Posts Tagged: Money
14

How to Work for the Enemy and Feel Just Fine

People drop things on the Internet and run all the time. So we have to ask. In this edition, writer and co-founder of The Toast Mallory Ortberg tells us more about what it’s like to work at a famous conservative think tank.

I used to intern at the Hoover Institution AMA

— Mallory Ortberg (@mallelis) July 7, 2014

Mallory! So what happened here?

Oh! I forget how this came up, exactly, but yes, for one summer I was one of several interns at the Hoover Institution, which is a fairly conservative public policy think tank attached to Stanford University, and woe betide you if you [...]

5

Where Money Still Works

According to a government dataset analyzed by Planet Money, "Real Personal Income for States and Metropolitan Areas, 2008-2012," U.S. currency goes further in Danville, Illinois, than in at least three hundred and fifty-five other American cities. Thirty thousand dollars there is more like thirty-five thousand dollars.

Here are some other facts about Danville, Illinois, in case you are considering moving there because ten dollars barely covers cost of a Chipotle steak burrito in New York City these days, and that's not even with guac:

4

We Can't Spend Ourselves Rich Anymore

"Borrowing sustained the mass consumption model for a few decades. Non-rich households borrowed to buy cars, buy food, pay medical bills, buy ever-more-expensive houses, and so on. Conveniently, rich households had plenty of spare cash to lend them. That model broke apart in 2008 and has not — and cannot — be revived."

5

Pinot Noir Twirler Won't Walk Away For Less Than One Billion

"A few weeks ago, over dinner with half a dozen entrepreneurs and venture capitalists, the question came up again. The table, which included a few people already worth more than $100 million, went quiet. One man in his late 30s twirled the stem of his wine glass as he thought. Then he tipped back his head, downed his pinot noir and said, 'one billion,' his glass landing back on the table with a thud. 'That’s it. That’s my number. One billion dollars.' The others nodded." —How much money would you take to [...]

0

Gold Rush, Part II

"Shawn Ryan recalls the hungry years, before his first big strike. The prospector and his family were living in a metal shack on the outskirts of Dawson, the Klondike boomtown that had declined to a ghostly remnant of its glory days. They had less than $300 and no running water or electricity. One night, as wind sneaked through gaps in the cladding, Ryan’s wife, Cathy Wood, worried aloud that their two children might even freeze to death. Today the couple could buy—and heat—just about any house on Earth." —National Geographic reports that if you make like 1896, you can [...]

1

"I don’t think we’ll all be paying in bitcoin for tickets to Kanye West’s 2024 presidential victory tour."

You can’t use bitcoin for much today besides gambling in online casinos and reserving seats on Virgin Galactic spaceflights, and a vast majority of it is held by speculators. Even with the imprimatur of government regulation, the promise of bitcoin seems to end with helping online retailers avoid credit-card processing fees. Bitcoin is mainly innovative in the way of credit default swaps: new ways to gamble with money.

Thomas L. Friedman is off today, so here's this.

7

The End Of Food Stamps—Oh Hey That Handbag Looks Tasty

This is a pretty good editorial in the Times about the insanity that went through the House of Representatives yesterday—the great planned evisceration of food stamps. But not, apparently, a great evisceration of farmer welfare? Hmm. Good news though: Congress is hosed. In any event, whatever mangled bill makes it through the House and the Senate then gets vetoed and then… ??? Maybe "no more government." In any event, you know what we're not going to have less of over the next decade? Underemployed and food-insecure people. The Louis Vuitton monogram tote is $4000 exactly.

6

A Unified Theory of Why Money Makes No Sense Right Now

A theory as to why the rent is too damn high and a potato salad is ten thousand dollars and Uber is ten billion dollars and you'll have to buy reservations for restaurants like concert tickets and tickets for Transformers 4 in IMAX are like twenty-five dollars so that it made three hundred million dollars its opening weekend: Welcome to the Everything Boom — and, quite possibly, the Everything Bubble. Around the world, nearly every asset class is expensive by historical standards. Stocks and bonds; emerging markets and advanced economies; urban office towers and Iowa farmland; you name it, and it is trading at prices that are high by [...]

6

Giving An 'F': Rewriting The History Of FSG

My understanding of what it means to be a publisher has been skewed ever since I first heard the word. My mom was reading A Wrinkle in Time to me—I must have been around 8—when she explained that my great-grandfather had published the book. She told me how Madeleine L'Engle had taken the story of Meg Murry, Charles Wallace, and Calvin O’Keefe to publisher after publisher, only to repeatedly be rejected. After being turned down by 26 or so houses, the book came to my mom’s grandfather, who read it and loved it, but "was afraid of it," L'Engle later said. He did say he would buy the book, [...]

0

Money Is A Giant Lie

"When banks make loans, they create money. This is because money is really just an IOU. The role of the central bank is to preside over a legal order that effectively grants banks the exclusive right to create IOUs of a certain kind, ones that the government will recognise as legal tender by its willingness to accept them in payment of taxes. There's really no limit on how much banks could create, provided they can find someone willing to borrow it. They will never get caught short, for the simple reason that borrowers do not, generally speaking, take the cash and put it under their mattresses; ultimately, any money a [...]

1

Money, What Is It?

I have a theory about money in this age of financial services and valueless commodities which is essentially that there is one big pile of money on the table and the people who are in charge of things let you move the pile around. Sometimes it stops in front of you for a bit before you pass the pile on to someone else. If you're lucky a couple of coins fall into your lap for you to keep, but mostly you push the pile to the next person. For a while the memory of the money in front of you keeps you warm and happy, and when that finally [...]

13

Is This Money Evil? The Mellow Pages Library Debates An Indecent Proposal From ExxonMobil

Post-publication update, January 9th: According to Roxanne Palmer at the IBT, the founders of the library are certainly lying about this situation. ("The funding scenario the library describes in no way comports with the open and transparent way in which we make charitable and philanthropic donations," an ExxonMobil spokesperson told her.) In our fact-checking email to Mellow Pages Library earlier this week, we wrote: "So, I guess the first appropriate question is: ExxonMobil reached out to you and offered 10x of your donations for your November benefit?" They responded: "The situation is, generally, how you summarized it. Obviously it's a little more complicated than that. We [...]

1

See, The System Still Works

"A Montana man who pieced together the remnants of five $100 bills eaten by his one-eyed dog last year is sporting a $500 check he says he received this week from the U.S. Department of the Treasury to replace the digested funds."

8

Marian–LOL MARINA–Abramovic Just Wants $34,748 More From You

Oh my word, Marina Abramovic is totally gonna get her $600,000 on Kickstarter to like put a roof on the bare wrecked shell of a building that she bought in Hudson for almost a million dollars. That thing is a disaster! But soon it will be a beacon, a pillar, a dark crystal of longform time-based performance art. (That's like taking a train ride up the river, but with intentionality.) The performance artist who put the fun back in fundraising is up against a deadline of this weekend, but surely she'll get there. After all, this happened?

I would need a Kickstarter to raise money to pay someone [...]

3

Crops Rotated

The New York Times, 1986: The recently spruced up Union Square area has become fertile ground for a new crop of restaurants. Union Square Cafe, an inviting, low-key newcomer on the site of the former Brownies, a health food restaurant, is one of the most appealing of the lot.

In 1995: "We're still in the same area, which is important," Ms. Hirsch said. "We think that people who come to Barnes & Noble will appreciate having our store nearby because what we have at our store, you can't get anywhere else."

In the last few years, Revolution Books seemed something of a lonely hanger-on on East [...]

2

If We All Pretend Hard Enough We Can Create More Jobs

"You know what’s been the biggest job creator over the last few decades? Financial bubbles. The labor demand created by the dot-com bubble in the 1990s and the housing bubble of the 2000s created millions of jobs and sent the unemployment rate below 5 percent in both cases."

17

2014 March Madne$$: The School Tuitions Of The NCAA Bracket

Click for large version.

It is once again time for the NCAA "March Madness" basketball tournament. The eventual champions will get to bask in the national spotlight. And sure, winning a basketball title is worth bragging about—but we all know the real champion is the institution of higher education that can charge the most tuition and still have enough students to keep its rejection letter printer warm. It's The Awl's annual NCAA bracket by tuition, using the college information resource Peterson's. (Where available, in-state tuition was used.) Since we first began March Madne$$ in 2009, the winning tuition has risen from $38,622 to [...]

7

Are Twitter, LinkedIn And Facebook Worth Anything?

TWC goes to Comcast. This chart helps put it in to perspective. pic.twitter.com/XmlAZvOE3Y

— James Gross (@James_Gross) February 13, 2014

That chart above went around a bit last night, with the news of the purchase of Time Warner by Comcast for $45.2 billion. It compares the "market value" of LinkedIn, Twitter, Facebook and Google v. the "market value" of CBS, Viacom, Disney, Comcast and Time Warner Cable. You know, the new establishment v. those stupid old dinosaurs. Hmm, how else could we compare these companies?

Oh right, how about by that crazy out-of-fashion metric: by the money they make? I made you a chart! Here's that [...]

0

Did You Buy An Album In The Last Nine Hours?

YES INDEED. YOU SHOULD.

0

The New American Dream

The promise of this country used to be if you worked hard and played by the rules you would be okay and your kids would be a little bit better off than you were. Now we live with the hope that maybe we'll find free money in a box of junk food. Oh well, we had a good run.