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Three stories


I once had a dream, within which was a contained a thread about my own work. I know – imagine that. A couple of tidy realizations were clouded (dreamlike) with an allusion to the titles of my next three books – what were they? It plagued me for days, as they were three titles I had not yet imagined. I’m getting close to another one, but that would be a fourth story. Let’s stick to three:
Trimming the fat in all the wrong places. That the Grey Lady is also not immune to corporate misgovernance is sad and depressing, and even though we’ve known for a very long time of its myopic shortcomings, it’s rather pathetic to see the paper of record put a knife to its own throat:

Staffers at the New York Times staged a newsroom walk out on Thursday as a demonstration of solidarity as management threatens job cuts. The protest followed a pair of letters sent earlier in the week to Executive Editor Dean Baquet and Managing Editor Joseph Kahn by Times reporters and copy editors.

Cartoonish evil. The problems with putting a imbecilic grifter in the most powerful office in the world has, by definition, no possible limits. Not even going to link to any because what’s the point.

The foreignness of policy disruption or, let’s defend a former Exxon-Mobile CEO. While it’s imaginable that a Secretary of State might have disagreements with her boss, it’s difficult to understand the chain of events that leads one to accept a ‘high’ position in this administration. Did you ask yourself, ‘what do I have to lose?’ Did you answer in the space provided?

A close associate of the secretary of state says that Tillerson was not only “blind-sided by the Trump statement,” but “absolutely enraged that the White House and State Department weren’t on the same page.” Tillerson’s aides, I was told, were convinced that the true author of Trump’s statement was U.A.E. ambassador Yousef Al Otaiba, a close friend of Trump son-in-law Jared Kushner. “Rex put two-and-two together,” his close associate says, “and concluded that this absolutely vacuous kid was running a second foreign policy out of the White House family quarters. Otaiba weighed in with Jared and Jared weighed in with Trump. What a mess.”

Image: author photo of OB, while we were away last week.

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Fiction and the carbon economy


The concept of imaginative fatigue in the Anthropocene presents a kind of heady platform for lighting into all kinds of literary corruption and gatekeeping issues that are holding the rising waters in place, out of view or at least off the page:

This makes itself evident in the paucity of fiction devoted to the carbon economy, something the Brooklyn-based Indian writer Amitav Ghosh addresses in his marvelous recent book, The Great Derangement, writing, “When the subject of climate change occurs . . . it is almost always in relation to nonfiction; novels and short stories are very rarely to be glimpsed within this horizon.” Ghosh, who has depicted the precarious ecology of the Sundarban mangrove forests of Bengal in his novel, The Hungry Tide, says that this absence has to be “counted as an aspect of the broader imaginative and cultural failure that lies at the heart of the climate crisis,” a failure so pervasive that he calls our era, “which so congratulates itself on its self-awareness . . . the time of the Great Derangement.”

I agree with the reviewer that any discussions about the ‘ravages of the carbon economy’ would necessarily include story lines on the failure of capitalism. And talk about a contrivance. Who would believe that? Perhaps at no point have we ever been so self-hemmed in – constrained by our own no-go areas. Does any writer today imagine Zola or Hugo, or Anatole France or, good grief Racine, adhering to such constraints? Is it only fear? Will the publishers and agents love us no longer? What then? Asking for a friend of the fate of the world.

Image: Author photo of the flooded Seine, June 2016.

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A Financial Choice, Act II

In early September 2008, I drove down to Charleston to visit a cousin who had recently suffered a terrible accident. Throughout the drive I listened to extended public radio reports on an evolving calamity: the collapse of Lehman Brothers financial services firm. The horror that the government was going to allow such a large firm to go under was decorated with the baroque gadgetry of terms that would become more familiar in the coming years: credit default swaps, subprime mortgage lending, tranches, CDOs. The gore and detail of the cover that had been constructed around scams and fraud at the broadest level was audible in the voices of interviewers and guests. There was a tinge of disbelief within their attempts to explain what these terms meant and how they had gotten us all (!) into so much peril. It was as close to 1929 as we had come and potentially far worse – so extensively had the giant vampire squid of financial engineering welded its tentacles to every sector. Housing, banking, investing, construction, debt, bonds… this is business America now, and every other activity is vulnerable to its caprice. It was the stretch run of a presidential election as well; one candidate tried to suspend the campaign, the other fortunately tried to hold things together.

And he did mange to hold things together, despite rather obvious at the time challenges he personally faced. But the Lehman moment got everyone’s attention, everyone who mattered. $700 billion for Troubled Asset Relief (TARP), $250 billion for Capital Purchase(CPP), in addition to billions more in government-backed guarantees to individual banks. And eventually, in July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted. It seemed the public assistance required to save the vampire from itself had sealed the argument in favor of financial reform.

Yesterday, the Republican House of Representatives passed the Financial Choice Act and can you guess what it does? Right! Overturns Dodd-Frank. And not only is it a bad idea to weaken a law that requires stronger banks,

The bill also offers the wrong kind of relief. During the last crisis, all kinds of financial activity — including insurance, money-market funds and speculative trading at banks — depended on government support. That’s why Dodd-Frank placed limits on banks’ trading operations and provided added oversight for all systemically important institutions, and why regulators require them to have enough cash on hand to survive a panic.
Those provisions aren’t perfect — simpler and more effective options exist — but the Choice Act just scraps them. What’s more, it would eliminate the Office of Financial Research, created to give regulators the data they need to see what’s going on in markets and institutions. The law would leave regulators in the dark, and taxpayers implicitly or explicitly backing much of the financial sector.

If you didn’t click, that’s coming from fcking Bloomberg. The financial industry doesn’t even think it’s a good idea. In trying to undo more Obama-era legislation, the know-nothings in Congress are re-setting the table for our financial catastrophe guests. Sure, certain things could make Dodd-Frank unnecessary. But unfortunately, none of the thousands of people, firms, funds and frauds who populate this sector care about a stronger financial system or its being more competitive. It’s the logic of business – the democracy, whiskey, sexy of fools.
Image: Detail from The Garden of Earthly Delights, by Hieronymus Bosch, ca. 1500

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Spite and the reckless assault on nothing

The stupidity of millions, millions of individually stupid decisions, has brought a spiteful revolution to its denouement. Or a screaming kid to its mall, whichever you prefer.
He was able to trot out on a sunny afternoon and announce a positively pointless jab to his own eye. Wisht it had been more pointed:

It is similar to the predominant response to liberal terror over the prospect of handing the most powerful office in the world to an impulsive congenital liar with authoritarian tendencies. Conservatives on the whole devoted less attention to pondering the risks Trump might pose to their own country and party than enjoying the liberal tears.

“Everybody who hates Trump wants him to stay in Paris,” argues conservative activist Grover Norquist. “Everybody who respects him, trusts him, voted for him, wishes for him to succeed, wants him to pull out.” Here is an argument that approaches, even if it does not fully reach, complete self-awareness: The Paris climate agreement is bad because it is supported by people who oppose Trump. Therefore, the opposing position is the correct one.

If the liberal global elites have established a policy architecture to minimize the threat of climate change, weakening that policy architecture is its own reward. There is not much more to it than that.

All of those who chose not to vote for her, voted for this.

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Today is Towel Day

In tribute to the great Douglas Adams.
And while we’re at it:

“It comes from a very ancient democracy, you see…”
“You mean, it comes from a world of lizards?”
“No,” said Ford, who by this time was a little more rational and coherent than he had been, having finally had the coffee forced down him, “nothing so simple. Nothing anything like so straightforward. On its world, the people are people. The leaders are lizards. The people hate the lizards and the lizards rule the people.”
“Odd,” said Arthur, “I thought you said it was a democracy.”
“I did,” said Ford. “It is.”
“So,” said Arthur, hoping he wasn’t sounding ridiculously obtuse, “why don’t people get rid of the lizards?”
“It honestly doesn’t occur to them,” said Ford. “They’ve all got the vote, so they all pretty much assume that the government they’ve voted in more or less approximates to the government they want.”
“You mean they actually vote for the lizards?”
“Oh yes,” said Ford with a shrug, “of course.”
“But,” said Arthur, going for the big one again, “why?”
“Because if they didn’t vote for a lizard,” said Ford, “the wrong lizard might get in. Got any gin?”
“What?”
“I said,” said Ford, with an increasing air of urgency creeping into his voice, “have you got any gin?”
“I’ll look. Tell me about the lizards.”
Ford shrugged again.
“Some people say that the lizards are the best thing that ever happenned to them,” he said. “They’re completely wrong of course, completely and utterly wrong, but someone’s got to say it.”
“But that’s terrible,” said Arthur.
“Listen, bud,” said Ford, “if I had one Altairian dollar for every time I heard one bit of the Universe look at another bit of the Universe and say ‘That’s terrible’ I wouldn’t be sitting here like a lemon looking for a gin.”

No specific gin or lizard endorsement.

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The last and the next 20 years

Peter Singer’s 1975 book Animal Liberation is perhaps the seminal text on awakening human consciousness about nonhuman animals. More of a philosophical tract, it presents an even-handed narrative of why animals’ interests should be considered that is neither ‘good’ not ‘bad’ per se. It’s big idea of ‘the greatest good’ is an effective route to ethical behavior, and it resonates with the challenge of how to get people to care about nature, which – if not cast as satire – is one of the most urgent ideas of the last and the next twenty years:

It is easy to see how bleak accounts of the state of the planet can overwhelm people and make them feel hopeless. What is the point of even trying if the world is going down the drain anyway?

To muster public and political support on a scale that matches our environmental challenges, research shows that negative messaging is not the most effective way forward. As a conservation scientist and social marketer, I believe that to make the environment a mainstream concern, conservation discussions should focus less on difficulties. Instead we should highlight the growing list of examples where conservation efforts have benefited species, ecosystems and people living alongside them.

The promise of positive messaging and marketing language to sway greater environmental sh*t-giving is cynical, but here we are. He’s not wrong, though the degree to which the vision of this kind of promotion will necessarily muster the language of commodity (great cause of said looming catastrophic scenarios) to save the Earth makes the pain in my neck throb. It could also make the messages that feel like Coca-Cola ads that much easier to dismiss from familiarity. Optimism in the face of destruction has its limits, and sometimes we need to look at things as they are and act accordingly. Like adults instead of media companies.
Still, Lost & Found is a good idea. We can do worse than trying to invigorate the public with the wonder of natural wonder, as long as they don’t begin to believe too strongly in its resilience. We can lead the water to horses, but can we make them care?

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Dos Passos U.S.A.

Published in 1938 as USA, the trilogy recounts the evolution of American society during the first three decades of the 20th century. The jazz age had been engulfed by the stock market crash, the depression, and the rise of fascism. Dos Passos was still a communist, mindful of the gaps between rich and poor in America. The first volume, The 42nd Parallel employed “Newsreel” and “Camera Eye” motifs inspired by nascent efforts at mass communications that also encapsulate the inescapable isolation of the time, and that which was to come:

The young man walks fast by himself through the crowd that thins into the night streets; feet are tired from hours of walking, eyes greedy for warm curves of faces, answering flicker of eyes, the set of a head, the lift of a shoulder, the way hands spread and clench, blood tingles with wants, mind is a beehive of hopes buzzing and stinging, muscles ache for knowledge of jobs, for the roadmaster’s pick and shovel work, the fisherman’s knack with a hook, the swing of the bridgeman’s arm as he slings down the whitehot rivet, the engineer’s slow grip wise on the throttle, the dirtfarmers use of his whole body when, whoaing the mules, he yanks the plow from the furrow. The young man walks by himself searching through the crowd with greedy eyes, greedy eyes taut to hear, by himself, alone.

The streets are empty. People have packed into subways, climbed into streetcars and buses, in the stations they’ve scampered for suburban trains; they’ve filtered into lodgings and tenements, gone up in elevators into apartment-houses. In a show-window two sallow window-dressers in their shirtsleeves are bringing out a dummy girl in a red evening dress, at a corner welders in masks lean into sheets of blue fame repairing a cartrack, a few dumb drunk bums shamble along, a sad street walker fidgets under an arclight. from the river comes the deep rumbling whistle of a steamboat leaving dock. A tug hoots far away.

The young man walks by himself, fast but not fast enough, far but not far enough (faces slide out of sight, talk trails into the tattered scraps, footsteps tap fainter in alleys); he must catch the last subway, the streetcar, the bus, run up the gangplanks of all the steamboats, register at all the hotels, work in the cities, answer the wantads, learn the trades, take the jobs, live in all the boarding houses, sleep in all the beds. One bed is not enough, one job is not enough, one life is not enough. All night, head swimming with wants, he walks by himself, alone.

No job, no woman, no house, no city.

Only the ears busy to catch the speech are not alone, the ears are caught tight, linked tight by the tendrils of phrased words, the turn of a joke, the singsong fade of a story, the gruff fall of a sentence, linking tendrils of speech twine through the city blocks, spread over pavements, grow out along broad parked avenues, speed with the trucks leaving on their long night runs over roaring highways, whisper down sandy byroads past wornout farms, joining up cities and fillstations, roundhouses, steamboats, planes groping along airways, words call out on mountain pastures, drift slow down rivers widening to the sea and the hushed beaches.

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Holy Chapter 11, Batman!

“That’s right, Robin.”
The Affordable Care Act has driven down personal bankruptcies by 50% since 2010:

As legislators and the executive branch renew their efforts to repeal and replace the Affordable Care Act this week, they might want to keep in mind a little-known financial consequence of the ACA: Since its adoption, far fewer Americans have taken the extreme step of filing for personal bankruptcy.

Filings have dropped about 50 percent, from 1,536,799 in 2010 to 770,846 in 2016 (see chart, below). Those years also represent the time frame when the ACA took effect. Although courts never ask people to declare why they’re filing, many bankruptcy and legal experts agree that medical bills had been a leading cause of personal bankruptcy before public healthcare coverage expanded under the ACA. Unlike other causes of debt, medical bills are often unexpected, involuntary, and large.

Emphasis added. There’s no way to be flippant about this. President Obama took a beating over this for years. Congresspeople lost their jobs, and knew they would, for voting for it. Still, they did it. This is what the whole thing is about – all the politicking, all the voting, all the clever name-calling and ratfcking. It mobilized the entire right-wing firmament because they are expressly against this. This!
This is socialism?

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Perfect Cases in Point

We wish they were more rare. But just as rising wages are bad news for business(?) and solar most horribly spells doom for coal, word in the oil game is that consistent catastrophes are needed for oil to remain strong:

The weakness comes at a time when speculators have started rebuilding bullish positions after a sell-off last month, betting the market will tighten in the second quarter. Yet, Brent physical oil traders say the opposite is happening so far, according to interviews with executives at several trading houses, who asked not to be identified discussing internal views.

“We need to see the market going really into deficit for oil prices to rise,” Giovanni Staunovo, commodity analyst at UBS Group AG in Zurich, said. “If this is temporary, it could be weathered, but it needs to be monitored.”

The weakness is particularly visible in so-called time-spreads — the price difference between contracts for delivery at different periods. Reflecting a growing surplus that could force traders to seek tankers as temporary floating storage facilities, the Brent June-July spread this week fell to an unusually weak minus 55 cents per barrel, down from parity just two months earlier. The negative structure is known in the industry as contango.

There’s a new word for you. And yes, many of the other words they use are the ones you know, with commonly agreed-upon definitions. I know one needs a lot of sophisticated financial knowledge to really get the subtleties of these economics, but is the overall message really lost? Of no consequence whatsoever? Yes, we can play terrible music on beautiful instruments, just as we can vote against our interests and condemn ourselves with our own words ( though it really isn’t necessary to do all three at once). Thanks to Bloomberg for delivering the straight dope in the top story today. It’s important, you know? Just like it will be to move past the market riff, as I hope to soon.
And also, the term ‘oil futures.’ FY, irony.

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Piggies, markets

A can of worms, wrapped in a puzzle, buried inside an enigma, with a little pink flag sticking up, the only thing visible, while the sound of one hand clapping faintly echoes in the background

:

By the time the subject of the movie finally comes up, we’d already spent half an hour discussing the ossification of our own culture. We talk about how New York City, the place in which Gray set his first five films, has changed so drastically since the mid 1990s; Gray says the Brooklyn of Little Odessa “is totally gone,” and that, while the 1920s tenements in The Immigrant are still there, they now tower above John Varvatos boutiques. Gray specifies that he’s less interested in romanticizing the crime-ridden city of the past than questioning what’s led to the kind of environment in which, he says, one of his friends seems to be the only person actually living in his apartment building on Central Park West, not using it as an investment.

The fundamental issue on Gray’s mind when we talk is how capitalism impacts our priorities as human beings. Saddled with student debt from the moment we set foot in a university, our ability to “study for the sake of learning” is over; instead, we’re “forced to become budding capitalists.” It’s a critique that received major airtime during Bernie Sanders’s campaign, and Gray’s clearly given it some serious thought. “We haven’t figured out a way to monetize integrity, and when you can’t monetize integrity, and you can’t incentivize integrity and incentivize individuality, and you pray at the god of the market, you get a very strange beast that almost consumes itself,” Gray says. “It’s almost like everyone is beholden to this market god, and nobody knows what to do.”

All in one place, this short article has it all. Best of luck to Gray with the The Lost City of Z.