is future time. It can be an evening in the suburbs, it can be the music of Brahms, it can be maps, it can be chess, it can be coffee, it can be the words of Epictetus teaching us to despise gold. Money is a Proteus more versatile than the one on the island of Pharos.

—Jorge Luis Borges, “The Zahir”

I fell in love with Jorge Luis Borges when I was a freshman in college. That year, full of hope and confusion, I left my hometown for the manicured quads of Brown University, desperately seeking culture—art, beauty, and meaning beyond the empty narrative of wealth building that consumes our world. It is easy to look back and see why Borges spoke to me. The Argentine fabulist’s short stories were like beautiful mind-altering crystals, each one an Escheresque maze that toyed with our realities—time, space, honor, death—as mere constructs, nothing more. With the beautiful prose of a poet-translator-scholar, he could even make money seem like mere fantasy. It was precisely the narrative someone like me might want.

Yet, money is real. We live and die by the coin. Money tells us how many children we can raise and what kind of future they can afford, how many of our 78.7 years must be sold off in servitude, and what politics we will have the luxury of voicing. As a college freshman, I still knew none of this, and I had the luxury of not thinking about money. These days, it seems all but inescapable.

I am still full of hope and confusion, but at 35, practically nothing concerns me more than the coin, a metonymic symbol representing my helplessness. The coin represents this desperate need to support myself and my writing when, in the very near future, I start a family. My mind has changed; all my journal entries turn into to-do lists and career strategizing. Money, planning, and money. I think of little else. Read more…

Beautiful Nowheres: ‘No Man’s Sky’ and the 500th Anniversary of ‘Utopia’

Image courtesy of Hello Games / No Man's Sky

June 21, 2016, is one of the most anticipated dates in recent gaming history: it’s the day when No Man’s Sky, a galaxy-exploration game in the works since 2013, is finally released in the US.* Raffi Khatchadourian wrote about the game’s genesis in the New Yorker last year; the game will allow players (at least those fortunate enough to be immortal) to visit no fewer than 18 quintillion planets, each with its own distinct biomes and landscapes. I haven’t touched a console in almost two decades, yet the promise of endless virtual worlds to wander around — taking flânerie to the cosmic level, as it were — sounds incredibly seductive.

In its own way, this virtual cosmos — unexplored, gorgeously designed, and effectively empty (its scope ensures you could avoid other players forever, if you so wished) — is yet another iteration of our contemporary drive to project real-world longings onto virtual spaces. Second Life, the shared, multiplayer virtual universe, has capitalized on similar desires (though with a more obvious layer of social interactivity), and shows no signs of slowing down well into its second decade.

Read more…

Postwar New York: The Supreme Metropolis of the Present

Demobilized soldiers returning to New York. Via Flickr.

David Reid | The Brazen Age: New York City and the American Empire: Politics, Art, and Bohemia | Pantheon | March 2016 | 31 minutes (8,514 words)

 

The excerpt below is adapted from The Brazen Age, by David Reid, which examines the “extraordinarily rich culture and turbulent politics of New York City between the years 1945 and 1950.” This story is recommended by Longreads contributing editor Dana Snitzky

* * *

Probably I was in the war.

—NORMAN MAILER, Barbary Shore (1951)

*

A hideous, inhuman city. But I know that one changes one’s mind.

In march 1946 the young French novelist and journalist Albert Camus traveled by freighter from Le Havre to New York, arriving in the first week of spring. Le Havre, the old port city at the mouth of the Seine, had almost been destroyed in a battle between its German occupiers and a British warship during the Normandy invasion; huge ruins ringed the harbor. In his travel journal Camus writes: “My last image of France is of destroyed buildings at the very edge of a wounded earth.”

At the age of thirty-two this Algerian Frenchman, who had been supporting himself with odd jobs when the war began, was about to become very famous. By 1948, he would become an international culture hero: author of The Stranger and The Plague, two of the most famous novels to come out of France in the forties, and of the lofty and astringent essays collected in The Myth of Sisyphus.

Camus’s visit to the United States, sponsored by the French Ministry of Foreign Affairs but involving no official duties, was timed to coincide with Alfred A. Knopf’s publication of The Stranger in a translation by Stuart Gilbert, the annotator of James Joyce’s Ulysses. In the spring of 1946 France was exporting little to the United States except literature. Even most American readers with a particular interest in France knew of Camus, if at all, as a distant legend, editor of the Resistance newspaper Combat and an “existentialist.”

Reviewing The Stranger in the New Yorker, Edmund Wilson, usually omniscient, confessed that he knew absolutely nothing about existentialism except that it was enjoying a “furious vogue.” If there were rumored to be philosophical depths in this novel about the motiveless murder of an Arab on a North African beach, they frankly eluded him. For Wilson the book was nothing more than “a fairly clever feat”—the sort of thing that a skillful Hemingway imitator like James M. Cain had done as well or better in The Postman Always Rings Twice. America’s most admired literary critic also had his doubts about Franz Kafka, the writer of the moment, suspecting that the claims being made for the late Prague fabulist were exaggerated. But still, like almost everyone else, especially the young, in New York’s intellectual circles Wilson was intensely curious about what had been written and thought in occupied Europe, especially in France.

“Our generation had been brought up on the remembrance of the 1920s as the great golden age of the avant-garde, whose focal point had been Paris,” William Barrett writes in The Truants, his memoir of the New York intellectuals. “We expected history to repeat itself: as it had been after the First, so it would be after the Second World War.” The glamorous rumor of existentialism seemed to vindicate their expectations. Camus’s arrival was eagerly awaited not only by Partisan Review but also by the New Yorker, which put him in “The Talk of the Town,” and Vogue, which decided that his saturnine good looks resembled Humphrey Bogart’s. Read more…

Iggy Pop’s Brand of Experience

Iconic punk progenitor Iggy Pop is touring through the US this spring, and I caught his show in Portland, Oregon last month. As a huge Iggy fan, this tour was no small deal to me. Iggy delivered. Despite new physical limitations, he gave everything his body could give, and the set list of new and old tunes like “Some Weird Sin” and “Repo Man” was a fan’s dream. Ticket prices were not.

Three months earlier, Iggy revealed that he’d recorded a new album in secret with musician Josh Homme. Stephen Colbert featured a debut live performance. The New York Times ran a story. It was savvy marketing. Named Post Pop Depression, the album has generated lots of excitement because it’s Iggy’s first since 2013, and because Iggy, as Homme said, “is the last one of the one-of-a-kinds.” The album even peaked at number one on the Billboard charts ─ Iggy’s first number-one album. But with concert tickets ranging from $50 to $125 (and as high as $400 on the secondary market), people were grumbling.

Read more…

When the Messiah Came to America, She Was a Woman

Robert Owen's vision of New Harmony, Indiana. Via Wikimedia Commons.

Chris Jennings | Paradise Now: The Story of American Utopianism | Random House | January 2016 | 29 minutes (7,852 words)

 

Below is an excerpt from Paradise Now, Chris Jennings’ look at the history of the golden age of American utopianism, as recommended by Longreads contributing editor Dana Snitzky. 

* * *

A map of the world that does not include Utopia is not even worth glancing at. . . .
—OSCAR WILDE

*

Mistaking day for night, they took wing.

At noon, darkness spread across the sky. It was the nineteenth of May 1780, a Friday. On the rolling pastureland of western New England, sheep and cows lay down one by one in the damp grass. As the darkness became total, finches and warblers quieted and returned to their roosts. Above the white pines and budding oaks, bats stirred. Mistaking day for night, they took wing.

The fratricidal war for American independence was grinding into its fifth year. A week earlier, the Continental army had surrendered the smoldering port of Charleston to the British navy after more than a month of heavy shelling. In New England, with so many young men off fighting, gardens went unplanted and the wheat grew thin.

For many colonists the war with Great Britain aroused a stolid nationalist piety, a consoling faith in “the sacred cause of liberty”—the belief that providence would guide the rebels to victory and that the fighting itself constituted an appeal to heaven. But in the hilly borderland between New York and Massachusetts, the anxiety and austerity of the long conflict inspired frenzied revival meetings. This was the New Light Stir, an aftershock of the Great Awakening of radical Protestantism that had coursed through New England in the 1740s. From makeshift pulpits, the New Light evangelists shouted an urgent millenarian message: These are the Latter Days; the Kingdom is at hand.

Standing at the crack of American independence, these backwoods Yankees believed that they were living the final hours of history. It is written: He will come back and the righteous will be delivered from sin for a thousand years of earthly peace and happiness. The New Lights believed that the time had come and that their small revivals, held in fields and cowsheds, would trigger the return of Christ and the millennium of heaven on earth. Looking up from their plows and their milking stools, these hill-country farmers scanned the horizon for signs of His approach. Read more…

A Brief History of Solitary Confinement

Eastern State Penitentiary, c. 1876. Via Wikimedia Commons.

Jean Casella and James Ridgeway | Introduction to Hell Is a Very Small Place: Voices from Solitary Confinement | The New Press | February 2016 | 20 minutes (5,288 words)

 

Below is Jean Casella and James Ridgeway‘s introduction to Hell Is a Very Small Place, the collection of first-person accounts of solitary confinement which they edited together with Sarah Shourdas recommended by Longreads contributing editor Dana Snitzky. 

* * *

Imagine you’re locked in the cell, and don’t know if you’ll ever get out.

Imagine a corridor flanked by closed, windowless cells. Each cell may be so small that, inside, you can extend your arms and touch both walls at the same time. The cell contains a bunk, perhaps a solid block of poured concrete, with a thin plastic mattress, a stainless steel toilet, maybe a small table and stool. A few personal possessions—books, paper and pencil, family photos—may be permitted, or they may not. The door to the cell is solid steel.

Imagine you’re locked in the cell, and don’t know if you’ll ever get out. Three times a day, a food tray slides in through a slot in the door; when that happens, you may briefly see a hand, or exchange a few words with a guard. It is your only human contact for the day. A few times a week, you are allowed an hour of solitary exercise in a fenced or walled yard about the same size as your cell. The yard is empty and the walls block your view, but if you look straight up, you can catch a glimpse of sky.

Imagine that a third to a half of the people who live in this place suffer from serious mental illness. Some entered the cells with underlying psychiatric disabilities, while others have been driven mad by the isolation. Some of them scream in desperation all day and night. Others cut themselves, or smear their cells with feces. A number manage to commit suicide in their cells. Read more…

The Ever-Shifting Definition of ‘Progressive’

Bernie Sanders’ campaign website categorizes his platform as “progressive”; Hillary Clinton has recently started describing herself as “a progressive who likes to get things done.” And Beverly Gage has a fascinating piece over at The New York Times Magazine about the shifting definition of the word “progressive,” particularly in relation to its similarly left-leaning lexical cousin “liberal.”

According to Gage, “progressive” came into widespread use in the early 1900s, during “a moment when many Americans believed democracy was failing.” The time period doesn’t sound so dissimilar to today: the richest of the rich—robber barons like Andrew Carnegie and John D. Rockefeller—controlled enormous wealth, while millions of Americans (many of them immigrants) lived in poverty. The first round of progressivism was a response to this massive income inequality, as the middle class “went in search of a new politics that would enable both the government and the citizenry to rebalance this distribution of power.”

The ‘‘progressive’’ movement was, at first, a big-tent enterprise, a ‘‘remarkably good-natured effort of the greater part of society to achieve some not very clearly specified self-reformation,’’ in the words of the historian Richard Hofstadter. The general impulse to do something inspired a bewildering array of social movements that had little in common by today’s standards. At its height, progressivism produced moralists, cynics and social engineers, with some progressives seeking to liberate humanity from its benighted superstitions as others sought to impose strict rules about sex, alcohol and racial intermingling. Urban reformers and pacifists and trustbusters and suffragists all called themselves ‘‘progressives.’’ So did prohibitionists and segregationists and antivaccinationists and eugenicists. Historians still refer to the first two decades of the 20th century as the Progressive Era, a time when the nation enacted its first federal income tax and food-safety regulations and women won the right to vote. But during that period, progressivism’s darker side emerged, too: the creation of the Jim Crow system and the passage of viciously exclusionary immigration restriction.

And if you think the currently squabbling over the true definition of “progressive” is confusing, 2016 has nothing on 1912, when both Democrats and Republicans simultaneously embraced the term. Former Republican president Theodore Roosevelt was running for office under the newly minted “Progressive Party,” with his two main opponents (Woodrow Wilson and William Howard Taft, one a Democrat and one a Republican, respectively) also self-describing with the term.

But the real narrative of the word “progressive” seems to be that of a shifting pendulum: it fell from favor in the aftermath of World War I, and Great Depression-era reformers abandoned it completely, instead identifying as “liberals.” As Gage writes:

This word [liberal] set them apart from the prim moralizing of some of their predecessors; one of Franklin Roosevelt’s first acts as president was to allow the nation to drink beer. It also suggested a growing respect for civil liberties, rejecting the progressives’ tendency to favor social control over individual freedom. When Washington reformers became ‘‘liberals,’’ ‘‘progressives’’ in turn became more radical. In the parlance of the 1930s, to be a ‘‘progressive’’ was suddenly to be a ‘‘fellow traveler,’’ someone who never joined the Communist Party but who felt that the Communists might have a point.

The pendulum shifts continued throughout the 20th century and, it now seems, will keep swinging well into the 21st.

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Narcissiana: On Collecting

Rudolf II painted as Vertumnus, Roman God of the seasons, by Giuseppe Arcimboldo. Rudolf was an avid collector. Via Wikimedia Commons.

Fredrik Sjöberg | The Fly Trap | Pantheon | translated from the Swedish by Thomas Teal | June 2015 | 12 minutes (3,476 words)

Below is an excerpt from The Fly Trap, by Fredrik Sjöberg, as recommended by Longreads contributing editor Dana Snitzky.  Read more…

Resolving to Read, Write, and Travel More in 2016

Let’s be real: My 2016 resolutions are intentionally vague. I tend toward self-loathing, so settling on achievable goals is important for my mental health. But I’m still excited for a fresh year and a fresh start, even if time is a social construct. My intentionally vague, utterly achievable resolutions are as follows: Read more…