Posts Tagged ‘debt’
Then, when you turn the corner and look at what hulks across the street from the main Cooper Union building, you can see where a huge amount of the money went: into a gratuitously glamorous and expensive New Academic Building, built at vast expense, with the aid of a $175 million mortgage which Cooper Union has no ability to repay.
The bland name for the building is a symptom of the fact that Cooper’s capital campaign, designed to raise the money for its construction, was a massive flop: no one gave remotely enough money to justify putting their name on the building. It’s also a symptom of the fact that no one on the board had any appetite for naming it after George Campbell, the main architect of the scheme which involved going massively into debt in order to construct this white elephant.
Campbell, pictured grinning widely in a now-notorious 2009 WSJ article, claimed that Cooper was a financial success story when in fact it was on the verge of collapse. He’s the single biggest individual villain in the Cooper story, and it’s a vicious irony that Cooper’s latest Form 990 shows him being paid $1,307,483 in 2011 — after he left Cooper’s presidency. (Cooper Union explainsthat the amount represents six years of “deferred compensation/retention payments”, but the timing couldn’t be worse.)
Campbell’s enablers and cheering squad were a small group of trustees, many of them Cooper-trained engineers gone Wall Street, who had so internalized the ethos of the financial world that it never occurred to them that they shouldn’t be constantly trying to get bigger and better and shinier. Campbell was paid $668,473 in his last year at Cooper — he was one of the highest-paid college presidents in the country, despite running a naturally small institution with serious space and money constraints. Board-member financiers enabled his dreams of growth and glory, hoping that some of the glamor from the newly-revitalized institution would reflect back on themselves. Naturally, when the whole project turned out to be a disaster, they scurried ignobly off the board as fast as they could.
* Duke University faculty members, frustrated with their administration and skeptical of the degrees to be awarded, have forced the institution to back out of a deal with nine other universities and 2U to create a pool of for-credit online classes for undergraduates.
* At this point, both parties really just represent different fractions of the 1%; Wall Street funds both, but where the Republicans are supported largely by business, especially the extractive industries, the Democratic Party has become that of the upper echelons of the professional and managerial classes: of university administrators, museum board directors, doctors, lawyers, designers and marketing consultants.
* The debt debate is reminiscent of Tom Stoppard’s Rosencrantz and Guildenstern Are Dead. In a grand inversion, minor characters have usurped center stage, while the more important ones are out of sight. The Debt We Shouldn’t Pay.
* Also at NYRoB: Wikipedia’s Women Problem.
* The right to work less: Not only does the U.S. economy tend to produce lots of bad jobs, U.S. workers tend to spend far too much of their time doing them. In 2009, the average U.S. worker worked 1,681 hours compared to 1,390 in Germany. Germany’s experiments withkurzarbeit, a government program that provides income support to workers who accept reduced hours, has helped it avoid the problems of high and long-term unemployment that confront us here in the U.S. Instead of fighting for more work, much of which is likely to be bad, how about fighting for less work for everybody? This could be a very effective way to make sure that there are enough jobs to go around for everyone while limiting the amount of time workers spend in deadening, alienating labor.
* Science! “Our findings confirm that beardedness affects judgments of male socio-sexual attributes and suggest that an intermediate level of beardedness is most attractive while full-bearded men may be perceived as better fathers who could protect and invest in offspring,” the researchers wrote.
* What is the legal justification for signature strikes? What qualifies as a “signature” that would prompt a deadly strike? Do those being targeted have to pose a threat to the United States? And how many civilians have been killed in such strikes? The administration has rebuffed repeated requests from Congress to provide answers – even in secret.
* And just in from the local tourism board: 100 things to do in Wisconsin this summer.
* Gasp! But how could this be? Universities Benefit from Their Faculties’ Unionization, Study Finds.
* And some Friday night Graeber: A Practical Utopian’s Guide to the Coming Collapse.
In retrospect, though, I think that later historians will conclude that the legacy of the sixties revolution was deeper than we now imagine, and that the triumph of capitalist markets and their various planetary administrators and enforcers—which seemed so epochal and permanent in the wake of the collapse of the Soviet Union in 1991—was, in fact, far shallower.
* I’ve said this before: let’s have an academic decathlon. You choose a team based on whatever pedagogical criteria you want. You can choose students from public school or private, unionized teachers or not, parochial or secular, from charter or magnet, from Montessori or KIPP or whatever else you want. However, I choose the demographics of the students on your team. For my team, the situation is reversed: you choose the pedagogical factors for my students, but I choose the demographics. You stock your team kids from whatever educational backgrounds you think work, and mine with whatever educational systems you think don’t work. Meanwhile, I give you all children from the poverty-stricken, crime-ridden inner city and impoverished rural districts where we see the most failure. I stock mine with upper-class children of privilege. I would bet the house on my team, and I bet if you’re being honest, you would too. Yet to accept that is to deny the basic assumption of the education reform movement, which is that student outcomes are a direct result of teacher quality.
* If you are a low-income prospective college student hoping a degree will help you move up in the world, you probably should not attend a moderately selective four-year research institution. The cards are stacked against you.
Who among us can forget Malia’s first words to a rapidly-growing crowd in this historical meeting between present and future, “People of 2009, we come from–” words that were immediately interrupted by her younger self, surrounded by Secret Service, saying, “It’s 2013,” which led future Malia to punch future Sasha, saying, “I told you not to mess with the controls.” Malia then continued, “2013, seriously? What’s the friggin’ point?”
* Academic jobs watch: Specialist Professor, Homeland Security.
* California isn’t a state in which liberals have run wild; it’s a state where a liberal majority has been effectively hamstrung by a fanatical conservative minority that, thanks to supermajority rules, has been able to block effective policy-making. Krugman is optimistic that the Republicans’ stranglehold on the state seems to be abating; I’d note that in the arena of public education at least all the worst ideas are coming from the Democrats.
* That’s because these workers represent what’s happening to U.S. work in three critical ways. First, precarity: Workers lack job security, formal contracts, or guaranteed hours. Second, legal exclusion: Labeled as “independent contractors,” “domestic workers” or otherwise, they’re thrust beyond the reach of this country’s creaky, craven labor laws. And third, the mystification of employment: While a no-name contracted company signs your paycheck, your conditions are set by a major corporation with far away headquarters and legal impunity. Guest Workers as Bellweather.
* But if Emanuel brought Byrd-Bennett in to work the same kind of charter magic in Chicago that she did in Detroit, he may be dismayed to encounter one important difference: Chicago is now in a good position to fight back. The school closings hearings were packed with engaged, motivated citizens, and the teachers union is more organized than it’s been in three decades. During its popular and successful strike, the union’s approval rating climbed while the mayor’s fell—public opinion polls showed that taxpayers blamed Emanuel for the ugliness that took place during negotiations. The CTU’s current leadership has built relationships with community leaders and organizations, forming a coalition to fight the slash-and-burn privatization pushed by the Board of Education and its corporate sponsors, and has even hosted civil disobedience trainings open to the public. This afternoon’s protest will serve as further evidence that Emanuel is indeed up against a new opponent, one strong enough that not even the best “cleaner” may be able to defeat it.
* Nate Silver makes your Final Four book: Louisville Favored in Final Four, but Wichita State Could Become Unlikeliest Champion.
* Zero Dark Thirty is supposedly a film about freedom. A “freedom so threatening that there are those around the world willing to kill themselves and others to prevent us from enjoying it,” as the TV sound-bite in the background puts it. The odd thing is that this freedom is never once glimpsed within the film itself. Obviously, we are constantly reminded of the imprisonment and torture of the al Qaeda suspects, but it is never their freedom we are meant to be concerned with. More tellingly, it is the American spaces within the film that leave this freedom unseen. A strange becoming-prisoner takes hold of the spaces, and of the American body itself: not unfolding, in the end, either defeat or victory, but pulling together in a constricted space the impossibility of both.
* Syllabus minute: I have W.H. Auden envy.
Some projections showed Athletics might not be able to make payments starting in the 2030s when the debt service balloons. The debt is structured so that for the next 20 years, Cal only needs to make interest payments on the debt. The principal kicks in in the early 2030s, resulting in payments between $24 million and $37 million per year.
Look, if it’s good enough for an idea man who settled out of court on securities fraud, it’s good enough for me.
* What If? on The Twitter Archive of Babel. The Twitter Archive of Babel contains the true story of your life, as well as all the stories of all the lives you didn’t lead….
* You and I are gonna live forever: 72 is the new 30.
* Settling nerd fights of the 1990s today: Is This the Smoking Gun Proving Deep Space Nine Ripped Off Babylon 5?
* The Star Wars Heresies: Star Wars and William Blake. Tim Morton’s essay in Green Planets has a similar impulse with respect to Avatar.
* And in even more insane mashup news: WWE Keeps Pressure On Glenn Beck.
* Tolkien Class At Wis. University Proves Popular. Marquette English hits the big time.
* A decade-long spending binge to build academic buildings, dormitories and recreational facilities — some of them inordinately lavish to attract students — has left colleges and universities saddled with large amounts of debt. Oftentimes, students are stuck picking up the bill.
When snow blanketed this city two Christmases ago, Mayor Cory A. Booker was celebrated around the nation for personally shoveling out residents who had appealed for help on Twitter. But here, his administration was scorned as streets remained impassable for days because the city had no contract for snow removal.
Last spring, Ellen DeGeneres presented Mr. Booker with a superhero costume after he rushed into a burning building to save a neighbor. But Newark had eliminated three fire companies after the mayor’s plan to plug a budget hole failed.
* California judge declares that women’s bodies can prevent rape. Don’t worry, folks — he’s already been admonished. Still a sitting judge, but admonished.
* So it’s okay when he says it: “The truth of the matter is that my policies are so mainstream that if I had set the same policies that I had back in the 1980s, I would be considered a moderate Republican.”
The fact that nice liberals who already opposed torture (like Spencer Ackerman) felt squeamish and uncomfortable watching the torture scenes is irrelevant. That does not negate this point at all. People who support torture don’t support it because they don’t realize it’s brutal. They know it’s brutal – that’s precisely why they think it works – and they believe it’s justifiable because of its brutality: because it is helpful in extracting important information, catching terrorists, and keeping them safe. This film repeatedly reinforces that belief by depicting torture exactly as its supporters like to see it: as an ugly though necessary tactic used by brave and patriotic CIA agents in stopping hateful, violent terrorists.
* Twenty-seven-year-old single mother of three sentenced to life imprisonment for bag holding the same day HSBC declared officially above the law. Outrageous HSBC Settlement Proves the Drug War is a Joke.
* School cafeteria worker fired for helping needy student. You know, Christmastime.
* Why did small business owner and gamer dad Mike Hoye spend the last few weeks hand-tweaking the text in The Legend of Zelda: The Wind Waker so that the main character was referred to as a girl instead of a boy? As he put it, “I’m not having my daughter growing up thinking girls don’t get to be the hero.”
* What You Can Get for $228,646,000. I could have lost them basically everything for half that.
* Nate Silver explains that malapportionment in the Electoral College may actually be flowing the Democrats’ way in the near-term:
The problem for Republicans is that in states like these, and others like Tennessee, Kentucky and Arkansas, they are now winning by such large margins there that their vote is distributed inefficiently in terms of the Electoral College.
By contrast, a large number of electorally critical states – both traditional swing states like Iowa and Pennsylvania and newer ones like Colorado and Nevada – have been Democratic-leaning in the past two elections. If Democrats lose the election in a blowout, they would probably lose these states as well. But in a close election, they are favored in them.
* I really don’t understand why Rolling Jubilee is worth doing. Why would we give the banks free money for bad debt they’ve already written off?
* The pros and cons of a Casablanca sequel. Spoiler alert: there is no possible pro.
* Put this one on humanity’s tombstone: But where the United Nations envisioned environmental reform, some manufacturers of gases used in air-conditioning and refrigeration saw a lucrative business opportunity.
They quickly figured out that they could earn one carbon credit by eliminating one ton of carbon dioxide, but could earn more than 11,000 credits by simply destroying a ton of an obscure waste gas normally released in the manufacturing of a widely used coolant gas. That is because that byproduct has a huge global warming effect. The credits could be sold on international markets, earning tens of millions of dollars a year.
That incentive has driven plants in the developing world not only to increase production of the coolant gas but also to keep it high — a huge problem because the coolant itself contributes to global warming and depletes the ozone layer. That coolant gas is being phased out under a global treaty, but the effort has been a struggle.
* College debt and the upper middle class. Well, that’s almost everyone; can we act now?
* “Over the course of fifty episodes, Breaking Bad has turned its fans into some of the worst people on the internet.” This is certainly true with respect to discussions of Skylar, as the piece notes. As my totally 100% accurate quote from fake Vince Gilligan noted last night: “Dear Internet, I literally could not have made it any clearer that Walt is a villain and Skylar one of his many victims.” How is this even up for debate? More Breaking Bad tweets from this morning at Storify.
* Returning home from work Wednesday evening, area woman Caitlin Levy suddenly realized that, quite unusually, she had not been harassed or propositioned for sex even once the entire day, the puzzled 28-year-old told reporters.
Noting that she had experienced a lingering sense of ease and safety all day long that “just felt off,” the paralegal told reporters that, strange as it may sound, she somehow could not recall one single instance from the past 10 hours in which she had been gawked at, hit on repeatedly, or otherwise leered at by a male as she conducted her daily routine.
“Huh, that’s weird,” said Levy, remarking on the fact that at no point during her day did a total stranger attempt to provoke her with suggestive language. “No unwanted sexual advances, no creepy comments, no obscene gestures, nothing.”
“Can that be right?” she asked as she ran down a checklist of emotionally scarring behaviors she has been confronted with every day of her life, in some form or another, since age 13. “No, that’s impossible. I must be forgetting something.”
Elsewhere in Graeberalia, Benjamin Kunkel reviews Debt for n+1.
* The New World Order One World Government wants to ban golf! Wake up, sheeple!
* From Aaron’s latest Sunday Reading:The Intellectual Situation of n+1. For U.S. universities, a failing grade in economics. The Irish Begin to Wake Up to the Fact That They are Repaying Money That is Then Burned. The Hand That Feeds. Historicizing the Conservative Think Tank. A short history of the vibrator. The Inside Story of How John Carter Was Doomed by Its First Trailer.
* Crooks & Liars has some advice for Lakoff-style reframing.
1. Never say Entitlements. Instead, say Earned Benefits.
2. Never say Redistribution of Wealth. Instead, say Fair Wages For Work.
3. Never say Employer Paid Health Insurance. Instead, say Employee Earned Health Insurance.
4. Never say Government Spending. Instead, say The People Are Investing.
5. Never say Corporate America. Instead, say Unelected Corporate Government.
* And here comes the Romney shadow cabinet. It’s even worse than you think!