Search Results for: economy

Living with Dolly Parton

Mark Humphrey / AP, Photo illustration by Katie Kosma

Jessica Wilkerson | Longreads | October 2018 | 43 minutes (7,851 words)

Dolly Parton was one of two women I learned to admire growing up in East Tennessee. The other was Pat Summitt, head coach of the Lady Volunteers, the University of Tennessee women’s basketball team. One flamboyantly female, the other a masculine woman. Both were arguably the best at what they did, had fantastic origins stories of hardscrabble lives in rural Tennessee, and told us that with enough grit and determination, we could succeed. Queer kids and nerdy girls, effeminate boys and boyish girls who desired something more than home took comfort in their boundary crossing. From these women they learned that they too could strike out on their own while maintaining both their authenticity and ties to home.

For years, I found solace in “Wildflowers,” written by Parton and performed with Linda Ronstadt and Emmylou Harris on their record Trio. The song’s instrumentation is spare, with the tinny chords of the autoharp and Ronstadt and Harris’s harmonies. In a near warble, Dolly sang of a “rambling rose” who didn’t “regret the path” she chose.

I moved away from home in ways more profound than the physical leaving, and it sometimes caused me to feel the pain of committing a betrayal. My grandmother Laverne warned me: “Don’t forget where you come from.”

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‘As a Grown Woman, I Still Have To Continuously Learn To Say No’

MirageC / Getty Images

Wei Tchou | Longreads | October 2018 | 14 minutes (3,646 words)

We’re certainly living in a time of revolution. I feel a great deal of wonder when I reflect on the fact that we’ve witnessed our society’s cultural norms regarding sexual assault and consent shift in real time, on the most public of stages: Washington, Hollywood. Yet I’m perhaps less attuned to the shifts happening within myself, in light of the national conversation. I know that I conceive of my own consent and agency more intentionally now, from day to day. But where I most often notice this evolution is in the way I think about my past — it’s as if many of my memories have been entirely rewritten.

I was thinking of all of this as I read Tanya Marquardt’s Stray: Memoir of a Runaway. In the book, Marquardt writes about escaping her dysfunctional home at age sixteen and finding community within the early-nineties underground goth scene in Vancouver, British Columbia. The book is haunting and spare, and wrestles with the nuances of one’s agency, in the face of cyclical abuse. Marquardt is an award-winning performer and playwright. Her play Transmission was published in the Canadian Theatre Review, and she has published personal essays in HuffPost UK and Medium.

We became friends, back in 2011, while we we both attending the M.F.A program at Hunter College, and we sat down recently to speak about the art of crafting memory into literature, the ongoing stigma against personal writing, and the ways in which the cultural conversation surrounding consent affected the writing of her book, among other topics. Read more…

Queens of Infamy: The Reign of Catherine de’ Medici

Illustration by Louise Pomeroy

Anne Thériault | Longreads | October 2018 | 26 minutes (6,557 words)

From the notorious to the half-forgotten, Queens of Infamy, a Longreads series by Anne Thériault, focuses on badass world-historical women of centuries past.

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Looking for a Queens of Infamy t-shirt or tote bag? Choose yours here.

When we last left the Serpent Queen, things were looking dire. She had been married to Henri, the heir to the French throne, for nearly five years. Although the Dauphin and Dauphine were both young and healthy, Catherine was failing in her most fundamental duty: providing the country with an heir. Rumors had spread throughout the court that she was incapable of conceiving. Since her husband’s only living brother was unmarried and childless, the entire fate of the Valois dynasty rested on Catherine’s ability to produce a child.

Faced with a rival noble faction, the Guises, who wanted to replace the apparently barren queen-to-be with one of their own, Catherine had thrown aside her pride and made a risky preemptive strike. Swooning pathetically at Francis I’s feet, the young woman tearfully begged the king to go ahead and replace her, saying that she loved Henri beyond measure and just wanted him to have a wife who could give him heirs. Catherine asked only that she be allowed to stay in France and humbly serve her beloved’s new bride.

It was a risky move, but Catherine had banked on the fact that the aging king couldn’t bear to see a young woman crying. Francis, nearly in tears himself, declared that it was God’s will that Catherine be the Dauphin’s wife. The question of replacing the Dauphine was resolved, for now.

But Catherine knew that this amnesty was only temporary; just across the English channel, Henry VIII was ditching his wives all over the place for not giving him a son. How long would it be before the Valois family decided to follow suit?

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When It’s Time to Say Goodbye to the Old House

David Talukdar / Getty, Stuart Dee / Getty, Photo illustration by Katie Kosma

Siddhartha Mahanta | Longreads | October 2018 | 12 minutes (3,041 words)

 

At 11:53 a.m. on March 31, 2015, I received a text from Dad. “I just dropped off the keys to the house…and said a prayer one last time on behalf of the family,” it read. The house in question was the first concrete thing he’d bought in America way back in 1979, a modest, nondescript one-story suburban starter home we’d moved out of some 26 years and three months earlier, in the winter of 1989. He’d hung onto it, tending to it, landlording it, in hopes of one day gifting it to either me, my sister, or brother. This would not come to pass.

When I saw his text, relief washed over me. After a tortured year of preparing to put it on the market he’d actually gone and finally put it on the damn market. Of course, it wasn’t just that one year of re-carpeting, repairing faucets, replacing bathroom tiles, fighting with the homeowners’ association over loose gutters and paint colors. It was years of Saturday afternoons spent fixing leaky pipes, broken tiles, fritzing-out air conditioners, or trying, failing, and calling in a contractor, who often seemed to be a brown guy named Jim Patel.

From around age 10 to 14, I accompanied him on these trips. Dad would wear his Saturday man’s-work-attire: white polo, dark-blue work shorts, long white athletic socks, lumpy, nondescript running shoes, ill-fitting generic white cap. “It’ll be very quick, baba,” he’d say somewhat mindlessly, hopping out of the Chrysler Plymouth, slamming the door behind him, plastic Home Depot bag swinging from this hand as he bounded across the crunchy lawn. He treated the old house like a child he’d had to leave behind, but had never forgotten.

What’s to say of the unremarkable thing itself? A small dining room was separated from the living room by a waist-high, white brick wall. Along one side of the living room stretched a long window looking out onto the backyard and patio. An exposed white brick fireplace. Columns buttressing an intimate dining room, giving it someone’s notion of a backwoods lodge. An L-shaped hallway leading to two bedrooms and a master bedroom; an attic, its air thick with the expulsion of discarded memories, a graveyard of knicknackery and emotional flotsam.

For the ten years we lived in it, the old house was where Dad brought his grieving, cataract-afflicted mother from India — for him, a place of pain, anger, and loss — to live out her remaining years, haunted by the losses of her husband and several sons. It was the site of many a dinner party of uncles and aunties and screaming, runny-nosed, onesie-clad toddlers, everyone in their own way marveling (some with more braggadocio than others) at their great fortune at landing in vast, income-taxless Texas with its booming energy economy and cheap housing and quality public schools, its friendly, Christian neighbors, its public pools and Tex-Mex.

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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.

Beyond Growth

Paul Sableman, Flickr CC / Stock Unlimited / Composite by Katie Kosma

Livia Gershon | Longreads | September 2018 | 9 minutes (2,229 words)

Late this August, an article in the journal Science offered a preview of the earth that we are now hurtling toward. Based on evidence from previous periods of global temperature change, an international research team described collapsing ecosystems and dwindling water and food supplies. “If we allow climate change to go unchecked, the vegetation of this planet is going to look completely different than it does today, and that means a huge risk to the diversity of the planet,” Jonathan Overpeck, dean of the School for Environment and Sustainability at the University of Michigan, wrote. “We’re talking about global landscape change that is ubiquitous and dramatic, and we’re already starting to see it in the United States, as well as around the globe.”

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Hiking With Nietzsche

AP Photo/Keystone/Desair

John Kaag | Hiking with Nietzsche | Farrar, Straus and Giroux | September 2018 | 30 minutes (6,007 words)

 

I often tell my students that philosophy saved my life. And it’s true. But on that first trip to Sils-Maria—on my way to Piz Corvatsch—it nearly killed me. It was 1999, and I was in the process of writing a thesis about genius, insanity, and aesthetic experience in the writings of Nietzsche and his American contemporary Ralph Waldo Emerson. On the sheltered brink of my twenties, I’d rarely ventured beyond the invisible walls of central Pennsylvania, so my adviser pulled some administrative strings and found a way for me to escape. At the end of my junior­ year he handed me an unmarked envelope—inside was a check for three thousand dollars. “You should go to Basel,” he suggested, probably knowing full well that I wouldn’t stay there.

Basel was a turning point, a pivot between Nietzsche’s early conventional life as a scholar and his increasingly erratic existence as Europe’s philosopher-poet. He had come to the city in 1869 as the youngest tenured faculty member at the University of Basel. In the ensuing years he would write his first book, The Birth of Tragedy, in which he argued that the allure of tragedy was its ability to harmonize the two competing urges of being human: the desire for order and the strange but undeniable longing for chaos. When I arrived in Basel, still a teenager, I couldn’t help thinking that the first of these drives—an obsessive craving for stability and reason that Nietzsche termed “the Apollonian”—had gotten the better of modern society.

The train station in Basel is a model of Swiss precision—beautiful people in beautiful clothes glide through a grand­ atrium to meet trains that never fail to run on time. Across the street stands a massive cylindrical skyscraper, home to the Bank for International Settlements (BIS), the most powerful financial institution in the world. I exited the station and ate my breakfast outside the bank as a throng of well-suited Apollos vanished inside on their way to work. “The educated classes,” Nietzsche explained, “are being swept along by a hugely contemptible money economy.” The prospects for life in modern capitalist society were lucrative but nonetheless bleak: “The world has never been so worldly, never poorer in love and goodness.”

According to Nietzsche, love and goodness were not realized in lockstep order but embodied its opposite: Dionysian revelry. His life in Basel was supposed to be happy and well-ordered, the life of the mind and of high society, but upon arriving, he fell into a fast friendship with the Romantic composer Richard Wagner, and that life was quickly brought to an end. He’d come to Basel to teach classical philology, the study of language and original meanings, which seems harmless enough, but Nietzsche, unlike many of his more conservative colleagues, understood how radical this sort of theoretical excavating could be. In The Birth of Tragedy, he claims that Western culture, in all of its grand refinement, is built upon a deep and subterranean structure that was laid out ages ago by Dionysus himself. And, in the early years of their friendship, Nietzsche and Wagner aimed to dig it up.

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Eight Days in September, A Decade Later

(AP Photo/Charles Dharapak)

In the ‘Notes and Sources’ section of Andrew Ross Sorkin’s bestseller, Too Big To Fail, the New York Times financial writer and columnist details the extraordinary access he was given about the events of the Lehman Weekend—that is, the two days in mid-September 2008 in which the investment bank Lehman Brothers filed for bankruptcy, Merrill Lynch was sold to Bank of America, and insurance giant AIG nearly collapsed.

“One CEO, whom I have known for several years, arrived at our first meeting with meticulous handwritten notes,” writes Sorkin. “‘I’m giving you them for the same reason I took them,’ he explained. ‘This was history in the making.'” While Sorkin’s gripping narrative not only illuminates the minute-by-minute details of the weekend, but also the lead-up to the events that nearly cratered the U.S. economy, his book wasn’t the first account to highlight the minute particulars and nuances of how close the nation came to another Great Depression—that would be James B. Stewart’s ‘Eight Days,’ which was published in the New Yorker about a month before Sorkin’s book debuted.

While Stewart’s reporting isn’t as encompassing as Sorkin’s, which is understandable given the level of access that Sorkin possessed — sources provided videotaped recordings of internal meetings as well as illustrations documenting the seating arrangement of fateful meetings — Stewart deftly navigated the topsy-turvy nature of a 72 hour period that has since afflicted multiple generations. The genius of ‘Eight Days’ is how seamlessly Stewart weaves weighty material into a feature of how Wall Street nearly broke America.

Referring to a Lehman failure, the Treasury official said, “We knew it would be awful.” At the same time, after months of turmoil, anyone still owning Lehman stock or commercial paper had to be considered a speculator. Perhaps investors would stop assuming that the government would bail out every wayward financial institution and adjust their risk-taking accordingly. “Everybody in some part of their brain thought it was a good thing for Lehman Brothers to go under,” the Treasury official said. “Was this ten per cent of the brain? I don’t know. . . . But the thought was there somewhere.”

At noon, Steven Shafran, a senior adviser at the Treasury, text-messaged his colleagues, “We lost the patient.”

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How the Chinese Government is Eradicating a Species and a Way of Life

GENHE, CHINA An Ewenki man named Gugejun walks with two reindeer on August 27, 2009 in Genhe, Hulun Buir, Inner Mongolia Autonomous Region, China. The Ewenki people, who came from Siberia over three hundred years ago, lived in the mountains of northern China, surviving on hunting and raising reindeer in a traditional way. In 2003, with only 243 surviving members, they moved down to a new settlement built by the government. (Photo by Feng Li/Getty Images)

At Sixth Tone, Matthew Walsh offers a fascinating profile of the Evenki, one of 55 recognized minority groups in China. Once a semi-nomadic tribe who raised and herded reindeer in closely-knit communities connected via the male bloodline, today’s Evenki (who have been relocated closer to urban centers by the Chinese government three times since 1949) still herd reindeer and harvest coveted and pricey antlers, but they’re doing it as a performance to profit from tourism.

The meddling is not without its cost; the habitat the government allows the reindeer to occupy does not produce enough natural food for them and they’re surviving on feed that herders buy, which may lead to extinction. Serial relocation and government subsidies are destroying the traditional Evenki way of life, as well as their culture and language.

Our encounter with He Xie showed us that there’s a fine line between authentic Evenki culture and tourism-inspired performance.

When we meet him, the slightly stooped 56-year-old is in effervescent form, reminiscing about his past life as a hunter and wheezing out a few songs on his harmonica. We’ve heard that He Xie plans to saw off some antlers this year — reindeer antlers grow back annually — and ask if he’s heading into the mountains soon so we can film him. “I can take you tomorrow,” he replies.

Then follows the bloody episode in the forest — a rare and visceral sight, one that, as journalists, we feel privileged to witness. But on the way back to the truck, He Xie’s friend takes one of us aside. “That’ll cost you 1,000 yuan,” he says, going on to imply that without the payment (equivalent to about $150), He Xie will become angry and unstable.

Naturally, we protest. We tell him that He Xie understood we were journalists before we left, and that it is unethical for us to pay for interviews. But the man is unmoved. “That’s the price. You’ve brought him all the way out here; you’ve taken up his time and expertise,” he says, naming other, more prominent media outlets who he alleges paid more for a formal interview. “He wouldn’t have done it otherwise.” Feeling like we have no other option, we pay up.

On the way home, He Xie slumps in the sunlit passenger seat of the truck that brought us into the forest. He slurps a can of warm beer — his sixth or seventh of the day — as he turns his lined face in our direction, dozily telling us stories of his upbringing spent tending reindeer in the wilderness, decades before he got rich selling his culture to tourists, journalists, and filmmakers. It feels a little like he’s throwing in an extra service.

But He Lei has never known that way of life. Since the 1950s, three government-sponsored resettlement campaigns — most recently in 2003 — have put Evenki reindeer herders into permanent accommodation in increasingly urban areas, cutting them off from their former herding grounds and straining their strong spiritual ties to both their reindeer and the forest. The social systems that underpinned their former lives have been superseded by modern housing, modern economies (first planned, then market-driven), modern education, and modern health care.

He Lei grew up in the original Aoluguya — the second government-built Evenki settlement around 250 kilometers from Genhe — and moved to New Aoluguya as a teenager. The government termed this 2003 resettlement “ecological migration,” claiming that the policy was essential to protect both the Greater Hinggan Mountains and Evenki cultural heritage.

The state argued that the move would allow a remote, impoverished group of herders to easily access the market economy, earn higher incomes through tourism, and preserve the unique traits of their ethnic minority. But to some Evenki people, it pushed an already-ailing culture into terminal decline.

“What ethnic minority?” asks He Lei. “There’s nothing left. People still talk about protecting our ethnic stuff, our ethnic distinctions. Protection my ass. There’s nothing left. We don’t raise deer; we don’t use them for anything. It’s gone.

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No, I Will Not Debate You

akindo / Getty, Composite by Katie Kosma

Laurie Penny | Longreads | September 2018 | 15 minutes (3,795 words)

“The media here is the opposition party.
They don’t understand this country.”
— Steve Bannon, to the New York Times

“A point of view can be a dangerous luxury
when substituted for insight and understanding.”
— Marshall McLuhan, The Gutenberg Galaxy

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There are some stupid mistakes that only very smart people make, and one of them is the notion that a sensible argument seriously presented can compete with a really good piece of theatre.

Every day, people on the internet ask why I won’t “debate” some self-actualizing gig-economy fascist or other, as if formal, public debate were the only way to steer public conversation. If you won’t debate, the argument goes, you’re an enemy of free speech. You’re basically no better than a Nazi, and certainly far worse than any of the actual Nazis muttering about not being allowed to preach racism from prestigious pulpits. Well-meaning liberals insist that “sunlight is the best disinfectant,” anti-fascists disagree, the far right orders more popcorn, and round and round we go on the haunted carousel of western liberal thought until we’re all queasy.

This bad-faith argument is a repeating refrain of this low, dishonest decade, and this month it built to another crescendo. In the U.S., The New Yorker bowed to public pressure and disinvited Steve Bannon, Trump’s neo-nationalist former chief strategist, from its literary festival. And in the U.K., The Economist chose to do the opposite.

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