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Never having to say you’re sorry

bull's eye view photo

For Wall Street, that’s what it means apparently. Torn over whether a Biden win brings joy or misery. Really.

Those with the rosier outlook point to Biden’s mostly pro-business inner circle, his significant campaign contributions from the financial industry and his longtime support of credit card companies located in his home state of Delaware. Plus, a Biden victory would likely be driven by U.S. voters seeking change because they believe the country is a mess. Wall Street thinks it has a strong argument to make that reining in lenders would be a fatal mistake when unemployment is sky-high and the economy remains ravaged by the coronavirus pandemic.

The enthusiasm, however, is tempered by fears over how much sway Biden will give progressives and their firebrand leaders, including Senators Elizabeth Warren and Bernie Sanders. That’s especially true when it comes to picking appointees to run the powerful agencies that police banks and securities firms, jobs that the activists are mobilizing to fill with industry critics. At a minimum, progressives want to ensure that the days are long over when Democrats appointed officials like Robert Rubin, Timothy Geithner and Lawrence Summers, who is a key Biden adviser.

The stakes for Wall Street couldn’t be higher. Centrist regulators would be less likely to overturn rule rollbacks approved under Trump that have saved financial firms tens of billions of dollars. Progressive agency heads, on the other hand, could pursue what the C-suite calls the “shame and investigation agenda.” Policies like taxes on trading, curbs on executive pay and even breaking up behemoth banks would be back on the table.

To wonder whether ‘Wall Street’ has some understanding of our current morass, much less the words ‘joy’ or ‘ misery,’ is to weep. Of course they do. Always check the business press if you’re wondering at all about the soul of a consumer society. Mantra for post-2016 world: it’s always worse than you think.

Image: Replica golden calf. Subtlety is NOT their strong point.

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Afford to do, afford not to do

What is the concept of afford, and does it work both ways? The question is not whether it can work two ways, but for the concept to be meaningful at all, it has to be fully operational with regard to meaning.

We’re not just deciding what to spend money on — wait, yes we are! In so doing, any action must be considered in the context of its opportunity cost, and with further unpacking of the consequences of not spending money on certain things, the consequences this decision assures.

For instance, Mr. Sarda said, it’s relatively straightforward for businesses to calculate the potential costs from an increase in taxes designed to curb emissions of carbon dioxide, a major greenhouse gas that contributes to global warming. Indeed, this is one of the most common climate-related risks that companies now disclose. But it’s trickier to take scientific reports about rising temperatures and weather extremes and say what those broad trends might mean for specific companies in specific locations.

Previous studies, based on computer climate modeling, have estimated that the risks of global warming, if left unmanaged, could cost the world’s financial sector between $1.7 trillion to $24.2 trillion in net present value terms. A recent analysis published in the journal Nature Climate Change warned that companies are reporting on these risks only “sporadically and inconsistently” and often take a narrow view of the dangers that may lie ahead.

The financial context of whether or not to do something – can we pay for doing the thing – extends in validity only as far as this framing is reversed: can we afford not to do something.

That is, the so-called cost of addressing climate change – or homelessness – large problems who’s answers supposedly involved gross amounts of expenditure that could be determined to be too large must also be considered in their reverse outlines. What is the cost of doing nothing? Is this affordable? Here the concept actually has meaning and may provide a constructive way forward.

But if we decide not to spend money on ameliorating climate change expressly because the measures are deemed prohibitively expensive, and yet the broad effects of climate change prove to be even more expensive than the proposed steps, then the affordability argument is invalid, if not disingenuous. While it may be the case that some consequences are unknowable in advance, that truth equally invalidates the affordability argument in advance. If it can’t be known whether a step would be worth it, it likewise cannot be known whether ignoring a step might be a price too high.

TL;Dr – Decisions made to ignore the effects of climate change must be taken for a reason other than the affordability argument.

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Interrogating the Sabotage

Bon Dieu. Saltz catches us up on the techno-climactic imitation-felt confluence-peddling praxus-shuffling symbolically-metaphorical thrice-divorced yet still unimaginably and singly imponderable grammatically-scientific but geographically-sociological and revolution-intolerant latest art show:

The catalogue has words in it that I didn’t know. The show is about the “precariat” and “geontopower.” I looked them up. The first word is about a generation born during a period of the greatest accumulation of wealth in the history of the world but who nevertheless live in unstable economies. It’s worth pointing out that 99 percent of all artists have always lived like this. Needless to say most of the artists included here are relatively well-off —either schooled, degreed, living in more than one city (that’s a nice racket), recipients of important grants and residencies where they do “interventions with the local communities.” This is not to say, of course, that no beneficiary of art-world largesse should feel qualified to make work involving social critique. Quite the opposite. But I want to see them walking the walk, not just posing the pose.

To define the second word, “geontopower,” the catalogue offers a dodge: “a set of discourses.” You can’t win with these people! Words like “undercommons,” “hypercapitalism,” “networked mediascapes,” and “anarcho-syndicalists” are tossed off. There’s lots of usual art-speak about art that “interrogates,” leading us to conclude that in the last 15 years the art world has gone from being undertakers proclaiming mediums dead to becoming lawyers taking depositions. In an old neo-Marxist tip of the hat, the approved word for artists is now “cultural producer.” No artist can rise to these levels of activism. Especially not very very young ones. (And these are the same people who end up writing the histories, curating the shows, teaching the courses, editing out “impurities” from bibliographies, reviewing one another’s shows, hiring colleagues for jobs.) Meanwhile, a claque of critics lauds every show and demonizes all those who don’t. It’s airtight.

There is no joy in attending a gathering of people who [ostensibly] do what you think you do but all urgency is being discussed in a language you do not understand. It could be that the end-product of the eventual combination of art and business schools is to organize an end-of-the-world exhibition where nobody comes.