Search Results for: Wall Street Journal

Cyberchondria: D.I.Y. Diagnosis in Overdrive

Illustration by: Ari Saperstein

Barry Newman | Longreads | August 2016 | 11 minutes (2,698 words)

 

My headache arrived just after April Fools’ Day, moving into orbit around my right eye, with side trips to the back of my neck. It was mild as headaches go, but persistent, there at bedtime, still there when I woke up. The previous autumn I’d had a cataract replaced by a wafer of plastic. Now I was in the eye surgeon’s exam chair for my six-month follow-up; this headache was three-weeks old.

Since the operation, I told the surgeon, my eyes seemed to be working to form a single image. “A lack of coordination,” I said. And now my head hurt. She pressed a lacquered fingernail to my forehead. “The headache is here, centered above the brow?” It was. “Maybe it’s from strain.”

“I assume it’s an aneurysm,” I joked. The surgeon said, “It sounds like strain,” and sent me away with the name and phone number of a neuro-ophthalmologist, for an expert opinion. Read more…

Little Government in the Big Woods

Illustration By: Katie Kosma

Mary Pilon | Longreads | July 2016 | 8 minutes (2,061 words)

 

Last May, and much to the disappointment of many “Little House on the Prairie” fans, Melissa Gilbert announced that she would be ending her bid for a congressional seat in Michigan’s 8th district.

Best known for playing Laura in the 1970s television adaptation of Laura Ingalls Wilder’s iconic series of books, Gilbert, a Democrat and former president of the Screen Actors Guild cited health problems as her reason from stepping away from the campaign.

But during her short-lived bid for elected office, many Michigan voters and fans of the “Little House” television show and books may not have realized that politics is far from anything new for the franchise. In fact, they’ve been integral since the books’ Depression-era genesis.

Given the wholesome, all-American image of “Little House,” the political history of the books may surprise some readers. Wilder, who was born in 1867 and published the first “Little House” book in 1932, was an impassioned hater of Franklin D. Roosevelt and his New Deal policies. In a letter, she once called Roosevelt a “dictator,” and like her journalist and politically-active daughter, Rose Wilder Lane, Wilder also maintained strongly anti-government views. Lane, along with Ayn Rand, is noted as one of the pioneers of the American libertarian movement. Read more…

Longreads Best of 2015: Business & Tech

We asked a few writers and editors to choose some of their favorite stories of the year in specific categories. Here, the best in business and tech.

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Longreads Best of 2015: Essays & Criticism

We asked a few writers and editors to choose some of their favorite stories of the year in specific categories. Here, the best in essays and criticism. Read more…

Kay Redfield Jamison, William Styron and the True Stories of Mental Illness

Kay Redfield Jamison
Kay Redfield Jamison. Photo by hocolobrary, Flickr

Journalist Mary Pilon is a former reporter for The New York Times and Wall Street Journal and the author of 2015’s The Monopolists, the best-selling book about the origins of the board game Monopoly . She’s just announced her next book, The Kevin Show (Bloomsbury, publish date TBD), about a manic depressive Olympic sailor who believes he is the star of ‘The Kevin Show’—hearing and speaking to the voice of the Director, who tells him what to do in the ongoing TV movie of his life. Given her latest project, we’ve asked her to share some of her early book research and recommendations on mental health. Read more…

The Walkable Multiverse According to Charles Jencks

Alina Simone | Atlas Obscura | September 2015 | 23 minutes (5,747 words)

Atlas ObscuraOur latest Exclusive is a new story by Alina Simone, co-funded by Longreads Members and published by Atlas Obscura. Read more…

The Art of Humorous Nonfiction: A Beer in Brooklyn with the King of the A-Heds

Longreads Pick

Former Wall Street Journal reporter Barry Newman reflects on 43 years of feature stories that explore the eccentric humanity of our world.

Author: Mary Pilon
Source: Longreads
Published: Aug 10, 2015
Length: 10 minutes (2,724 words)

The Roots of the Greek Debt Crisis

The crisis in Greece is getting worse. Its people on July 5 voted against the terms of the most recent bailout deal in a referendum, rejecting austerity. If a new deal isn’t reached soon, its government won’t be able to pay its debts and will run out of euros, which many expect it will mean exiting the euro zone. This 2010 Michael Lewis classic for Vanity Fair, “Beware of Greeks Bearing Bonds,” helps explain the current situation:

For most of the 1980s and 1990s, Greek interest rates had run a full 10 percent higher than German ones, as Greeks were regarded as far less likely to repay a loan. There was no consumer credit in Greece: Greeks didn’t have credit cards. Greeks didn’t usually have mortgage loans either. Of course, Greece wanted to be treated, by the financial markets, like a properly functioning Northern European country. In the late 1990s they saw their chance: get rid of their own currency and adopt the euro. To do this they needed to meet certain national targets, to prove that they were capable of good European citizenship—that they would not, in the end, run up debts that other countries in the euro area would be forced to repay. In particular they needed to show budget deficits under 3 percent of their gross domestic product, and inflation running at roughly German levels. In 2000, after a flurry of statistical manipulation, Greece hit the targets. To lower the budget deficit the Greek government moved all sorts of expenses (pensions, defense expenditures) off the books. To lower Greek inflation the government did things like freeze prices for electricity and water and other government-supplied goods, and cut taxes on gas, alcohol, and tobacco. Greek-government statisticians did things like remove (high-priced) tomatoes from the consumer price index on the day inflation was measured. “We went to see the guy who created all these numbers,” a former Wall Street analyst of European economies told me. “We could not stop laughing. He explained how he took out the lemons and put in the oranges. There was a lot of massaging of the index.”

Which is to say that even at the time, some observers noted that Greek numbers never seemed to add up. A former I.M.F. official turned economic adviser to former Greek prime minister Konstantinos Mitsotakis turned Salomon Brothers analyst named Miranda Xafa pointed out in 1998 that if you added up all the Greek budget deficits over the previous 15 years they amounted to only half the Greek debt. That is, the amount of money the Greek government had borrowed to fund its operations was twice its declared shortfalls. “At Salomon we used to call [the head of the Greek National Statistical Service] ‘the Magician,’ ” says Xafa, “because of his ability to magically make inflation, the deficit, and the debt disappear.”

In 2001, Greece entered the European Monetary Union, swapped the drachma for the euro, and acquired for its debt an implicit European (read German) guarantee. Greeks could now borrow long-term funds at roughly the same rate as Germans—not 18 percent but 5 percent. To remain in the euro zone, they were meant, in theory, to maintain budget deficits below 3 percent of G.D.P.; in practice, all they had to do was cook the books to show that they were hitting the targets. Here, in 2001, entered Goldman Sachs, which engaged in a series of apparently legal but nonetheless repellent deals designed to hide the Greek government’s true level of indebtedness. For these trades Goldman Sachs—which, in effect, handed Greece a $1 billion loan—carved out a reported $300 million in fees. The machine that enabled Greece to borrow and spend at will was analogous to the machine created to launder the credit of the American subprime borrower—and the role of the American investment banker in the machine was the same. The investment bankers also taught the Greek-government officials how to securitize future receipts from the national lottery, highway tolls, airport landing fees, and even funds granted to the country by the European Union. Any future stream of income that could be identified was sold for cash up front, and spent. As anyone with a brain must have known, the Greeks would be able to disguise their true financial state for only as long as (a) lenders assumed that a loan to Greece was as good as guaranteed by the European Union (read Germany), and (b) no one outside of Greece paid very much attention. Inside Greece there was no market for whistle-blowing, as basically everyone was in on the racket.

And in this essay published in mid-June, Wall Street Journal correspondent Matina Stevis shares her feeling of impotence as she watches her country struggle.

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The Boy Who Loved Transit

Photo via mtaphotos (Edited)

Jeff Tietz | Harper’s | May 2002 | 35 minutes (8,722 words)

 

This essay by Jeff Tietz first appeared in the May 2002 issue of Harper’s and was later anthologized in The Best American Crime Writing: 2003 Edition. Tietz has written for Rolling Stone, Harper’s, The New Yorker, The Atlantic and Vanity Fair. He has been a finalist for the National Magazine Award, the Pushcart Prize, and the Livingston Journalism Award. His work has appeared in Best American Magazine Writing, Best American Crime Writing, Best American Business Writing, and The CAFO Reader. Our thanks to Tietz for allowing us to reprint it here. For those interested in an update on Darius McCollum’s story, see this 2013 The Wall Street Journal piece (subscription req’d).

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Before leaving his girlfriend’s apartment in Crown Heights, on the morning of his nineteenth arrest for impersonating and performing the functions of New York City Transit Authority employees, Darius McCollum put on an NYCTA subway conductor’s uniform and reflector vest. Over his feet he pulled transit-issue boots with lace guards and soles designed to withstand third-rail jolts. He took transit-issue work gloves and protective goggles. He put a transit-issue hard hat on his head. In his pockets he carried NYCTA work orders and rerouting schedules and newspaper clippings describing his previous arrests: for driving subway trains and buses and various other vehicles without authorization, possessing stolen property, flagging traffic around NYCTA construction sites, forging documents. He also carried a signed letter on NYCTA letterhead:

To: All Concerned Departments

From: Thomas Calandrella Chief Track Officer

Re: Darius McCollum Effective this date of January 10, 2000, Darius McCollum is a member of a special twelve member Special Study Group; and will analyze the operations of track safety and track operations. SSG will report directly to this office and will be issued all related gear for the respected purposes of this department and will receive assistance of any relating department.

To his belt Darius clipped a flashlight and a key ring the size of a choker. From this ring six smaller rings hung like pendants. Along the curves of the small rings, 139 keys climbed symmetrical and fanlike. Each key granted access to a secure area of the train, bus, or subway system of the New York City Transit Authority. The collection was equivalent to the number of keys an employee would acquire through forty years of steady promotions. Just before he left the apartment, Darius picked up an orange emergency-response lantern.

Six weeks earlier, Darius had been paroled from the Elmira Correctional Facility, near Binghamton, New York, where he had served two years for attempted grand larceny—”attempted” because he had signed out NYCTA vehicles for surface use (extinguishing track fires, supervising maintenance projects) and then signed them back in according to procedure. Darius has never worked for the NYCTA; he has never held a steady job. He is thirty-seven and has spent a third of his adult life in prison for victim-less offenses related to transit systems. Read more…

The 2015 Pulitzer Prize Winners

The Pulitzer Prizes winners have been announced: Bloomberg News’s Zachary R. Mider was awarded a prize for explanatory reporting on corporate tax dodgers. Carol D. Leonnig of The Washington Post was awarded a national reporting award for her coverage of security lapses in the Secret Service. The New York Times won an international reporting award for its coverage of the Ebola outbreak in West Africa. Lisa Falkenberg of the Houston Chronicle was given the award for commentary for her columns about grand jury abuses. Mary McNamara, a TV critic for the Los Angeles Times, was awarded a prize for criticism. A list of the all the winners and finalists can be found here. Below is a short list of other books and features that were honored.

Public Service: “Till Death Do Us Part” (The Post and Courier)

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Breaking News Reporting: “Snohomish County Landslide” (The Seattle Times)

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Feature Writing: “Scenes from California’s Dust Bowl” (Diana Marcum, Los Angeles Times)

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Investigative Reporting: “Courting Favor” (Eric Lipton, New York Times) and “Medicare Unmasked” (The Wall Street Journal)

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Local Reporting: “Centinela Valley Union High School District Investigation” (Daily Breeze)

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Fiction: All the Light We Cannot See, Anthony Doerr

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Nonfiction: The Sixth Extinction: An Unnatural History, Elizabeth Kolbert

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Biography: The Pope and Mussolini: The Secret History of Pius XI and the Rise of Fascism in Europe, David I. Kertzer

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History: Encounters at the Heart of the World: A History of the Mandan People, Elizabeth A. Fenn