For Billboard, Dan Charnas compiles an oral history of Vibe magazine, the first issue of which was published in September, 1993. Founded by Quincy Jones in partnership with Time Warner (and still publishing digitally today), the magazine represented a “new black aesthetic” that “championed hip-hop but thought broad and wide about the genre’s connections to the past and the future.”
Mimi Valdes (editorial assistant, 1993-94; assistant editor, 1994-95; style editor, 1997-98; executive editor, 1999-2002; editor-at-large, 2002-03; editor-in-chief, 2004-06): Jonathan [Van Meter, editor-in-chief 1992-93] booked Madonna and Dennis Rodman as a cover. And Eddie Murphy’s publicist was mad as hell that Madonna was getting the cover over Eddie. We all wanted Eddie over Madonna, so we were upset about it too. When [word of the cover choice] started to get out in the industry, we all felt the need to save Vibe’s reputation.
Scott Poulson-Bryant (senior editor/writer, 1992-96): I said [to Jonathan], “The staff needs to have a conference. People are really not happy about this.”
Van Meter: I said, “This isn’t The Village Voice. We’re not unionized. You can’t come in here representing the staff.”
Valdes: We were all standing by waiting for Scott to give us the go-ahead to come in. When Jonathan saw us, he got really upset.
Van Meter: I felt like I was losing control. And I said [to Scott], “You’re fired.” People in the hallways started crying. Mimi Valdes was screaming as if she’d just found out her mother was shot and killed. And I was like, “Oh, my God, I made it worse.”
Poulson-Bryant: He came to my office: “You’re not fired. Look, we’ll have a staff meeting.”
Quincy Jones: I was staying away from editorial policy. I got involved when Jonathan put the Beastie Boys on the cover and told me he was following up with Dennis Rodman and Madonna. He had already shot it!
Van Meter: I guess Quincy was getting a lot of shit from people for putting the Beastie Boys on the cover, and when he sees the Madonna cover, he went crazy.
Jones: I said, “Over my dead fucking body! That’s the way you blow an urban magazine.”
Van Meter: Madonna was queen. You can’t not put her on the cover. I couldn’t conceive of killing the best cover story we had done so far. [Quincy and I] ended up having a fight on the phone, and I smashed my phone into a thousand pieces and cleared off the top of my desk onto the floor. I think I said, “I quit.” I went home. And then the phone calls started. Everyone tried to get Quincy to change his mind. Even Madonna called me at home. She was really pissed.
Jones: I called Madonna and I said, “I’m telling you as a friend: it’s not personal, but you cannot pander with an urban magazine this early.” She said, “Quincy Jones, you and I can take over the world if we want to. See you around, pal.” I haven’t talked to her since then.
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.
The ’90s Are Oldis a Longreads series by Rebecca Schuman, wherein she unpacks the cultural legacy of a decade that refuses to age gracefully.
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In 1998, my first real job — at which I was terrible — was as an editorial assistant for a New York book publisher. My breathtakingly privileged days consisted of emailing mean jokes about the assistants I didn’t like to the assistants I did, and slacking off at my desk during my boss’s long lunches. That’s when I discovered these things called “webzines.” My 1993 black-and-white PowerBook had been powerful enough for abysmal college essays on Heinrich von Kleist, but not for something called a browser, so it was not until my entrée to the professional world and its professional-issue Windows 98 that I began “surfing the ‘Net” in earnest.
In the nascent years of online ubiquity — when CHHHHHHHHHH BEEboo BEEboo BEEboo became a household noise, and not just something for extreme nerds — the web was both very big and very small. In 1996 there were only 100,000 websites in the Whole Wide World. (Today there are almost two billion.) Plus, aside from a few early leaders in e-commerce, ’90s sites were usually personal homepages, accessible only to the visitor patient and accurate enough to type the precise address, down to the tilde. Alas, what made the webzines of the late ’90s the best was also what would end up making the internet the worst: anyone could publish anything about anything, and very few people expected to be paid.
In early November, I got a mild cold. I felt bad for a day, then felt better, then started coughing and didn’t stop coughing for a whole month. As if by way of compensation, the doctor gave me an orange flask of codeine cough syrup. This was a problem for me because I’m a recovering addict. But I didn’t mention this, because I’m a recovering addict. I said to myself: Think of it as medicine.
I was supposed to take 5 mL every four hours, “as needed.” I knew 5 mL was either one teaspoon or one tablespoon, and this confusion was more or less genuine, but I strategically avoided looking up the answer and chose the larger dose. This led predictably to a drug experience. My eyes turned red, I felt a buzzing sensation, I stumbled and walked into walls, I couldn’t relax enough to pee, I couldn’t speak at the right volume, I craved sugar. I was aware that I was behaving more cheerfully than usual, but I did not experience a feeling of good cheer. My head hurt very much. After four hours, I drank what I judged to be a second tablespoon directly from the flask.
I’d been sober for almost eight years. I had not forgotten the danger that opioids represented for me, and I was mostly operating in good faith. I really was desperate to stop coughing. For the next two days, I took the cough syrup more or less as directed, the right dosage at the right intervals. During this time my wife and I had an unusual number of meetings and social obligations, and my own feeling was that I met these obligations with tremendous dignity and grace. True: My eyes were red, my head was buzzing, my equilibrium was disturbed, my voice was either too loud or too soft, sometimes I couldn’t keep my eyes open, and my behavior was manifestly the behavior of a person who was on drugs. But it was OK because I was following the doctor’s orders.
It takes a writer of considerable talent to gear-shift from meditations on mortality to goofy stoner daydreams (and not give the reader whiplash while she’s doing it). It’s a tonal trick Jessica Hopper pulls off over and over again in Night Moves, a poignant (and often hilarious) memoir of her time in Chicago in the early aughts. On one page, Hopper is solemnly reflecting, “You make peace with death’s swift manners and it raises you up”; on another, she’s wondering what it’d be like to run over a great poet with a dune buggy. Ruminations on aging, community, love, and friendships stand shoulder-to-shoulder with sharp, madcap anecdotes, like when a stranger at a nightclub says Hopper resembles “a kabuki donkey” on the dancefloor, or when a pair of socialites at a music festival are aghast at how she’s eating an apple directly off the core. The poetry and absurdity of existence are constant companions in the pages of Night Moves.
The veteran author’s easy grace with the written word comes as no surprise when you take her long career into account. Starting off as a D.I.Y. zine writer, Hopper quickly rose through the ranks to become a freelancer and contributor to publications like SPIN, Grand Royal, Rolling Stone, GQ, Punk Planet, and The Chicago Reader. She’s been an editor at Pitchfork, Rookie, MTV News, and the University of Texas Press. Her knack for juggling incisive cultural criticism with personal reflections and wry humor can be seen in her 2015 collection of music writing, The First Collection of Criticism By A Living Female Rock Critic.
While music comes up often in Night Moves (“Loving the Smiths is one thing, but loving Morrissey is another thing entirely,” Hopper writes), it’s a book that’s more concerned with what happens just outside of and right next to the rituals of listening to records and going to shows. It’s a book about long bike rides to venues, the sadness of watching friends get blitzed on cocaine at dance nights, the joys of holing up in an apartment and reading back issues of The New Yorker while the city freezes outside. Hopper’s book is a testament to the pleasures of bumming around, the ecstasy of slowing down and enjoying the neighborhood and your friends before career and family and all the other milestones of adulthood start accelerating your timeline.Read more…
The most barbarous of our maladies is to despise our being. –Michel de Montaigne
There’s a tiny park on Hyde Street in San Francisco, on the cable car line, and for about a year I half-heartedly planned to kill myself in it. The park is slightly sunken, set off from the street, mostly concrete: one of those wedged-in, rarely utilized “mini-parks” common to this part of the city. There are a few rickety maroon-painted benches, a banner of tattered Mexican party flags, some scattered plants and trees. Sometimes, on warm nights, people sit there and eat ice cream cones from the famous ice cream parlor on the corner. Sometimes people take their dogs there to pee. But most of the time it’s empty.
I zeroed in on it because it’s near my apartment and ill-lit. I’d made only a cursory stab at formulating the logistics. Mostly I fantasized in broad strokes, visualizing the final result rather than the step-by-step labor. I knew this much: I wanted to put my California ID in my pocket, along with a piece of paper with my sister’s contact information, swallow a bunch of Xanax with alcohol, and hang myself from a tree. I didn’t think about what I’d use to hang myself, or what I’d stand on to reach the tree, or what kind of knot I’d tie. I didn’t even know which tree. My reluctance to hammer out these details probably indicated a lack of genuine resolve. Or maybe it was just indicative of the bone-shaking agitation that made it impossible to focus on anything intently enough to make a plan.
I walked by the park almost every day, but found it hard to enter. Sometimes I’d stand on the sidewalk and just stare into it, my heartrate accelerating. I knew this was the place, but I didn’t want to go in and scope out coordinates and vantage points. If it was going to happen, I didn’t want to be methodical about it. I was waiting for some trigger that would make it inevitable: some fresh humiliation, some galling failure. Something that would make it all fall into place, get the ball rolling organically, negate the need for foresight. I may have also been waiting for an irrefutable reason not to do it at all.
Anne Thériault | Longreads | September 2018 | 18 minutes (4,588 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.
The year was 1519. Henry VIII was king of England and still (mostly) happily married to Catherine of Aragon. The throne of France was held by Francis I, also known as “Francis of the Large Nose,” which may or may not have been a dick joke. Charles I of Spain had just become Charles V, Holy Roman Emperor. Martin Luther was stirring up shit in Germany. And in Florence, a couple whose union represented a last-ditch coalition between France and the Pope against the ever-expanding Holy Roman Empire welcomed their first child, a daughter they named Catarina Maria Romula de’ Medici (hereafter referred to as Catherine).
I like to think of the Medicis as the Kardashians of Renaissance Europe; at the very least, they had the same intuitive understanding of how to create and exploit a personal brand. Just the mention of the Medici name conjures up images of vulgar opulence, moral decay, and murderous treachery. Machiavelli’s The Prince — the so-called “textbook for tyrants” — was dedicated to Catherine de’ Medici’s father, and it was rumored that each of her children carried a copy with them at all times. Catherine herself inspired such nicknames as the Serpent Queen, the Black Queen, the Maggot from Italy’s Tomb, and (more flatteringly) the Mother of the Modern High-Heeled Shoe. She was also called the Merchant’s Daughter, a dig at her family’s nonaristocratic origins.
Whether or not Catherine was a basilisk who covered her shimmering scales with silk and velvet is up for debate, but it’s true that the Medici dynasty had decidedly common roots. In fact, a little over a century before Catherine’s birth, the Medicis were little more than casually wealthy textile traders. I mean, they had money, but not in mind-boggling amounts. That all changed in 1397, when they started a bank and discovered a latent talent for money management. By the mid-1400s, the Banco dei Medici was the biggest bank on the continent, and the Medicis themselves were the richest family in Europe.
Money can’t buy you happiness, but it sure can get you just about anything else, including various titles, marriages into noble families, a couple of popedoms, and the de facto lordship of the entire city-state of Florence. Also: a tomb designed by Michelangelo! The only problem with the Medici family’s scheme to dominate Europe was that supply couldn’t keep up with demand; even as they acquired all these positions of power, their ability to produce heirs veered into a steep decline. By the time Catherine was born, she was the only legitimate heir of the main branch of the family, and it soon became clear that she was quite possibly the last.
“Should we tell each other how much we make?” I asked Peter, trying to sound casual while in bed enjoying post-coital ice cream. In the late summer of 2016, after 15 months of shuttling back and forth between our apartments in Ubers and exposing our roommates to the nightly soundscape of our sex life, we decided it was time to move in together. We were having fun deciding what colors to paint the walls, and which pieces of furniture to combine, but had so far avoided any discussion of money.
Part of it was my fault. I had no interest in talking about incomes, believing that when you’re in love, you’re in love — fuck the money. Why talk about numbers when you can instead focus on finding out what he thinks about the afterlife, or learn the juicy details of his last breakup, or memorize how he takes his coffee (a shot of espresso with whole milk in a handmade ceramic cup)?
But the main reason we’d avoided talking about money for so long was that there was a significant income gap between us and neither of us felt comfortable finding out just how wide it was.
Peter is a visual artist and it’s common knowledge that unless you have a trust fund or a wildly successful career, artists don’t make a lot of money, especially in a place like New York City where a pastrami sandwich from Katz Deli costs $22 and a parking space in a dimly lit garage costs $600 dollars a month (enough to cover rent in other cities). Most artists are barely scraping by here — constantly making empty promises to each other about banding together and moving to Detroit.
Like most artists, Peter didn’t make enough money to live off sales of his paintings and photographs alone, regardless of how compelling I thought they were. He had a full-time job as a gallery director and took freelance jobs installing art and curating private collections. I had no idea how much that paid, but the more I got to know him, the more I sensed it wasn’t much.
My baby was getting smaller, and that is a fucked up thing to see. The total amount he weighed was less than the amount of weight I should lose.
Henry’s tracheotomy tube prevents him from speaking, so I haven’t heard him make a peep for over a year. My wife recently walked in on me crying and listening to recordings of him babbling, from before his diagnosis and surgery. I’d recorded his brothers doing Alan Partridge impressions and Henry was in the background, probably playing with the dishwasher, and just talking to himself, in fluent baby. Fucking music, oh my God I want to hear him again.
Henry just turned two. We didn’t dare assume he’d have a second birthday with the prognosis he received after they took out the tumor and confirmed what kind it was. It was a real cunt of a tumor.
After breakfast each Sunday we had the option to attend a spiritual group. The facility’s spiritual counselor was a tall woman with greying frizzy hair who collected vaguely heart-shaped rocks, and always had several on her desk that she’d gift to patients who stopped by her office.
She wouldn’t give you just any old rock; no, the rock she’d choose for you had a story: its color, unique dents and chips resembled resilience, an ability to withstand harsh elements while retaining your heart’s shape. She insisted the Sunday group wasn’t religious. “Religion is for people who’re afraid of going to hell,” the popular saying around Alcoholics Anonymous goes. “Spirituality is for people who have already been there.” So we sang along to “Let it Be” by The Beatles.
We had mostly blamed ourselves for what landed us inside an addiction treatment facility. But we were young, so we also blamed our parents (thanks Obamacare!). The reason why we were all in treatment and not quarantined in jail is because we were mostly white and upper-middle class. It was the summer of 2012 and young people like me all over the country were developing opioid addictions. The difference between us and the vast majority of others was our family’s resources, namely insurance that covered the $1,000 per day cost for a residential stint at a spiritually tinged hospital-meets-lake-house just outside the Twin Cities (the land of 10,000 treatment centers). The campus edged Medicine Lake, which I always found cruel because the facility didn’t much like to use medicine at the time, medicine that would’ve eased my withdrawal and given me the best chance at kicking for good. “We don’t do that here,” I recall a nice Minnesota doctor saying.
Addiction experienced in the first-person feels like watching a movie shot entirely in extreme close-ups. No matter how hard you try, you can’t see the world beyond the frame. A tolerance builds after a while and you grow used to the shaky, nauseating ride. We couldn’t have possibly known it at the time, that we weren’t the stars in our very own drama. The content of our stories differed in the details, but the tone was uncannily similar: how prescription painkillers first took hold; after pharmaceuticals became scarce and expensive, how we, as a generation in unison, playing a fucked up game of Red Rover, beelined toward heroin. Another thing we had in common was a lot of dead friends. Read more…
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