The Original "The Awl," 1843: "Who Owns These Neat and Pretty Houses?" @12:00 PM
It has been brought to our attention that there is another publication called The Awl! Unfortunately, it seems to have ceased publication sometime in the mid to late 1840s, even though it was only first published in 1843. Documented in Norman Ware's fantastic The Industrial Worker, 1840-1860: the reaction of American industrial society to the advance of the industrial revolution, which was published by Houghton Mifflin in 1924. This bit of history was brought to our attention by the widely-read Aaaron Swartz, praise his name. Let's do some reading! READ MORE 21
"In a properly functioning capitalist economy, rich people don't 'create jobs' for workers; workers, upon having jobs, create rich people." @11:30 AM
This is a fantastic read from Baltimore City Paper, on the "fact" that Maryland's number of millionaires dropped to 4,910 in 2008 from 7,067 in 2007. It includes a basic primer on how business works, which is so delightful we must excerpt it here. READ MORE 26
Chris Anderson's Third Big Idea: "Atoms & Bits" @10:30 AM
Perhaps you were wondering what Wired editor Chris Anderson is up to, after putting forward ideas called "The Long Tail" and "Free"? Well, now we know! His new idea is called "Atoms & Bits." He will be giving it away… for free. (Oh and a book deal. And some speaking gigs. Whatever.) But what is "Atoms & Bits," besides a good name for a futuristic dog food brand? You can find out at a breakfast coming soon! READ MORE 10
Since the fall of the Berlin Wall, "events have followed Marx's closer predictions almost uncannily: globalisation, privatisation, deregulation, the undermining of democracy, the triumph of a capitalist discourse (railway 'customers' rather than 'passengers'), the decline of socialist ideology, and a succession of capitalist crises, each worse than the last – but none of them as yet showing any sign of being the last. Come back Karl; all is forgiven. You were right. (Up to 'the revolution', that is.)" @9:26 AM 4
Rich People Things, with Chris Lehmann: Forbes-ismus; A Primer @10:00 AM
Well, the good news is that Steve Forbes seems to have wearied of playing Edward Gibbon in his recent attempt to mine the ancient past for management tips. The far less good news is that the visionary publishing scion is still thinking great thoughts about the way things ought to be-and he still has an eponymous magazine, which conveniently doubles as a platform for repurposed book content. And yes, the still worse news is that the indefatigable Will Durant of Gramercy Square has released another book (again instigated with a long-suffering collaborator) called How Capitalism Will Save Us: Why Free People and Free Markets Are the Best Answer in Today's Economy-and he has once more shoveled it indiscriminately on to Forbes.com for the edification of its well-heeled self-regarding reader base, and to the mortification, no doubt, of the poor editors and writers marooned on the island of a publishing empire that Forbes' dad Malcolm built. READ MORE 5
Capitalism Working Less Well Than Ever @9:33 AM
A crazy idea is apparently sweeping through the minds of those brilliant fat cats down in Washington: what if capitalists were rewarded for hiring workers? I guess we are setting aside the idea that businesses are already rewarded for hiring workers, because workers create the "things" that businesses "sell." But hey! There are a number of "ideas" floating around. Here is one: "For example, hiring a worker might cost a small business $50,000 annually. But with the tax credit, the cost would fall to $42,350 in the first year, and then be $44,900 the next year. After that, the cost would return to $50,000." And that's when the slight rise in employment would be devastated by mass layoffs. Hilariously, some people are apparently calling this "corporate welfare." You know what is corporate welfare? Not denying massive tax credits to all the corporations that kicked thousands of employees to the curb during the recession. Also then the Times quotes experts, such as an attorney from the "National Federation of Independent Business." Yes, America's third-biggest lobbying outfit, according to Fortune—which spends most of its time lobbying against "the death tax." Interestingly, this outfit scoffs at the idea, even as their latest survey claims that "The 'job generating machine' is still in reverse." 9
Flicked Off: "Capitalism: A Love Story" @4:45 PM
At least 180 people were laid off today at Conde Nast, the magazine company with $3.5 billion in revenue last year. More will be laid off as the Christmas season grinds its way towards us. At the height of Tina Brown era, the New Yorker's editorial budget was $30 million a year. If that astounding number were still true, which it certainly is not still that monster, and every magazine there were as insanely expensive, which they are not, then it would cost $510 million a year for editorial on 17 magazines. Triple that (an excessive estimate!) to pay for the business side: congratulations, you are still making $1.5 billion in profit. Oh, wait, let's set aside $500 million in rent? Still all clear, at a billion! Say your advertising income shrinks by 30% across the board. Are you in the red? Only if you keep spending at just above that rate—and you wouldn't, would you now? So what do you do? Yes. You fire people. As many as possible! Stupid fucking people, with their places to live and their constant desire for food. READ MORE 53
Real America with Abe Sauer: The Britney Spears Tailgate Parking Lot, Ticketmaster, Bruce Springsteen, the Death of the Live Music Video and You @2:19 PM
Pop music does not tailgate. Dress Up. Line up. Maybe even pre-party. But there is no tailgating. This is very obvious to anyone who visited the parking lot of the Alerus Center in Grand Forks, North Dakota, by far the smallest venue of the second leg of Britney Spears' Circus tour. What is not so obvious is how this show nut-shells just about everything that's wrong with the concert industry, from Ticketmaster's monopoly and price gouging, to mildly corrupt, publicly-owned concert venues, to artists lip-syncing shows while they bleed their fans and pass the blame to us—the people who pay for such bullshit anyway. So, who wants to rock? READ MORE 61
That Vulture Sam Zell Hits New York @9:40 AM
Sam Zell may have guided Tribune Company into distressed status and bankruptcy, but he's looking to the future! And the future is: his new firm that buys defaulted commercial real estate debt and then shakes it down until all the change falls out of the pockets. Which is already pretty much what happened to you if you worked for him at any of his other firms, particularly Tribune. This week, Zell is in New York—last night he was spotted leaving a quite early seating at Craft, with a woman we were too shocked by the Zell sighting to ID, who may or may not have been Helen Zell. (In hazy recollection mode, she seemed a younger woman.) We asked the staff if they'd happened to have poisoned his food but they politely and professionally declined to answer. Just thought we'd share this for the benefit of all the laid-off newspaper people who are eating dinner from the big pot of beans that they made to get through the week! 0
The Super-Rich Are Out; The Uber-Rich Are In @9:57 AM
The New York Times, which knows from the super-rich, is now declaring them over. Gone are the days of the super-rich! "For every investment banker whose pay has recovered to its prerecession levels, there are several who have lost their jobs – as well as many wealthy investors who have lost millions." So… yeah, no, not really. I think however they are missing the point in the data entirely! What is actually happening is the creation of a smaller, richer and far more exclusive uber-rich class. READ MORE 8
