Search Results for: Michael Lewis

It’s Good to Be Michael Lewis

Longreads Pick

He can write about these kinds of people with such skill in part because he is one of them. At a time of peril for his industry, Lewis has managed to build what amounts to a personal empire of long-form journalism, with a Warren Buffett-like collection of brands and eye for the next big thing. “He’s got good instincts for the individual story and for the broader picture of where that story belongs,” says Vanity Fair editor Graydon Carter. “The big story of the day is the world financial crisis, and he’s the most kick-ass business writer out there.” His aptitude for translating and enlivening financial concepts has made him an indispensable observer of the crisis: In May 2010, Politico reported that The Big Short had been name-checked on the official Senate record at least fifteen times since its publication just two months before, and that Hill staffers had been calling Lewis at home for advice.

Published: Oct 2, 2011
Length: 16 minutes (4,217 words)

The Secret Life of Johnny Lewis

Longreads Pick

Johnny Lewis was a Hollywood actor who starred in series such as The O.C. and Sons of Anarchy. He soon began exhibiting troubling behavior that led to a grisly murder:

In late October 2011, Lewis lost control of his Triumph motorcycle near Twentynine Palms. At the hospital the staff checked him for signs of a concussion, but he was allowed to leave after tests came back negative. Michael Lewis, however, noticed that his son’s behavior was becoming erratic and bizarre. Had the accident shaken something loose in his brain? he wondered. The elder Lewis scheduled two MRIs, which Johnny refused to undergo. Friends picked up on Lewis’s change in behavior, too. During an acting class in December, he kept speaking in a vaguely British accent. “I asked him about it because I was confused,” Tucker says, “but he shrugged it off.” By the new year Lewis’s behavior would turn from curious to dangerous.

Published: Jan 30, 2014
Length: 21 minutes (5,380 words)

If I Made $4 a Word, This Article Would Be Worth $10,000

Illustration by Homestead

Soraya Roberts | Longreads | June 2019 |  10 minutes ( 2,574 words)

What in the actual fuck. I thought journalists, even just culture journalists, were supposed to be brave. I thought they were supposed to risk their lives, even just psychologically. I thought they were supposed to shout and swear and beat their breasts — fuck everything else. At the very least I thought they were supposed to tell the truth. If any of that’s true, I don’t know what the hell all the people around me are doing. All the people who, I’ve been told again and again, don’t want to bite the hand that feeds, even though the food is shit and the hand is an asshole. I’m ashamed that I was tricked into believing they were better than so many of the people they report on, that their conspicuous support for unions and an industry full of undervalued workers was anything more than a performance. I didn’t think journalists, even just culture journalists, were supposed to be cowards. 

***

If you don’t know who Taffy Brodesser-Akner is, you are very likely not on Media Twitter and I salute you. At one point, Brodesser-Akner was invariably described as one of the busiest freelancers in America and you really did see her byline everywhere. Five years ago, she found her niche writing celebrity profiles for GQ and The New York Times, for which she won three New York Press Club awards. Journalists adore her not only for her prowess at cutting down the various gods we love and hate in equal measure, but also for her ability to lure the reader into being her coconspirator by nimbly threading herself through each story. Because of that, and because of the reach of the publications themselves, and — perhaps most importantly — because of her popularity among her peers, her articles almost always go viral. In 2017, Brodesser-Akner became a staff writer at the Times and this month she is promoting her first novel, Fleishman Is in Trouble

On June 14, Cosmopolitan published one of roughly 5 million interviews with the debut novelist, this one by Jen Ortiz. I was scrolling through Twitter on a break from writing back-to-back columns and noticed the usual gushing posts by journalists with blue checkmarks next to their names. Those tweets are no real indication the person has actually read the interview they’re sharing, but whatever, because, like, it’s Taffy, you know her! Who doesn’t stan her!?! It’s funny, if you search the article URL in Twitter, initially it’s just tweet after tweet of outsize praise — “I loved this profile of the master profiler” — then, like a sudden stop sign on a 90 mph expressway, there it is: “what in the actual fuck.” That one’s mine.

I’d read the article. I’d seen one of those first tweets and, like I always do, I’d read it for the holy grail every author is looking for: the secret to writing a successful book without wanting to papercut yourself to death with it. “I’m actually the second writer Cosmo has sent,” Ortiz noted, but for some reason her employer still made the mistake of sending someone who had worked with the subject at GQ. Or maybe that’s not a mistake. I don’t actually read Cosmo, and I suppose I should have before I announced with bravado the death of the puff piece last May. Either way, there I was, reading merrily along, then suddenly, like that tweet, I stopped. It was just a line, a line in a small, kind of out-of-place paragraph: “When I started doing the ‘I don’t get out of bed for less than $4 a word’ thing, people started paying me $4 a word.” What in the actual fuck. 

This is what it meant when I posted that quote and those words: It meant, what in the actual fuck.

It meant what fucking other freelancers in the world are making $4 a word right now. It meant what fucking magazines in the world are paying $4 a word right now. It meant what fucking lies is this industry telling us when so many people — people in actual war zones — only dream of making 50¢ a word. It meant in what fucking world can a freelancer treat $4 a word like it’s not near-impossible for the rest of us. The meaning was so obvious that I honestly didn’t think anyone would even notice the message. But they did. And they mistook it for something I didn’t mean at all: “Fuck Taffy.”

The reaction was swift and violent, and, from what I could tell, divided into those who could read (predominantly marginalized writers) and those who could not (predominantly nonmarginalized writers). My point was being illustrated in real time by the journalism industry’s 1 Percent, the mostly white legacy media reflexively rallying around one of their own — T!A!F!F!Y!! Their aggressive cheers distracting from the faceless, nameless collection of freelance writers who were not there to fight, but to have a conversation about parity — about equity — the way the original tweet was intended. These were the freelancers who, like me, had worked their asses off for years and watched disconcertingly as the better their work got, the less it seemed to get them. Unable to make a living, a number of them quit. (Blame Longreads for my recalcitrance.) Like me, they were told it wasn’t personal, but I can’t think of anything more personal than choosing to hand one person a feast while everyone else gets the scraps. Obviously journalism isn’t uniquely inequitable, but it’s particularly egregious for an industry built on telling the truth to do the complete opposite when it comes to its own mechanics. Journalists intent on exposing everyone else refuse to interrogate themselves, relegating most intel to subtweets or DMs, if it’s online at all.

This is the problem with my tweet, or, why it caused such a fuss. For one thing, I’ll cop to not being very diplomatic. In retrospect, “what in the actual fuck” is not the best way to start a conversation about pay disparity, but if we’re being honest, it’s still probably the best way to get it noticed. For another thing, I was calling out an individual who is beloved by the journalism community. It didn’t matter that I wasn’t taking issue with her personally (quid pro quo), that I was highlighting her comment as an example of a systemic issue, that it was the system I had a problem with — nope, nope, nope. What mattered was that in an industry in which it is frowned upon to even side-eye your colleagues in public, I put the word “fuck” within the vicinity of a marquee writer’s name. And I was a nobody. Which is why it became Taffy and her allies versus “the freelancers.” The dominant side had a face, the other side did not. The star reporter once again came out on top, buoyed by a nebulous mass of forgettable freelancers.

Her supporters were loud as fuck, but when you actually looked at what they were saying it literally boiled down to: Taffy Brodesser-Akner is astronomically talented, which is why she is making astronomically more than you, who are not talented, and how dare you say women should be transparent about money then punish her for doing just that, have you even seen how much men make? I mean, what in the actual fuck are you talking about? This is not about one woman. It’s not even about gender equality (for once). It’s about exploitation. For all I care, Taffy Brodesser-Akner could be Michael Lewis with his $10 a word. The point is the same either way — it’s one journalist making several (many several) times what the rest of us do in an industry in which we’re constantly being told there is nothing left to give. Clearly there is, it just happens to be reserved for an exclusive group of self-congratulatory writers and editors benefiting from a corrupt system. And if you dare point out the unfairness of their profit, the whole lot becomes reflexively defensive, distracting from the real issue because it’s their loss and everyone else’s gain if it’s ever addressed. So let’s just attribute $4 a word to a woman achieving against all odds — yaaass, queen!— and move on.

Uhm, okay, but if $4 a word makes you a queen, does that make the rest of us serfs? And why are the serfs mostly, like, LGBTQ writers, people of color, and women in independent publishing? Distressingly, some women seem to have bought into the idea that they make a lot less than certain writers because they are way less talented and hardworking, but I’m finding it hard to believe that so many marginalized writers are less talented and hardworking than so many white people. Am I suggesting the system might be rigged in favor of upwardly mobile white journalists in the vicinity of New York and their upwardly mobile white friends in the vicinity of New York who run the industry? (Could this explain why the Times reviewed its own staff writer’s book and interviewed her on top of that?) Possibly? Maybe? No? Come on! We’ve been banging on about intersectionality and privilege for the past 100 years (it feels like). Has none of that penetrated? Because if one more person suggests that maybe I should just ask for $4 next time, as though I’m not already risking assignments every time I beg for 50 cents, as though organizations aren’t systematically standing in the way of the ability to negotiate, I swear … Just take one look at that clause Vox has been slipping into their contracts, the one preventing freelancers from sharing their rates publicly in order to get better (read: fair) ones. Are you really going to argue that a system that situates the Taffys — and sure, the Michael Lewises — of the world above the rest of us, apart from us, making wads more cash for their “talent and hard work,” is in any way ethical?

I mean, you could just say nothing, which a lot of journalists did. Writers I’d been cordial with unfollowed me. Writers I thought were actual friends said nothing, which I took to be complicity with the elite journalists, whose ranks they were one day hoping to join, or maybe who they were just trying not to piss off. Writers I hung out with weren’t even sure I wasn’t just being a dick. The ones who supported me, who even DM’d me, were overwhelmingly women of color, queer women, and women who had been serially underrecognized, not to mention a couple of guys who’ve been pushed past the point of giving a fuck. On their timelines, a number of the women indicated that everything that needed to be said about the elites could be found in their mischaracterizations of the $4 a word conversation. That these women predominantly used subtweets to make that point publicly implies that, as mad as they were, they were also aware that those same elites still controlled their livelihoods. The irony is that the same people who accused me of being anti-feminist for trying to talk about pay gaps (yes, that’s as stupid as it sounds), were all over Jezebel’sThe Lie of Feminist Meritocracy.” It’s an instance of bold-faced hypocrisy I can only explain by the fact that the piece was written generally enough that they could revert to performative protest without threatening their own position in line for the brass ring.

“Hey I’ve been working all day and off Twitter. Did I miss anything?” Taffy tweeted jokingly the day after the Twitter shitstorm rolled in. A few days later, in an interview with BuzzFeed’s morning show, she called it a disservice to pay transparency, before refocusing the conversation on her emotional support network of defenders. “I had the warmest kindest weekend on Twitter, where I found out that all these people admired me and liked me. I was like, ‘I love Twitter,’” she said, concluding, “It was a really great moment for me.” The coup de grace came right at the end, when she mentioned that at the time it all went down, she’d been lonely and in a terrible hotel in Atlantic City writing a terrible story: “That could be why I get $4 a word.” Oh, girl. There are journalists actually putting their lives on the line for a shot at $1 a word, maybe, if they’re lucky. Christ. I mean, you could say I’ve got sour grapes or envy or jealousy or, I don’t know, a hysterical obsession … with … what? Basic human decency? I can’t imagine how many marginalized journalists seethed at the idea that innate ability and a little elbow grease were the reason a select few journalists made several times more than their pittance. Where was the acknowledgment that those same people were almost always friends with the gatekeepers, that those gatekeepers almost exclusively share their friends’ work, which gets them more work, which leads to better work, which gets them book deals, which leads to higher salaries, ad infinitum?

***

Taffy and I kind of came up as freelancers around the same time — we were friendly if not actually friends. Dying to do work like hers, I emailed her in 2014 and asked for advice. I explained that, despite all my efforts, I hadn’t gotten anywhere near the kinds of bylines she had and I was still struggling financially. She was generous. She mentioned being relentless and lunching with editors. So I tried harder. I even lunched with a few people. Two years later, I received an email from her out of the blue. Bright Wall/Dark Room had just published my essay on the two sides of Christian Slater. I had pitched the profile months earlier in March, but it had been turned down by a number of publications, including GQ and the Times (Taffy freelanced for both at the time). BuzzFeed had offered me $400 for 3,000 words but I said no. By the time June rolled around, even that option had passed me by, but I really wanted to write the piece so I pitched BW/DR and I took $100 for it. I asked for more, but being such a small outlet they honestly didn’t have the money. So, yeah: $100 for 3,000 words. That’s $.03 a word. I figured I wouldn’t be granted an interview with Slater, who I had followed for three decades, and for such a small fee I didn’t bother going to the trouble. But I researched to make up for it and wrote the profile anyway, partly while juggling a holiday in Tobermory — I remember everyone going out to the water while I edited in a slice of sun in the cottage. The piece went up July 11th. Taffy emailed me a day later to congratulate me — she had just gone to proof at GQ on what she described as an identical piece. She regretted coming second. That is to say, I literally had Taffy herself telling me that I had beaten her at her own game, despite playing with less. Of course, she was probably paid a little more than $100. In fact, if she was already making $4 a word at the time, that would have amounted to $17,000 — 170 times my fee. As I was saying, what in the actual fuck.

* * *

Soraya Roberts is a culture columnist at Longreads.

Did We Learn Nothing From the 2008 Crisis?

(AP Photo/Evan Vucci)

September 2008 was a whirlwind month for Michael Grynbaum, then a markets reporter for the New York Times. A self-described “newbie” to the paper’s business desk (he had previously worked on the metro desk), Grynbaum was immediately thrust into reporting on a financial maelstrom, a period which included the collapse of Lehman Brothers (otherwise known as the largest bankruptcy filing in United States history), the sale of Merrill Lynch to Bank of America, the transformation of Goldman Sachs and Morgan Stanley into bank holding companies, and what very well could have been the collapse of the nation’s economy.

Among Grynbaum’s responsibilities was “covering all the daily market plunges and the economic reports,” he told me, which meant he was busy that September, trying to keep pace (along with the other Times reporters like Andrew Ross Sorkin, Jenny Anderson, Eric Dash, and Michael de la Merced, among others) with a tumultuous flurry of daily breaking news. “As a reporter, you couldn’t divert your gaze for one minute,” says Diana B. Henriques, then a senior financial writer for the Times. “It was like an atomic blast, with ripples going in every direction.”

One of those ripples was the House of Representative’s September 29th vote on a $700 billion economic rescue plan; despite pleas from both President George W. Bush and Treasury secretary Hank Paulson, the House voted down the bill, 228-205, a move which prompted the Dow Jones Industrial Average to fall nearly 800 points.

Grynbaum remembers reporters and editors gathering around TV screens scattered about the Times’ newsroom to watch the landmark vote, and as it became clear the proposal (which entailed using taxpayer money to buy and absorb troubled assets) would fail, “an eerie silence fell over the newsroom,”he says. And then, “The Bloomberg machines started flashing red: the market was plunging.” He soon realized on that late September day a decade ago that he had to write the “breaking story about a historic stock collapse.”

“Everyone was working on adrenaline, aware of how consequential this moment was,” he says of the coverage:

At 1:30 p.m. the House began to vote on the rescue package that Mr. Paulson and Congressional leaders negotiated over the weekend. About 10 minutes later, when it became clear that the legislation was in trouble, the stock market went into a free fall, with the Dow plunging about 400 points in five minutes.

At his home office in Great Neck, N.Y., Edward Yardeni, the investment strategist, received terse e-mail messages from clients and friends. “Is this the end of the world?” one asked. Another sent a simple plea: “Stop the world, I want to get off.”

At some point, Grynbaum thought to call his parents, suddenly aware of the affects a stock market free-fall would have on their 401(k)s and portfolios, which were “taking a massive hit.” Ten years later, and another Great Depression averted, and Grynbaum can recall those weeks with some necessary and illuminating perspective, adding, “It was a thrilling and slightly scary time to be covering Wall Street.”

To others intimately involved with the roller-coaster fall of 2008, like Gary Cohn, then the president of Goldman Sachs, that same sense of measured introspection is notably lacking.

Since resigning as the director of the National Economic Council, Cohn has emerged as arguably the lone sane voice operating within the current chaos—aka within the Trump administration. First there were reports of his near-resignation following President Trump’s comments on the violence in Charlottesville, VA, and Bob Woodward’s recently published Fear alleged Cohn removed letters from Trump’s desk, thus saving trade agreements with several countries. During a period in which many feel as if they are vainly screaming into a void, Cohn’s protests—real and alleged—have endeared him to those looking for any sort of official resistance.

But that aura shattered around the time of the collapse’s ten-year anniversary. During an interview with Reuters, Cohn outlined the primary cause of the financial crisis, and surprisingly, the former Goldman exec largely laid the blame on Main Street’s front porch, saying,

“Who broke the law? I just want to know who you think broke the law. Was the waitress in Las Vegas who had six houses leveraged at 100 percent with no income, was she reckless and stupid? Or was the banker reckless and stupid?”

Cohn’s comments echo a popular opinion for many of those in the financial industry, and yet, that doesn’t disqualify his statements as anything less than mind bogglingly obtuse. It’s easy to navel-gaze in an attempt to diagnose the financial near-collapse and subsequent recession: yes, Americans became entranced with debt—at the bubble’s peak, the average American owned 13 credit cards—and yes, people flagrantly spent, running up an average household debt of roughly $15,000. But to absolve Wall Street and its employees is negligent, and ignorant that Wall Street became just as cozy with risk. Lehman Brothers and its ilk posted leverages (or the debt to equity ratio) of $30-plus to $1, and the notion that these investment firms, which were in the midst of accumulating massive annual profits (and bonuses for its executives), heeded any attempt to self-regulate proved farcical.

So yes, while that waitress accumulated homes (a fictionalized anecdote that borrows heavily from Michael Lewis’s The Big Short, which recounts a similar—but not exact—instance), Wall Street was creating—and profiting spectacularly off of—the vehicles that allowed people to gamble so recklessly. The events of 2008 were the result of one massive feedback loop: the embrace of a free market economy led to lax oversight of financial firms, which enabled banks to pursue strategies that would lead to tumescent payouts. As the housing market was seen as the bedrock of the American economy, those strategies sought to commercialize that stability, and thus complex and complicated securities and derivatives like CDOs, MBSs, and CDSs were born; everyone wanted to get rich now, and those catchy acronyms allowed both the American people and banking execs to plunge ahead. Greed on Wall Street fueled greed on Main Street (and vice versa), until the very thing that inflated the bubble—debt—was so overextended that it had no other option but to fail. The illusion couldn’t hide anymore.

Cohn may have been the sanest person in the White House, but that he would lay the blame squarely on Main Street is utterly preposterous, and suggests a lack of nuance and perspective that—ten years after the nation’s economy nearly collapsed—is frightening. In Margin Call, a 2011 film which is arguably the best depiction of the financial crisis, Jeremy Irons plays the CEO of an investment bank that, thanks to the levels of risk it carries on its books, is threatened with extinction. After a 24 hour period in which the firm survives by unloading its risk onto Wall Street (thus eliminating its own exposure but contributing to the toxicity that soon engulfs the financial world), Irons justifies the bank’s actions:

It’s just money. It’s made up. Pieces of paper with pictures on it so we don’t have to kill each other to get something to eat. It’s not wrong. And it’s certainly no different today than its ever been. 1637, 1797, 1819, ’37, ’57, ’84, 1901, ’07, ’29, 1937, 1974, 1987—Jesus didn’t that fuck me up good!—’92, ’97, 2000, and whatever we want to call this. It’s all just the same thing over and over. We can’t help ourselves. You and I can’t control it, or stop it, or even slow it, or even so slightly alter it. We just react, and we make a lot of money if we get it right, and we get left by the side of the road if we get it wrong. And there have always been, and there always will be, the same percentage of winners and losers. Happy fucks and sad sacks, fat cats and starving dogs in this world.

That speech is a perfect encapsulation of what happened in 2008. There is none of this equivocation of whoever deserves a greater share of blame, and Irons’ monologue contains more truth and accuracy than anything Cohn is peddling on his rehabilitation tour.

Losers’ Lunch

Illustrations by Paul Lacolley

Ben Rothenberg | Racquet and Longreads | August 2018 | 31 minutes (7,863 words)

This story is produced in partnership with Racquet magazine and appears in issue no. 7.

Losers are a fixture of my workday as a sportswriter.

Talking to a person coming off court who was just dealt a crushing defeat, and offering some vague, platitudinous comfort to assuage their raw battle wound, is a necessary task in the job. On rarer occasions, I’ve talked to those who have just suffered a defeat so harrowing and derailing that it has them visibly doubting the viability of their career. But for most losers, even in down moments, there’s the credibility and dignity of having just performed for an appreciative crowd of some size in a respected, aspirational pursuit like professional sports.

There’s nothing remotely aspirational, though, about the Applebee’s restaurant I found myself in during day 6 of the 2017 US Open. And sitting across a table bearing mozzarella sticks and glasses of tap water, these were not my normal losers.

Rainer Piirimets, a three-year veteran of the tennis tour from Estonia, was knocked out of the US Open the day before, exiting Arthur Ashe Stadium in the early afternoon. His partner, a fellow Estonian who has been on tour for 10 years, sat beside him.

Piirimets left the stadium not through the tunnel to the locker room, but out a side gate. His wrists bore no sweatbands, only handcuffs.

The request for this interview was not made, as most I do, through the tournament media desk, but rather through a Facebook message. Piirimets eagerly accepted. Meeting at Applebee’s was his suggestion, but he wasn’t hungry—just eager to set the story straight after spending 10 hours in police custody the day before.

“We’re not criminals,” Piirimets said, a phrase he and his friend would use as a refrain over the next two hours.

Piirimets had sure been treated like a criminal the day before. While watching the third-round match between Petra Kvitova and Caroline Garcia, he was spotted in his seat in the upper deck (Section 331) by tournament security officials and escorted out. He was then arrested in a small room just off the concourse by police, who then perp-walked him out of the stadium. The cops steered him through a dense crowd of staring, perplexed tennis fans and ducked him into a waiting police car outside the tournament gates.

Piirimets, a competitive high jumper in his youth, was then put in a jail cell at the 110th Precinct in Queens, which he shared with, he said, an agitated, profane homeless man. After several hours in the lockup, he was brought to a court for arraignment before a judge. He was then released and given a summons to appear in court again seven weeks later. He doesn’t plan on attending.

His friend, who I’ll call Pete, was equally animated about the treatment Piirimets had received.

“To keep him for 10 hours in prison, for doing what?” said Pete. “He made a little mistake, no big deal.”

His crime was trespassing. Piirimets had also been kicked out of the US Open the year before, and during that first ouster he was given paperwork acknowledging that he was to be banned from the tournament grounds for 20 years. He said he didn’t think that threat was serious, and that he didn’t think he was bound by the forms because he didn’t sign the line at the bottom. Nor did he understand that trespassing was a crime that could get him arrested in the United States. After all, he said, he’s been kicked out of lots of tournaments, all over the world, and nothing like this has ever happened before. Because why would it? He’s not a criminal, he said, flummoxed.

What Piirimets is, he admitted, is a member of a rogue, impish species in the tennis ecosystem: a courtsider. But with their hunters getting more and more adept, courtsiders—arguably justifiably so—have become an endangered species. Only the most stubborn of their breed persist. Even though sports betting is becoming legalized in the United States, they will still be persona non grata at this year’s US Open, which they will attempt to attend again.

Though only the second courtsider ever arrested at a Grand Slam event, Piirimets was the eighth caught in the first five days of the 2017 US Open, according to the USTA—which prides itself on “vigorously combatting” courtsiding and was quite excited to alert the media to his arrest. Twenty courtsiders—17 men and three women (none American)—had been caught during the 2016 tournament, hailing from as far away as Sri Lanka, each thinking they had the skills to beat the system. All were given notice of a 20-year ban from the tournament. Read more…

Longreads Best of 2017: Political Writing

We asked writers and editors to choose some of their favorite stories of the year in various categories. Here is the best in political writing.

Gabriel Sherman

Special correspondent for Vanity Fair and author of the New York Times best-selling biography of Roger Ailes.

The French Origins of ‘You Will Not Replace Us’ (Thomas Chatterton Williams, The New Yorker)

Anyone wanting to understand the forces that propelled Donald Trump to power needs to read Thomas Chatterton Williams’s fascinating profile of the French racial theorist Renaud Camus. Camus — no relation to Albert — popularized the alt-right theory that Muslim immigrants are reverse colonizing “white” Western Europe through mass migration. He is an unlikely progenitor of a political movement built around closing borders and preserving traditional culture. Camus works out of a 14th-century chateau and once wrote a travel book that describes itself as “a sexual odyssey — man-to-man.” Allan Ginsberg once said, “Camus’s world is completely that of a new urban homosexual; at ease in half a dozen countries.” While Williams doesn’t shy away from shining a light on the ugly racism that underpins Camus’s writings, he challenges liberals to reckon with the social and cultural effects of immigration in an increasingly globalized world. Read more…

The Audacity of Hope: A Reading List on Barack Obama

Image by Jason Taellious (CC BY-SA 2.0)

I’m not sure when Barack Obama first entered my consciousness: whether it was a 60 Minutes segment during the first campaign or reading about him in the July 10th, 2008 issue of Rolling Stone — which, albeit slightly crumpled — remains on our coffee table to this day.

The time leading up to his first election was the darkest period of my life to date and during those long nights in late 2008, I took strength from the enthusiasm surrounding him, his campaign, and his election. The optimism was part antidote to my troubles, part encouragement to move on. Of all the articles written about Obama over the years, the ones that intrigued me most were the ones that helped me get to know the man and what he stood for, just a little bit better.

Thursday, January 19th, 2017 is the last day in office for Barack Obama as the 44th president of the United States. With this reading list we remember the man, his time in office, and take a peek at what’s in store after the White House.

1. “The Conciliator” (Larissa Macfarquhar, The New Yorker, May 7, 2007)

Macfarquhar reports on Obama in action with constituents before being elected president, observing his calm demeanor, “freakish self-possession,” and ability to connect with humans of every description. She describes a man who, early on, eschewed political outrage as an impotent, empty tactic — a distraction to achieving unity.

2. “A Conversation with Barack Obama” (Jann S. Wenner, Rolling Stone, July 10, 2008)

In this wide-ranging interview during Obama’s first bid for president in 2008, Wenner takes us back to the optimism surrounding the candidate and his campaign. They chat about Obama’s three favorite books, musical tastes, pop culture, getting endorsed by Bob Dylan and Bruce Springsteen, and Obama’s overall approach to governing a nation.

3. “Obama’s Way” (Michael Lewis, Vanity Fair, October, 2012)

Michael Lewis spent six months with the president before Obama was elected to his second term in office. Lewis reports on the emotional demands of the presidency, avoiding distraction to save decision-making energy as commander-in-chief, the potentially disastrous human consequences of those decisions, and what the president does to soothe his soul after a particularly hard day.

4. “The way ahead” (Barack Obama, The Economist, October 8, 2016)

In his own words, Barack Obama examines the state of the U.S. economic union, positing that globalization, inclusion, and closing the gap between the richest and poorest Americans will aid U.S. prosperity.

5. “Barack Obama is Preparing for His Third Term” (Jason Zengerle, GQ, January 17, 2017)

Most former presidents avoid the spotlight to spend more time with family and maybe enjoy some golf. Even though Barack Obama is stepping away from political office, he’s gearing up to influence the direction of the United States by advising his successor.

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…