Posts tagged economics

Karen Matthews, a reporter with The Associated Press, asked, via Twitter, whether the mayor saw one teacher and 62 children as a good model. The mayor’s press secretary, Stu Loeser, shot back: “Are you asking as a journalist, advocate, or mom?
Small Classes Unimportant to Bloomberg - Gotham - NYTimes.com “It appears my hypocrisy knows no bounds.” Via firthofforth.
Stern’s concern for his league’s fans was as transparently phony as was Carnegie’s concern for his workers. (Hearing the commissioner’s unctuous solicitude for the paying customers must have occasioned rueful chuckling, and projectile vomiting, in Seattle.) His primary constituency is a group of 29 men who don’t have to deal much with unions in their principal occupations anymore and who, therefore, are not accustomed to reacting well when the help gets, well, uppity. The lockout was THE perfect oligarch’s answer.
It Wasn’t (Just) About the Money by Charles P. Pierce.  I am required to post any breakdown on the NBA lockout that references both Philip Dray and Arkham City.  Those are the rules.

The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. While Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.

At competitive private colleges and universities, admissions directors reserve places in each class for the children of alumni and potential donors; for athletes, many of whom will make less use of their academic opportunities than their classmates do; and simply for those who can pay. And at universities that boast of their commitment to undergraduate teaching, too many professors gabble through PowerPoint slides twice a week and entrust the face-to-face teaching of actual students to underpaid graduate students and Ph.D.s on short-term contracts, who do their best to impart basic skills in writing and quantitative analysis while earning only a few thousand dollars a course.
Our Universities: Why Are They Failing? by Anthony Grafton.  This pull quote does not do the article justice.  It is damning on all fronts, from the myriad problems to the manner in which they are reported.  As an adjunct professor currently on a one year contract, I see several of these problems every day and at the moment the only solution I can provide my students is to give them everything I have.  Via iamlittlei.

I feel less and less that way when I read angry tweets and newspaper comments about my profession. Maybe I shouldn’t read what angry tax paying trolls write and say on the internet, but I’m so appalled I keep checking to see if it’s still there. I’m told I’m ungrateful. I read that I am greedy, or a tool of greedy union bosses. I am a selfish son of a bitch, one guy informed me, when I was trying to explain the details and the facts of current legislation. I read that everyone’s life is going down the toilet, because I am breaking their backs. I have ruined everything. Everything is ruined.

Please know it did not feel like ruining everything. It felt like sitting in a tiny plastic chair at a tiny table, cajoling an autistic preschooler into brushing watercolor across a white wax face i had pre drawn, then watching him laugh at the big reveal. It felt like receiving a drawing as a gift from a talented little boy who drew like an adult, but suffered crippling arthritis in his hands and for whom i had arranged free classes at SAIC. It felt like crossing a name off a roster because she and her grandmother had been raped and killed in their house near the school. It felt like a million little notes shoved into my hands and pockets from eager little people who only came up to my waist. It felt like tamales from mothers who could not speak much English, but beamed widely as they handed the foil package over.

“For years owners have treated players as if they are just their property,” Goodwin said, “fining them over how they dress, act, everything. This is the first time the players have the opportunity to say no.”

Whoa. For months and months, bubbling beneath the surface of the posturing and rhetoric, buried under anonymous leaks, veiled threats and everything else that makes any professional sports lockout or strike so insufferable, a dynamic had been swelling that was entirely, 100 percent personal.

Business Vs. Personal, Bill Simmons definitive take on the NBA’s “nuclear winter.”
langer:

Wherever the standard of freedom and independence has been or shall be unfurled, there will be America’s heart, her benedictions, and her prayers. But she goes not abroad in search of monsters to destroy. She is the well-wisher to the freedom and independence of all. She is the champion and vindicator only of her own. She will recommend the general cause by the countenance of her voice, and by the benignant sympathy of her example.
—John Quincy Adams, July 4, 1821.

langer:

Wherever the standard of freedom and independence has been or shall be unfurled, there will be America’s heart, her benedictions, and her prayers. But she goes not abroad in search of monsters to destroy. She is the well-wisher to the freedom and independence of all. She is the champion and vindicator only of her own. She will recommend the general cause by the countenance of her voice, and by the benignant sympathy of her example.

—John Quincy Adams, July 4, 1821.

thepoliticalnotebook:

Police arrest about 70 protesters in a nighttime raid of Zuccotti Park. Hundreds of police, some in riot gear, cleared the park over the span of three hours. Protesters will apparently be allowed to return, but with no tents, and I’m assuming no intention of mass encampment. 

Above are photos of an officer clashing with a few protesters. Many of the protesters resisted the raid, some chaining themselves to trees. All photos taken by Don Emmert/AFP/Getty.

Junip (Jose Gonzalez) playing The Ghost of Tom Joad.

There is little in the current cinematic landscape that matches or evokes the anger and the sense of injustice that have galvanized the protesters at Occupy Wall Street and its proliferating offshoots. You know things are bleak when people are positioning the financial-crisis indie thriller “Margin Call” as a movie of the moment.

Perhaps it will take time, but while we’re waiting, class warriors and curious bystanders alike might want to check out Travis Wilkerson’s “An Injury to One,” one of American independent cinema’s great achievements of the past decade, just issued on DVD by Icarus Films.

A Second Look: ‘An Injury to One’ by Dennis Lim.  A well-deserved reminder that there are great political films that are also great art.  Travis Wilkerson’s 2002 film is one of my two favorite documentaries (the other being Thom Anderson’s Los Angeles Plays Itself) and I’ve been waiting with baited breath to upgrade my VHS tape.  Icarus has put up an excerpt on Youtube, but take my word for it and go buy Wilkerson’s DVD right now.  You won’t be disappointed.
kateoplis:

Mexico City: Sex workers gather to commemorate their colleagues who were violently murdered, two days before the Day of the Dead festival.

kateoplis:

Mexico CitySex workers gather to commemorate their colleagues who were violently murdered, two days before the Day of the Dead festival.

Let me tell you what I think of bicycling. I think it has done more to emancipate women than anything else in the world. It gives women a feeling of freedom and self-reliance. I stand and rejoice every time I see a woman ride by on a wheel…the picture of free, untrammeled womanhood.
—Susan B Anthony. (Strickland, 324)

What Does The Sex Industry Look Like? | Sociological Images

workingsex:

This link contains a series of photographs of places where sex workers work.  It shows that sex workers’ environments are often different from the images we’ve been fed by the media.

Psychic benefits describe the pleasure that someone gets from owning something — over and above economic returns. In discussions of pro sports, the role of psychic benefits doesn’t get a lot of attention. But it should, because it is the key to understanding all kinds of behavior by sports owners — most recently the peculiar position taken by management in the NBA labor dispute.

The best illustration of psychic benefits is the art market. Art collectors buy paintings for two reasons. They are interested in the painting as an investment — the same way they would view buying stock in General Motors. And they are interested in the painting as a painting — as a beautiful object. In a recent paper in Economics Bulletin, the economists Erdal Atukeren and Aylin Seçkin used a variety of clever ways to figure out just how large the second psychic benefit is, and they put it at 28 percent. In other words, if you pay $100 million for a Van Gogh, $28 million of that is for the joy of looking at it every morning. If that seems like a lot, it shouldn’t. There aren’t many Van Goghs out there, and they are very beautiful. If you care passionately about art, paying that kind of premium makes perfect sense.