More on Ailes – the larger picture. His ultimate trophy of degradation, I suppose, being our President. https://www.newyorker.com/culture/culture-desk/how-roger-ailes-degraded-the-tone-of-public-life-in-america

Why hasn’t the Mainstream Media picked this up? Has the White House? http://www.newyorker.com/news/news-desk/the-lights-are-going-out-in-the-middle-east

For the nightstand? https://www.washingtonpost.com/opinions/how-blighted-urban-areas-transform-into-trendy-gentrified-communities/2017/05/19/9592b07c-1002-11e7-9d5a-a83e627dc120_story.html?utm_term=.6f7df5b53a83 From How to Kill a City, one of the books under review:  “Meanwhile, during Michael Bloomberg’s tenure as New York’s mayor, thousands of rent-controlled apartments were deregulated, resulting in tens of thousands of evictions, with 29,000 during his last year in office alone. Under Bloomberg, 40 percent of the city — and most of Brooklyn — was rezoned to create high-end developments. In neighborhoods like Williamsburg and Greenpoint, 170 blocks were rezoned in 2005; rent has increased 78 percent in those two neighborhoods over the past two decades, helping to make Brooklyn the least-affordable market in the country. Moskowitz, who was himself priced out of the Greenwich Village neighborhood he grew up in, relocated to Brooklyn and is mindful of his own complicity in the cycle he bemoans. “I represent the domino effect,” he writes. “I know my existence in this borough comes at the cost of the erasure of others’ cultures and senses of home.” He adds: “If people saw themselves as part of a system perpetuating white supremacy, brunch would be less fun.”

Monday, Monday….

Good place to start from. Perhaps if not four years of free college, at least two years: http://observer.com/2017/05/public-service-student-loan-forgiveness-program-donald-trump/

So what did anyone expect? I do like Sen.Wyden’s characterization of Mnuchin’s career: http://wallstreetonparade.com/2017/05/as-fiancee-looks-on-mnuchin-faces-hostile-senators-on-banking-committee/

I like anything that helps me understand aspects of life that both my intuition and my education can’t grasp: http://www.thedailybeast.com/articles/2017/05/22/inside-the-head-of-dylann-roof-a-terrorist-paradigm?via=newsletter&source=DDMorning

Well, hello! It seems that Americans have taken a dim view of the republic’s poorly-maintained “moral infrastructure” every year since Gallup started asking the question. That was 2002. Figures. https://www.bloomberg.com/news/articles/2017-05-22/americans-see-u-s-moral-values-at-a-seven-year-low

I was “put down” for St.Paul’s when I was born. Would have been 4th generation on my mother’s side. Guess I missed a bullet (or something else!): https://www.wsj.com/articles/elite-st-pauls-school-admits-to-past-sexual-abuse-by-faculty-1495478287

Kunstler: http://kunstler.com/clusterfuck-nation/do-you-mr-jones/:

Oddly, no mention of W.J. Clinton after a brief mention early on. Ailes was an animal, but it really wasn’t Fox News that unzipped Clinton’s fly. https://www.nytimes.com/2017/05/22/opinion/monica-lewinsky-roger-ailess-dream-was-my-nightmare.html?action=click&contentCollection=Europe&module=Trending&version=Full&region=Marginalia&pgtype=article







As someone who’s invested, directly and as a fiduciary, in a small way, in private equity, I found this interesting. But I think it misses or slides by a couple of important points. First, it really is difficult to know exactly what the returns have been, especially if your PE investment was made just before the crash, in 2007 and early 2008, as the ones I’m familiar with were.  PE sponsors tend to report returns on a position-by-position basis. This exaggerates “IRR” since it features the good stuff only. I think the only way one can get any idea of how well one’s doing is by applying the hoary test of “cash in, cash out.” As a given fund approaches its winding-up, as the ones with which I’m familiar are, the lines representing what the fund’s telling you its IRR has been, and what your own eyes and common sense are telling you, will tend to converge. Only then can you really get an idea of how well or badly you’ve done. It’s all rather like that game of “Battleship” that many of us played when young, where opponents each have a sheet of graph paper on which they deploy their flotillas by filling in squares, five squares for a battleship, four squares for a heavy cruiser and so on down to one square for a submarine. The cheat who “keeps his submarine in his pencil” always wins. So it is with much PE accounting: reported IRR will always include sponsor valuations of stuff that’s still on the balance sheet, illiquid. Second, and to my mind, most important, is the fact that the real money for PE sponsors is in the 2% fee on AUM. This encourages a focus on size, often leading to an asset pool too large to deploy in the moderate-sized investments that generally offer flexibility and the prospect of decent returns, and a commitment to investments possibly beyond the intellectual grasp of the sponsor.  In a word, “Where are the customers’ McMansions?” In every generation, there is a prophet who carries all before him. Long decades ago, it was McGeorge Bundy at the Ford Foundation with his “total return” (operating money sourced from capital gains should be considered the equivalent of money sourced from dividends and interest and spent freely). The investment/endowment >T>T> Baptist of this generation has been David Swensen at Yale, the outspoken advocate of PE – or “alternative investments” as the category is known.  Maybe he has done as well as is claimed with Yale’s heavy emphasis on alternatives, maybe he hasn’t. As the man says, “Don’t count yo’ chickens until they is hatched.” http://www.nakedcapitalism.com/2017/05/private-equitys-lousy-governance.html

This is Naked Capitalism‘s “must read” for today. It’s an excellent example of description without prescription – and there’s nothing wrong with that, if the analysis takes into account the complexity of human affairs, as the writer certainly does, and what he describes seems in touch and in tune with real life. https://newleftreview.org/II/104/wolfgang-streeck-the-return-of-the-repressed

I’m reposting this from yesterday, since it fits nicely with my notion that a great problem of today is “the over-empowerment of the young” thanks to technology. http://www.nakedcapitalism.com/2017/05/notes-from-an-emergency.html

My friend Marina sends this, a NYT interview with a founder of Twitter in which he deplores the state of the internet. https://nyti.ms/2rCy0Vf A quote from the piece perfectly illustrates “the tyranny of the algorithm”: The trouble with the internet, Mr. Williams says, is that it rewards extremes. Say you’re driving down the road and see a car crash. Of course you look. Everyone looks. The internet interprets behavior like this to mean everyone is asking for car crashes, so it tries to supply them.” Pure “Quantativity,” to coin a word.






The art world has been buzzing last night about the Basquiat painting for which a Hong Kong collector paid $110 million. Too much? Maybe, comparatively speaking, at least to my eyes, not that much. I think – have thought practically from the outset – that Basquiat was the best painter among those who came on the scene when he did and have gone on to be auction-house star attractions. His color sense is amazing, his images arresting; his “wall presence” compelling; I would love to own one. Forget the $110 million bid last night. To me, if one converts artistic quality, originality and interest into dollars, Basquiat is worth five times what anyone’s paid for a Richter, which works out roughly $250 million, and twenty times  the top price ($17 million) so far (and, I suspect, forever), for Christopher Wool, or $340 million. Next to those numbers, $110 million looks pretty cheap.

Yesterday I was in my office when suddenly the air went all aflame with schadenfreude as my wife rushed in to tell me that Roger Ailes had died. After she retreated, suitably rebuked on grounds of simple humanity if not ideology, I reflected on Ailes. His was a remarkable talent for turning pigs’ ears into silk purses. He made a star out of Sean Hannity, one of the most repellent media figures of my lifetime, who makes Rush Limbaugh sound like Logan Pearsall Smith. He took a man with the face of a Jersey City priest defrocked for molesting choirboys, one William O’Reilly, and made him a superstar. Only today it is disclosed that Mitch McConnell, truly one of the most dreadful, dishonest and cowardly legislators I have ever observed, owed his first election to Ailes. And of course Ailes’s greatest feat must be reckoned to be the part he played in getting Trump to the White House. But in the latter context, one cannot help reflecting that was as great as Ailes’s gift for talent-spotting and talent-engendering, he was – like Trump – lucky in his enemies. Fox News treated politics as serious business, of mortal importance. The opposition – the Jon Stewarts, the Colberts (I loathe Colbert!), the MSNBC and CNN opinionators -treated politics as an excuse for showing off, a receptacle for ever-so-clever irony ever-so-far over the heads of HRC’s “deplorables,” surely the ugliest, best cause-for-defeat epithet ever uttered by a candidate for high office. There’s a passage in Henry IV, Part One that perfectly characterizes the so-called “progressive” style.

Hotspur, a character O’Reilly would be perfectly cast as, speaks:

My liege, I did deny no prisoners.
But I remember, when the fight was done,
When I was dry with rage and extreme toil,
Breathless and faint, leaning upon my sword,
Came there a certain lord, neat, and trimly dressed,
Fresh as a bridegroom, and his chin new reaped
Showed like a stubble land at harvest home.
He was perfumèd like a milliner,
And ’twixt his finger and his thumb he held
A pouncet box, which ever and anon
He gave his nose and took ’t away again,
Who therewith angry, when it next came there,
Took it in snuff; and still he smiled and talked.
And as the soldiers bore dead bodies by,
He called them untaught knaves, unmannerly,
To bring a slovenly unhandsome corse
Betwixt the wind and his nobility.
With many holiday and lady terms
He questioned me; amongst the rest demanded
My prisoners in your Majesty’s behalf.
I then, all smarting with my wounds being cold,
To be so pestered with a popinjay,
Out of my grief and my impatience
Answered neglectingly I know not what—
He should, or he should not; for he made me mad
To see him shine so brisk and smell so sweet
And talk so like a waiting-gentlewoman
Of guns, and drums, and wounds—God save the mark!—
And telling me the sovereignest thing on earth
Was parmacety for an inward bruise,
And that it was great pity, so it was,
This villanous saltpeter should be digged
Out of the bowels of the harmless earth,
Which many a good tall fellow had destroyed
So cowardly, and but for these vile guns
He would himself have been a soldier.

Ailes’s genius was to have his players speak to their audience’s pain and anger. For Stewart et al, pain and anger were unfit seed-grounds; irony was to be all. Smartass instead of passion. Zero empathy. And over the decades, the progressives lost the gift of commitment, no longer knew how to do real fire and brimstone, could only do shrill and snarky (look at Samantha Bee’s terrible show!) and Krugmanesque technowhine. Keep your friends close, goes the saying, but keep your enemies closer –  and when you have enemies like these, buy ’em dinner! Hell, they’re the best assets you have!

Moving on….

Alert! http://www.nakedcapitalism.com/2017/05/notes-from-an-emergency.html

Always on point: https://www.wsj.com/articles/democracy-is-not-your-plaything-1495149082

High-class guys doin’ high-class “bidness”: https://www.bloomberg.com/news/articles/2017-05-19/-ringing-the-register-homey-citi-traders-revel-as-lehman-dies 

A prime candidate for what Naked Capitalism calls “Guillotine Watch.” I know the parents or grandparents of a number of these young “ladies.” (sic) Obviously such a thing as “upbringing” no longer exists: http://www.sothebys.com/en/news-video/blogs/all-blogs/all-that-glitters/2017/05/white-baaz-debut.html?cmp=email_Magazine___selects_white_baaz_button5_19-may-2017  




5/17/17 – 5/18/17….

Why so much contemporary art disgusts me. http://theartnewspaper.com/comment/reviews/the-road-to-the-venice-biennale-is-paved-with-good-intentions/?utm_source=daily_may17_2017&utm_medium=email&utm_campaign=email_daily&utm_source=The+Art+Newspaper+Newsletters&utm_campaign=b8b302ad42-EMAIL_CAMPAIGN_2017_05_17&utm_medium=email&utm_term=0_c459f924d0-b8b302ad42-60919593

Well, thank God! https://www.vice.com/en_us/article/what-the-digital-resistance-movement-might-look-like

Good stuff: http://www.rollingstone.com/politics/features/taibbi-how-did-russiagate-start-w482262

Riding over to Manhattan today, in a sic-and-span car supplied by Juno (the service I use because every driver I’ve spoken with says that Juno treats them much better than Uber), we jolt from pothole to pothole, the Brooklyn Bridge and FDR Drive are held up by repair crews, and it occurs to me that this is all attributable to one ongoing feature of our system of governance at  every level:  a total lack of infrastructure maintenance. I’m speaking of maintenance of both our physical and our moral infrastructure. Neither sphere is worth much political capital. The money and perks are all tied into new stuff, because new stuff is what gets a politician elected and reelected. . And what that suggests to me is that the only way for this country to get out of the mess it has evolved into is to impose strict term limits at every level of governance. Starting at the top: two four-year terms for the President as at the present, but then the fun starts: a single six-year term for Senators, three three-year terms for the House. And emulate this right down the line. Albany is a hive of crooks because our state legislators get elected and stay elected. If it was up and out after four years, things would get better. Bloomberg had three terms – twelve years – to hand the city over the the real estate and tourism promoters. A single six-year term limit for mayors might well have saved the day. To impose term limits country-wide from the top down will either at the outset or at the conclusion require a Constitutional amendment – but I think it might have a shot.

Cowardly draft-dodger hangs tough: https://www.nytimes.com/2017/05/17/us/politics/trump-saying-he-is-treated-unfairly-signals-a-fight.html?emc=edit_ne_20170517&nl=evening-briefing&nlid=2476992&te=1

Roger Ailes has died. Sad news about a bad guy. Can’t helping paraphrasing the great line from Macbeth:  “He should have died heretofore. ..”

Interesting. http://time.com/4783932/inside-russia-social-media-war-america/ OK: but what I don’t understand is why the good guys don’t hack back, identifying the same subgroups and offering a pitch that points  out that the targets’ chains are being jerked by KGB, FRS or whoever. For instance (and I quote): The vast openness and anonymity of social media has cleared a dangerous new route for antidemocratic forces. “Using these technologies, it is possible to undermine democratic government, and it’s becoming easier every day,” says Rand Waltzman of the Rand Corp., who ran a major Pentagon research program to understand the propaganda threats posed by social media technology. How come the quote can’t read “Using these technologies it is possible to support democratic government…”  ? Here’s my guess: it’s in the nature of technocracy to present itself as ideology free, and to concentrate on how  something gets transmitted rather that what  is being transmitted. Here’s the aforesaid Waltzman’ s CV:

Rand Waltzman is acting chief technology officer (Washington, DC) stationed in the SEI’s Arlington, VA, office. He is also SEI associate director of research and is part of the management team responsible for the SEI’s internally funded research program. Before joining the SEI in 2015, Waltzman was a program manager for five years at the Defense Advanced Research Projects Agency (DARPA) in Arlington. At DARPA he originated, secured funding for, and managed the Anomaly Detection at Multiple Scales (ADAMS) program in the area of insider threat detection and the Social Media in Strategic Communication (SMISC) program. Prior to his work at DARPA, Waltzman was chief scientist for the Distributed Systems Lab at Lockheed Martin Advanced Technology Laboratories in Cherry Hill, NJ, where he provided technical leadership for R&D in the broad areas of advanced software development and physical simulation and modeling. Before that he spent more than 16 years at the Royal Institute of Technology in Stockholm, Sweden, as an associate professor of computer science, where he developed and implemented innovative techniques in artificial intelligence applied to decision support, entertainment, and human-machine communication through machine-guided, goal-directed conversational dialogs.

Waltzman earned a PhD in computer science from the University of Maryland, College Park; a master of science in applied mathematics from the University of Washington; and a bachelor’s degree in mathematics from the University of California, Los Angeles.

Probably never took a philosophy course, or one in political science, or art history, or history, or Marxism and its discontents. To such people, if it ain’t algorithmicable, it just ain’t. Period.

Just click through. Then stay off the roads. And we think the LIE is the worst! https://weather.com/travel/commuter-conditions/news/world-cities-worst-traffic-ranked-top-20







Having just canceled Twitter – and am I glad I did, what with this business of Trump leaking intelligence information to Russia – and thus freeing myself from all social media except Instagram, which I limit to family and a few close or interesting personal friends, I think I know what an AA member feels like in the first flush of sobriety.

As Lord Acton said, all power corrupts, and absolute power corrupts absolutely. We live under a strange new absolutism, the tyranny of the algorithm, imposed on us by Silicon Valley, a festering hive dominated by young people with little experience in practical affairs and no real grasp of what was once called “the examined life.” Here’s a good example: https://www.bloomberg.com/view/articles/2017-05-15/don-t-grade-teachers-with-a-bad-algorithm?utm_medium=email&utm_source=newsletter&utm_term=170516&utm_campaign=sharetheview

Dizard strikes again! Brilliant! https://www.ft.com/content/ff51fb36-36e9-11e7-99bd-13beb0903fa3

A reader complains that FT links are unopenable. Here’s what FT tells me: Please share this article with others using the link below, do not cut & paste the article. See our T&Cs and Copyright Policy for more detail. Email [email protected] to buy additional rights.

I’m frankly reluctant to copy the entire column, mainly because I play by the rules and respect copyright.

Israel>Trump>Russia. They must be going batshit in Tel Aviv!

Here’s a truly sad story. Heartbreaking. But scroll down and read the tweets/comments and you’ll understand why I could no longer endure social media: http://gothamist.com/2017/05/16/plane_vanishes.php?utm_medium=email&utm_campaign=Daily%20Gothamist%20Daily%20Winter%20Storm%20Warning%20In%20Effect%20As%20NYC%20May%20See%206-12%20Of%20Snow%20Possibly%20More&utm_content=Daily%20Gothamist%20Daily%20Winter%20Storm%20Warning%20In%20Effect%20As%20NYC%20May%20See%206-12%20Of%20Snow%20Possibly%20More+CID_b33be5662c9fba8a7617c9555b7c5c45&utm_source=CM&utm_term=Plane%20Carrying%20NYC%20Designer%20Young%20Sons%20Disappears%20Near%20Bahamas



5/15/17…A new week…God knows what awaits

Nature Does Not Grade On A Curve

Why most mainstream economists are assholes who should lose their license. http://bostonreview.net/class-inequality/marshall-steinbaum-why-are-economists-giving-piketty-cold-shoulder To wit: “You can search through the websites of several leading economics departments or the official lists of working papers curated by federal agencies and not come across a single publication that has any obvious or even secondary bearing on the themes raised by Capital in the Twenty-First Century, even in order to oppose them. It is as though the central facts, controversies, and policy proposals that have consumed our public debate about the economy for three years are of little-to-no importance to the people who are paid and tenured to conduct a lifetime’s research into how the economy works…Economists could very easily spend their individual and collective lives avoiding that question as the economy crumbles around them, with Piketty’s book serving as little more than a cry in the wilderness.”

Mnuchin reflects the culture of lying that, except for the brief John Weinberg-Whitehead interregnum, Gus Levy made intrinsic to Goldman Sachs’s DNA when he succeeded Sidney Weinberg as GS’s managing partner: (from Politico): “BUT THE MOST AMAZING THING WAS THIS from Trump saying his election caused the Chinese to stop devaluing its currency and Mnuchin agreeing with him! Trump: “You know, since I’ve been talking about currency manipulation with respect to them and other countries, they stopped.” Mnuchin: “Right, as soon as the president got elected they went the other way.” This is simply not right. China largely stopped holding down its currency in 2014. A Treasury spokesman did not return MM’s email seeking an explanation for these comments.”

Yesterday I suggested it might be interesting to see how Trump handles fake fake news:  for instance, suppose some guest on CNN reports – possibly dropping a “Manafort” hint –  that word is circulating in Washington that “confidential sources” confirm the FBI indeed does have definite indisputable information connecting Trump or people close to him to Russian interference in the election. OK – President Trump, prove it otherwise. What we don’t need is any more of this”trendentious”blahblahblah:  http://nymag.com/daily/intelligencer/2017/05/trump-just-incriminated-himself.html Or more “emoluments” yadyada: http://www.newsweek.com/trump-impeached-comey-fired-fbi-608708

Oh, fine. Now where do you  put/hang/exhibit this kind of “art” once you’ve bought it? This suggests that simply owning – having bought – a work of “art,” so described, as opposed to living with it,  is the name of the game. No wonder the trend toward personal museums seems to be intensifying. Call it “semipublic art.”   https://www.bloomberg.com/news/articles/2017-05-12/venice-biennale-2017-review-what-artists-to-watch

Another friend in post-Damascene conversion mode: https://asheredelman.com/2017/05/15/plunge-protection-market-manipulation/?utm_source=Plunge+Protection&utm_campaign=Plunge+Protection&utm_medium=email

It would seem my halfway sarcastic suggestion of yesterday is White House policy: http://www.thedailybeast.com/cheats/2017/05/15/report-trump-aides-slip-him-fake-news?via=desktop&source=copyurl

Is Edie Sedgwick really the person a loving father wants his daughter to channel? http://www.nydailynews.com/news/politics/trump-lawyer-creepily-tweets-sultry-photo-daughter-article-1.3165904?utm_source=hs_email&utm_medium=email&utm_content=51922017&_hsenc=p2ANqtz-9h-Iz6JeNxxPz14I5zCr974RMnbutxGLdOjv86-A_zae3hENowW6EYRAG-Z-Hem5ItmDP3muagmwEFd40FZCCBReF5iQ&_hsmi=51922017   (From Wikipedia):   On the night of November 15, 1971, Sedgwick went to a fashion show at the Santa Barbara Museum, that included a segment filmed for the television show An American Family. After the fashion show, she attended a party where she drank alcohol. She then phoned her husband to pick her up. On the way home, Sedgwick expressed thoughts of uncertainty about their marriage. Before they both fell asleep, (her husband) gave Sedgwick the medication that had been prescribed for her. According to (the husband), Sedgwick started to fall asleep very quickly and her breathing was, “bad – it sounded like there was a big hole in her lungs”, but he attributed that to her heavy smoking habit and went to sleep. When (her husband)  awoke the following morning at 7:30 AM, Sedgwick was dead. The coroner ruled her death as “undetermined/accident/suicide”. Her death certificate states the immediate cause was “probable acute barbiturate intoxication” due to ethanol intoxication. Sedgwick’s alcohol level was registered at 0.17% and her barbiturate level was 0.48 mg%. She was 28.

This is an important, widely-read essay that I somehow missed. I particularly like its tone: https://hbr.org/2016/11/what-so-many-people-dont-get-about-the-u-s-working-class




5/13-14/17…A weekend Omnium Gatherum…

These are all worth reading and thinking about, but especially recommend the third, written by a scholarship student at Andover. https://www.nytimes.com/2017/05/12/your-money/standout-college-application-essays.html?_r=0 I have long wondered whether a good deal of the ‘identity’ disruptions  don’t flow from the social inequality and economic inequality in the broader society spilling  onto elite university campuses in a way that emphasizes the gaping, furious gulf between the lives of economically-challenged students and the lives of people they go school with. These less-advantaged  (if you prefer: less privileged) students confront socioeconomic markers – stuff, means to ends, vacations and travel plans, access to clubs and the like – of wealth/social issues in a way they don’t encounter at “home”:  “the projects,” the rundown neighborhoods, stressed families, desolated rural and urban communities, they come from. It makes me wish some billionaire alumnus might set up a fund sufficient to give less well-off students, say, $100/week in spending money.

With the sardonic comment, “Let them eat cake,” my pal Alexander sends this: https://www.theguardian.com/world/2017/may/12/lax-private-terminal-rich-people-celebrities Naked Capitalism also lists the Guardian post – under “Guillotine Watch.” This recalls what was once called “Steerage,” a kind of above/below physical discrimination that those of us old enough to remember crossing the Atlantic (or to have seen Titanic) will have observed and in some cases experienced.  http://www.gjenvick.com/Steerage/1879-SteerageAccommodations-Cunard.html#axzz4h3OE9nhk

Found on Naked Capitalism: Good stuff. I think I’ll dump Twitter. Keep Instagram strictly for family and a very few friends: https://pando.com/2017/04/28/quitting-swamp/ OK: Twitter is done. The people I want to hear from know where to find me.

This makes a lot of sense – or at least gives us a lot to think about. https://hkrbooks.com/2017/05/08/the-utopia-of-rules/ “This process – the gradual fusion of public and private power into a single entity, rife with rules and regulations whose ultimate purpose is to extract wealth in the form of profits – does not yet have a name,” Graeber writes. “That in itself is significant. These things can happen largely because we lack a way to talk about them. But one can see its effects in every aspect of our lives.”

A guide for the perplexed : http://www.stumbleupon.com/su/2MBsS4/:[email protected]:[email protected]

Since Trump likes to characterize real news as “fake news,” which we might describe as fake fake news, how might he handle real fake news, news that’s actually and intentionally fake? Just asking –  but it’s a thought. Call it the Chicken Little approach. Maybe hack Trump’s Twitter account and post a series of completely demented tweets.

The Way We Grieve now: according to Sheryl Sandberg, when the “Lean In” lady’s husband died suddenly and tragically, a friend hurried to console her. “He walked me through the data,” Sandberg reports – which I guess in the tyranny of the algorithm equates to the keening and rending of garments of olden times.

Finally – and then I’m going to watch tennis from Madrid and golf from Ponte Vedra – this: last night  T and I were watching the best TV comedy since “Seinfeld,”  namely “Master of None” on Netflix. The first two episodes are set in Italy, in Modena. Halfway through the second, T asked “Why doesn’t everyone live in Italy?”  It seemed a very good question.

Oh,dear: https://www.wsj.com/articles/your-shoes-will-be-printed-shortly-1494763201

Well, a final note. It would seem we’re rapidly bringing back the awfulnesses of the mid- to late-XIX Century. I remark on steerage above. The behavior of vulture investors in the case of sad situations like Puerto Rico strike me as analogous to debtor’s prison. And there are doubtless other examples.



This seems a good place to begin. Much as I detest Trump, I think the railing and caterwauling has been largely pointless. Both his supporters and his haters remain cosseted in their self-satisfaction, and there is no movement. Festina lente, as the Latin has it: make haste slowly. http://www.nakedcapitalism.com/2017/05/gaius-publius-nation-crisis.html

A lot of people – I’m one – think Mark Bradford is the best American artist going, in terms of beauty, originality and the way his work takes over the beholder mentally and physiologically: https://news.artnet.com/exhibitions/mark-bradford-is-our-jackson-pollock-thoughts-on-his-stellar-u-s-pavilion-at-the-venice-biennale-957935?utm_campaign=artnetnews&utm_source=051217daily&utm_medium=email&utm_content=from_&utm_term=New%20US%20Newsletter%20List



Hmmm. http://www.zerohedge.com/news/2017-05-10/real-reason-trump-fired-james-comey-according-politico

I find this really interesting. http://www.vanityfair.com/news/2017/05/emmanuel-macron-france-hacking?mbid=nl_TH_59122cbd9b25c91c47870523&CNDID=42793573&spMailingID=10986863&spUserID=MTQzOTExNDk1OTIxS0&spJobID=1160805841&spReportId=MTE2MDgwNTg0MQS2 The poisoning of our civic culture by social media scares me. Speaking for myself, and only for myself, HRC’s emails were to me the least of reasons not to vote for her. I barely glance at the hysterical output on the matter by NYT etc.  There were plenty of other, better reasons not to vote for her. I think the Clintons are a pox. But as awful as they are, and even if one doubled and then redoubled the reasons not  to vote for HRC, they would – and for me, did – loom tiny next to the reasons not  to vote for Trump.

Think what you may of Stockman, he’s not stupid. http://davidstockmanscontracorner.com/stupid-time-in-the-casino-and-the-apotheosis-of-the-faangs/

While I think we have overempowered young people, thanks to technology, we have also underserved them. This is a volatile mix. https://www.johnlaurits.com/2017/children-great-recession-millennials-class-struggle/

I’m a big fan of John Oliver, but this is a disgusting example of the public face/private face dichotomy that bedevils us. You either behave in consonance with what you say you stand for, or you should say nothing and get outta my face. http://observer.com/2017/05/john-oliver-property-tax-scam-trump/?utm_campaign=style-design&utm_content=2017-11-05-9588186&utm_source=Sailthru&utm_medium=email&utm_term=Observer%20Style




5/8/17 – 5/9/17…

A friend forwards this: http://radaronline.com/celebrity-news/met-gala-2017-anna-wintour-banned-celebrity-smoling-drinking-ruined-museum/ I can only hope it’s true. Readers of this website know what I feel about the Met “Gala.”

The more I read, the more I think there’s an good argument to be made for an age-based progressive income/wealth tax. $1 million earned annually by a 25-year-old would pay a higher rate of tax – both on income and realized capital gains – than the same sum paid to a 50-year-old. Warren Buffett should pay a lower rate of tax than Mark Zuckerberg. Too much money is being accumulated by people too young to have the judgement, experience and perspective their wealth gives them.

Hard to see Macron’s win in France other than as mostly a vote against rather than for – against the moral and cultural crudity of  Trumpism in particular.

As far as I can see, this is the Sistine Ceiling of bullshit: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2963231 Jensen, a co-author, is the HBS genius who came up with the idea that the sole and overriding duty of management is to increase stockholder value, no matter the cost to communities, workers, families and creditors. Here’s how these clowns define “integrity.” In our positive theory of integrity, integrity is defined as: “the state of being whole, complete, unbroken,unimpaired, sound, in perfect condition” – for short, in this paper we often refer to this as “whole and complete”. This unambiguous definition (virtually word for word the first two definitions of integrity in Webster’s New World Dictionary [1998] ) does not define a virtue.There is nothing inherently good or bad (that is, virtuous or otherwise normative) aboutthe state of being whole, complete, unbroken, unimpaired, sound, in perfect condition. An object, system, person, or other human entity (such as a corporation) is just “whole and complete” in this or that aspect, or it isn’t. Note that being whole and complete produces maximum workability5, which results in maximum opportunity for performance– of course, we will fully explicate this later. …..For now, suffice it to say that the nature of integrity for an object or system is different
and distinct from the nature of integrity for an individual human being or other human entity. Of course, a human being or other human entity can be dealt with as an object or system. But in the case of integrity we will show that for a human being (person) or other human entity (such as a corporation) integrity is a matter of that person’s or corporation’s word, nothing more and nothing less. For a person or other human entity to be in integrity that person’s or that human entity’s word must be whole, complete, unbroken, unimpaired, sound, in perfect condition.

I met Salovey just after he was appointed president of my alma mater. To say I was unimpressed would be a gross understatement. An administrative twerp of the first water. Gutless, too – it appears. https://www.jacobinmag.com/2017/05/yale-graduate-worker-union-unite-here-local-33-peter-salovey-nlrb-micro-unit