Posts Tagged ‘financialization’
Weekend Links!
* Coming soon in DC: Anthony Thwaite and Jaimee Hills.
* The Nobel Prize in Literature 2015 was awarded to Svetlana Alexievich “for her polyphonic writings, a monument to suffering and courage in our time.” The MetaFilter thread is almost always the best resource for these things. And here she is on Chernobyl.
* Please, though, don’t champion work. That is, not a sense of academic life as just work. Work is everywhere in the age of neoliberalism. Advocate for something bigger. Push for community.
* Don’t believe what you read at the Wiki or at the Chronicle: there are basically zero fake searches.
* CFP: Paradoxa 29: “Small Screen Fictions.”
* Who Speaks at Meetings? Find Out with GenderTimer.
* Third Annual MLA Subconference: Between the Public and Its Privates.
* Coming this month to the Milwaukee Ballet: Dracula.
* You Are Still Being Lied To: Howard Zinn’s “Columbus and Western Civilization.”
* This isn’t a fairy tale. Economic historians call the post-war years, 1950 to 1973, the Golden Age because those were the years the US and world economy grew faster than ever before or since. Neoliberalism’s dirty secret is that its policies don’t work that well. It isn’t just since the financial crisis that growth has been stagnant. Even the boom was mediocre. The best year since the election of Ronald Reagan was 1999, when the economy grew an impressive 4.8 percent. Sounds good until you realize that economic growth was higher in 1950, 1951, 1955, 1959, 1962, 1964, 1965, 1966, 1968, 1972, 1973, 1976, and 1978. Even the 1970s, a byword for stagflation and economic turmoil, saw better growth than any decade since.
* Miserablism and Resistance at the American Studies Association.
* Great story for my Lives of Animals class: Uplift, Inc.
* Here’s Why Sea World in San Diego Can’t Breed Killer Whales Any Longer.
* The Secret History Of Myers-Briggs.
* Matt Yglesias: Hillary Clinton Is Our Cheney, and That’s Okay. More on this subject here. In some sense I don’t even disagree with him; American democracy really is doomed, and the project of the liberal-left at this moment (as I’ve said before!) should be actively and deliberately seeking to build its replacement through the construction of a new constitution.
* The problem with the Old Republic was the lack of a strong minority party. No, the problem with the Old Republic was the Jedi.
* What Does My Brain Tumor Mean for My Life as a Mother?
* Rick Moranis Isn’t Retired (He Just Doesn’t Know How to Change His Wikipedia Page).
* Beautiful study of UFO sightings from ancient history.
* Jacobin: Want to improve animal welfare? Focus on bettering the conditions of the people who work with them.
* She was checking on her sons — then ages 11, 9 and 5 — by looking out the window every 10 minutes, she said. But when a passer-by saw the Felix kids, along with a 9-year-old cousin, she assumed they were unsupervised and called the state’s Department of Children and Family Services hotline.
* Class action lawsuit filed against DraftKings and FanDuel. How Daily Fantasy Is Changing the Game. You Aren’t Good Enough to Win Money Playing Daily Fantasy Football. Why I’m Quitting Fantasy Baseball.
* Playing in the Dark: On Gaming’s Blind Protagonists.
* Unsung songs of the Golden Age of Television: Space Ghost Coast to Coast.
* Study Links Fracking To Premature Births, High-Risk Pregnancies.
* How Video Games Are Becoming University-Approved Sports.
* I want to believe: Fargo season two.
* New Civilization: Beyond Earth Expansion Finally Feels Like Sciene Fiction.
* What financializing pensions hath wrought: California Teachers Have Been Financing Evictions.
Monday Morning Links!
* With this the Culture / Harry Potter and the Methods of Rationality fanfic, culture is hereby perfected forever. Please deposit your 3D glasses in the receptacle on your way out of the theater.
* What Iuliano found was that the reality of student loan discharge in bankruptcy was that four out of 10 people that attempted to discharge their loans were successful. Granted, a 40 percent rate is not success for the majority, but it’s not inconsequential either. More disturbingly he found that in just the one study year, 69,000 debtors would have been good candidates to receive some or full relief from their student loan debt but they never even tried to discharge the loans. In fact few ever try to discharge their student loans in bankruptcy. “99.9 percent of student loan debtors in bankruptcy never attempt to get a discharge,” says Iuliano.
* Scenes from the alternate universe that is Germany: Still, the concept of paying for education remained deeply unpopular with students and the general public, and most states that introduced fees threw them out again in short order, starting with Hesse, in 2008.
* Ruth Bader Ginsberg agrees with me that the current Supreme Court is one of the most activist in history. Of course where we disagree is my feeling she should resign immediately in time to be replaced with a 35-year-old before Obama leaves off.
* Hans Poertner, professor of marine biology at the Alfred Wegener Institute in Germany, and co-author of a new study of the phenomenon, told the Guardian: “The current rate of [ocean acidification] is likely to be more than 10 times faster than it has been in any of the evolutionary crises in the earth’s history.”
* Yes, there’s a direct correlation between race and school closures in Detroit.
* The financial industry accounts for about 8% of GDP, but about 32% of corporate profits. These excess profits are extracted from the real economy — consumers and businesses — and constitute a drag on non-financial growth.
* And New York sues Donald Trump over his fake university. Well, I suppose that’s one down…
Monday Morning Links
* Local police deploying SWAT teams against friendly poker games and barbering without a license. Insanity.
* Over the past year and a half, in the wake of Thomas Philippon and Ariel Resheff’s estimate that 2% of U.S. GDP was wasted in the pointless hypertrophy of the financial sector, evidence that our modern financial system is less a device for efficiently sharing risk and more a device for separating rich people from their money–a Las Vegas without the glitz–has mounted.
* Inside the multimillion-dollar essay-scoring business.
* How the University Works, 1965: Football Game Continues as School Burns. More links below the picture.
* Russian Billionaire Dmitry Itskov Plans on Becoming Immortal by 2045.
* I’m nursing a pet theory. Which is that there are actually four main political parties in Westminster: the Conservatives, Labour, the Liberal Democrats, and the Ruling Party.
The Ruling Party doesn’t represent the general electorate, but a special electorate: the Alien Invaders and their symbiotes, the consultants and contractors and think-tank intellectuals who smooth the path to acquisition of government contracts or outsourcing arrangements — the government being the consumer of last resort in late phase consumer capitalism — arrangements which are supported and made profitable by government subsidies extracted from taxpayer revenue and long-term bonds. The Ruling Party is under no pressure to conform to the expectations of the general electorate because whoever the electors vote for, representatives of the Ruling Party will win; the only question is which representatives, which is why they are at such pains to triangulate on a common core of policies that don’t risk differentiating them in a manner which might render them repugnant to some of the electorate.
* To make matters even worse for restaurant workers and diners, a spate of “preemption bills”—which bar localities from makings laws requiring paid sick leave—has been surging through state legislatures with the help of the American Legislative Exchange Council and the National Restaurant Association, one of ALEC’s members. The first of these bills was passed in May 2011 in Wisconsin. Last week, Gov. Rick Scott signed Florida’s version into law, making it the eighth state to preemptively block paid sick leave for its workers (and the 13th to try) in just two years.
* A depiction of the logical (and historical) tendency of the capitalist system to collapse.
* Everything old is new again: Female inmates sterilized in California prisons without approval.
* A visual history of Bruce Springsteen.
* NSA Rejecting Every FOIA Request Made by U.S. Citizens. The innocent have nothing to fear…
* The Southwest’s Forests May Never Recover from Megafires.
* And another great Saturday Morning Breakfast Cereal. I could post one of these every day.
All the Money’s Gone, Nowhere to Go
In a report released Wednesday, the ratings agency outlines how every traditional revenue stream for colleges and universities is facing some sort of pressure, a finding Moody’s uses as grounds for giving the whole sector a negative outlook. The agency has been pessimistic about much of the sector since its annual outlook in 2009 after the economic downturn began, but Wednesday’s report contains a downward shift in how analysts view even market leaders, the elite institutions with high demand and brand recognition.
‘What It Does Is Bad for America’
Over the past generation — ever since the banking deregulation of the Reagan years — the U.S. economy has been “financialized.” The business of moving money around, of slicing, dicing and repackaging financial claims, has soared in importance compared with the actual production of useful stuff. The sector officially labeled “securities, commodity contracts and investments” has grown especially fast, from only 0.3 percent of G.D.P. in the late 1970s to 1.7 percent of G.D.P. in 2007.
Such growth would be fine if financialization really delivered on its promises — if financial firms made money by directing capital to its most productive uses, by developing innovative ways to spread and reduce risk. But can anyone, at this point, make those claims with a straight face? Financial firms, we now know, directed vast quantities of capital into the construction of unsellable houses and empty shopping malls. They increased risk rather than reducing it, and concentrated risk rather than spreading it. In effect, the industry was selling dangerous patent medicine to gullible consumers.
Read Paul Krugman.