Thursday, November 5, 2009

And Now in Sports...


Yes, I am writing about sports. What do you know?

On The Commons has an article about tax incentives that move sports franchises away from their home towns, and their fans. It suggests that public ownership would be a better solution all around:

Over the long term, it’s not the stadiums that have economic value. It’s the team. Most cities that enter into bidding wars to lure franchises are not getting the best deal. It’s the owners who profit handsomely from these enticements.

Now that I’ve convinced you that private ownership of sports teams has its downside, you should know that public ownership of a sports franchise is illegal under the bylaws and franchise agreements in all of the major professional sports leagues. The restrictions are in effect because of the spectacular success of the Green Bay Packers, who are located in a small market and are hardly failing. The idea that the Packers would move elsewhere is unthinkable because a non-profit municipal corporation run by a board of directors owns the team. The same is true in Europe, where most of the soccer teams are publicly owned.

If public ownership were allowed, owners would be barred from moving teams from small markets where they were profitable – like Green Bay – into larger markets. The value of the franchises would be affected to the detriment of the owners, but it would be a good thing for everyone else...

I want to be clear that I am not suggesting that any major league sports franchise be involuntarily turned over to public ownership via eminent domain or otherwise. What I am suggesting is that the home team we live and die for should be seen as part of the local commons, something that belongs to all of us – in much the same way we view parks, schools, sidewalks, city plazas, and libraries. We should recognize it as the quasi-public institution it is.

Wednesday, November 4, 2009

Painfully Honest and Epic Mobile Home Commercial

Community Bill of Rights

Yes! Magazine reports on a proposition on the ballot in Spokane. Although it didn't win, it garnered approximately 25 percent of the vote—despite the fact that opponents of the proposal (developers, the local Chamber of Commerce, and the Spokane Homebuilders) outspent supporters by more than four to one.

The proposition was unique in that it would have changed the city constitution to give neighborhoods the ability to make legally binding decisions about development.

...despite intense opposition from business interests, a coalition of residents succeeded in bringing an innovative “Community Bill of Rights” to the ballot. Proposition 4 would have amended the city’s Home Rule Charter (akin to a local constitution) to recognize nine basic rights, ranging from the right of the environment to exist and flourish to the rights of residents to have a locally based economy and to determine the future of their neighborhoods.


You can read the entire article at Yes! Magazine.

NPR Features Gourmet Ramen

National Public Radio's All Things Considered recently ran a feature on David Chang, a New York chef whose signature dish is a hearty ramen stew. A few days before he was featured on Weekend Edition.

Chang's broth recipe requires pounds of meat and takes hours to prepare- the recipe, which appears in his new cookbook runs about 20 pages.

You can listen to both segments, even download them if you're so inclined, by following the links above.

Tuesday, November 3, 2009

Always A Bridesmaid?

Always a bridesmaid and never a bride? Being part of a wedding party can be tough on the wallet. The worst part is shelling out for an expensive gown you'll never wear again. Let's face it, even the most flattering bridesmaid gown is still a bridesmaid gown. Who dresses that formally any more?

Well, Recycle My Dress has come to the rescue. Pennsylvania designer Nicole Kulp has found a great niche for herself recrafting and reinventing those wedding dresses.

“Every one of my recycled dresses is original, sustainable and has a story behind it," she writes on her web page. This page has before and after photos.

How to Sell a Dollar for More Than a Dollar

Broke Song of the Day

*La Trobe University Library Photo by Peter Halasz, Creative Commons License.


Lunch Money- I Love My Library.

(Click on the link to listen to it at LastFm)

Monday, November 2, 2009

The Stranger Exchange

On the web site Latitude, Life Connected, I learned about The Stranger Exchange, described as a cross between Freecycle and Post Secret.

This former newspaper box has been painted with instructions. If you have something you don't want, put it in the box. If you look in and find something you would like, take it. It is a way to dispose of your extra stuff, or find a treasure with a little bit of extra intrigue.

These are a few of the suggestions for items to leave, as posted on the box’s front window.

Books, movies, old pictures, new pictures, report cards, post cards, love letters, rumors, business cards, questions, answers, origami, keys to nowhere, coupons, dirty looks, self-portraits, surprises, etc.


What will be in the box? What kind of life story can you imagine for the person who left the item there?

Bankers Are Always Busily Engaged Preaching the Homely Virtue of Thrift

This segment of an essay by economist Alvin H. Hansen from the 1920 book The New American Thrift, reminds us that there was a time when bankers were in the business of promoting savings, not pushing credit cards and other consumer debt.




This one was from 1915.

In 1913, Bankers Magazine ran a long article on the "Nationwide Thrift Movement."

On every side we see signs of a great awakening Editors in their newspapers are pointing out the necessity for conservation and clergymen in their pulpits are preaching the folly and criminality of waste The idea that greater thrift is essential in private life in business life in the home the school and the workshop is slowly but surely taking root In order to foster and encourage this great work the American Bankers Association has invited GY Clement originator of the idea of observing February 3 of each year as National Thrift Day and Chief of Staff of the Collins Publicity Service of Philadelphia to cooperate in the Nation Wide Thrift Movement With this end in view Mr Clement has recently perfected a textbook for use in the inauguration and operation of a community thrift campaign This text book or Plan A as it is called is at once a most unique and original plan As far as a thrift campaign is concerned it can have no serious rival inevitably it must make and maintain a position of its own.


The article goes on to describe a coordinated marketing campaign designed to promote thrift.

Plan A provides a scientific publicity movement initiated by bankers and then permanently continued by public spirited citizens in every walk of life It points the way by which may be secured the necessary co operation of the local newspapers the clergy employers of labor principals of schools, scoutmasters of boy scouts etc. These co operating in turn with the local business association board of trade the YMCA and women's club represent a force that cannot fail to exert a mighty influence for good on behalf of any community.



It included posters:



And even sermon topic ideas to pass along to local preachers:



It has been recommended by the American Bankers Association and will commend itself to every banker who gives it his consideration The text book demonstrates how easily a group of public spirited citizens may be banded together in a productive thrift campaign and how with a little effort and a small expenditure of money the seed of a bountiful harvest for the community at large may be sown Plan A puts the banker shoulder to shoulder with the people and bridges the gulf that too often exists between him and them As a result of its campaign of education it creates greater confidence in both the bank and the banker and clears the track for great results.



Schadenfreude Headline of the Day



A Halloween reveler dressed up as a Breathalyzer machine was arrested early Sunday for drunk driving.

A Post-Halloween Soup Recipe

I made this spicy pumpkin soup recipe last year with a post-Halloween carving pumpkin. It was excellent.

Most cooking sites will point out that cooking pumpkins (sugar pumpkins) are different from carving pumpkins, but I made this with the kind of giant pumpkin sold to make into a jack-o-lantern (one pumpkin made several batches), and it tasted great. The hardest part is breaking down the pumpkin. It's a bit of work, but worth it. Yum.


Jack O Lantern image by Mansour de Toth, Creative Commons license.

Stop, Look and Listen


-The Nation's Call for Thrift, Frank L. McVey, President of the University of Kentucky, 1920

Sunday, November 1, 2009

Want to Save Some Money? Shop Without Touching - TIME

...According to a new study to be published in an upcoming issue of the Journal of Consumer Research, consumers who touch products in the aisles will pay more money for them than those who keep their hands off the merchandise. So in the 21 years Procter & Gamble ran the iconic television advertisements for its Charmin toilet-paper brand, Mr. Whipple, the uptight grocer with a secret squeezing fetish, should have encouraged his bubbly shoppers to fondle away.

Why does touching an item increase the likelihood of purchase? The motivation traces back to what behavioral economists have labeled the "endowment effect." This phenomenon posits that consumers value a product more once they own it. And simply touching that Charmin may increase a shopper's sense of ownership and compel the consumer to buy the product...

Read the rest:
Want to Save Some Money? Shop Without Touching - TIME

Less is More

Paul Wachtel's 1989 book The Poverty of Affluence questions our assumption that growth is, by definition, good.

We rarely even notice much the idea of "more" permeates our thinking. When we think about our lives, and whether or not we are successful, we do not look at what we have. We look at what we have compared to what we had ten years ago. We try to determine if we've made "progress."

"So immersed are we in the assumptions of growth, so inured to what we actually have and preoccupied only with whether it is more than we had before, that...not having more has become equivalent to having less... Much of what we spend our money on doesn't really get us ahead; it merely keeps us from falling behind."

If that strikes a chord with you and you're looking for inspiration to embrace the concept of "enough" I recommend Less is More Balanced, a stylish web site dedicated to living a less consumer driven, more sustainable lifestyle. It features book reviews, ideas for recycling and repurposing the stuff you've got and information on green products and creative crafts.

Saturday, October 31, 2009

More Than Two Sides: A (belated) Review of Capitalism: A Love Story

A number of critics have described Michael Moore’s film Capitalism: A Love Story as his best work yet. This probably says more about the times we live in than the film itself. For many years Moore has been doing his thing, championing labor and criticizing corporate excess with a great eye for irony, theatricality, humor and human stories. His veneration of unions and labor strikes seemed out of step and a bit fringe and quixotic in the post-Reagan era.

With Capitalism, the zeitgeist has caught up to him. In the wake of the economic crisis, with the Soviet Union a distant memory (our current crop of young adults are not old enough to remember the Soviet Union and many were not born yet when our Cold War nemesis ceased to be), Capitalism: A Love Story strikes a chord with those who have begun to question their free market zeal.

His criticisms of TARP and the behavior of post-bailout banks would no doubt be applauded by many people across the political spectrum-- if they could stand Michael Moore. In fact, I was struck by how many of Moore’s complaints in the bank bailout section of the film—and his overall sense of indignation and outrage-- were in line with those of the tea party protesters. (This is probably a comparison that both Moore fans and tea party protesters would hate.)

Capitalism’s timeliness is why it subjectively appears to be his best film to many reviewers.

I have always been impressed with Moore’s ability to shine a light on under reported issues and events and to stir up a discussion. Capitalism, for example, has brought “dead peasant” insurance policies and corruption in for-profit prisons into our consciousness.

The shortcoming of the film, however, lies in the central question it seeks to answer. Is capitalism good or evil? (In case you had any doubt, Moore comes down on the latter side.) This is a clear example of what I will call “two-sides-to-every-argument-itis”—the idea that a concept has one argument in its favor, and one against it. And only one position can be right.

In reality, there are very few situations that are so binary. Capitalism is simply a tool. It is one way of running an economy. A hammer can be used to build a Habitat for Humanity home or to bash someone over the head. Capitalism can also be used to build and it can be used to destroy. A more informative and useful framing question for Moore’s exploration might have been not “is capitalism good or bad” but “when does capitalism work well and when doesn’t it? What makes it so useful in some cases and what are its weaknesses?”

(Of course, this is not nearly as entertaining as seeing him wrap Wall Street in crime scene tape.)

Zachary Shore, author of the book Blunder, describes this way of looking at things as a “flatview.”

“A flatview is any rigid perspective that constricts our imagination to just one dimension. It’s thinking in a binary mode. We see people as either good or evil. We understand events as either positive or negative. We categorize others as either with us or against us. Since most complex problems typically contain shades of gray, the flatview trap limits our understanding of what we see, and therefore leads us to simplistic solutions. A flatview is an almost foolproof prescription for blunders.”

A related cognitive trap is something Shore dubs “cure-allism.” This is a belief that if a theory works in some cases, it will work in all cases. Going back to my hammer analogy—cure-allism has a hammer and sees every problem as a nail.

As his strongest example of cure-allism at work Shore cites the idealization of privatization:

“The privatization form of cure-allism begins… with a theory that works well in many cases, but then it tries to apply that successful theory to areas where it doesn’t belong. Governments do tend to be less efficient than private enterprise when it comes to management. As a result, governments have increasingly moved to privatize a wide range of their services. But this theory, as with all forms of cure-allism, becomes a victim of its own success when it morphs into a dogma.”

Capitalism: A Love Story illustrates the limits of seeing privatization as the right tool for every problem. It tells a harrowing tale of a corrupt judge who accepted bribes to sentence teens to a for-profit juvenile detention center, sending them off in handcuffs for such minor offenses as talking back to their parents, and pocketing a finder’s fee for derailing their young lives. While Moore correctly shines a light on a form of cure-allism (privatization is always the answer) he replaces it with his own cure-all ideology (capitalism causes evil.)

Judicial corruption, for the record, is not created by capitalism. In fact, if you were to tell this story to a Russian, his reaction would no doubt be, “Yes, and what is your point?” In many countries of the world, this story would be seen as the rule not the exception, and our assumption that a bribe-taking-judge should never exist would be viewed as charming, quaint and lovely. But the fact that corruption exists in all economic systems does not dismiss the larger question of whether or not privatization of prisons is a good idea.

Like Moore, Shore sees in prison privatization “a clear conflict of interest with the larger society.”

He notes that “a government’s primary responsibility is to its citizens. A corporation’s primary responsibility is to its shareholders. Often the interests of share holders are not compatible with those of the citizens… A society should want to see its prison population fall, assuming that criminals are rehabilitated, taught new skills, and assisted with finding jobs until they are released. A private prison, in contrast, has a vested interest in seeing the prison population rise… Private prisons have few meaningful incentives to rehabilitate their inmates. On the contrary, they have an incentive to lobby politicians to pass ever tougher laws that will incarcerate ever more people.”

Unlike Moore, Shore does not ask “is privatization good or evil?” He asks, “Is privatization the best practice in this particular situation to achieve the outcome we want?”

We now live in an information environment that encourages black and white thinking and ideological cure-allism. In our O’Reiley v. Olberman world, we have become so accustomed to seeing complex questions framed as debates between two opposing ideological camps that we often find it difficult to even recognize other options. Which side are you on? Are you a liberal socialist or a free market libertarian? (Are you for Michael Moore or against him?)

We live in a three dimensional world. There are more than two sides. Yet the language with which we discuss problems tends to push us into a two side mindset. For example, I read a review of Michael Moore’s film on a libertarian blog that suggested that Capitalism only told “half the story.” While the reviewer may have meant “a limited perspective,” those are not the words he used. The expression, “half the story” implies that his is one of two parts of a tale and that if the other “half” were told everything would be in balance.

I would like to deputize you, my millions of readers, into the “more than two sides” movement. I would like you to set an internal alarm that goes off whenever you hear a newscaster or pundit talk about how “the other side” views the issue, and to keep your ear honed for language that urges you to view any complex issue as good or bad, left or right. If you’re so inclined, call your news sources and pundits out when they use such language or framing.

As for my final verdict on Capitalism: A Love Story; it is a piece of well-crafted and entertaining story telling that raises important questions about some of our social ills. Moore’s almost childlike insistence in seeing a world of good guys and bad guys often works to his advantage as a filmmaker because it allows him to go straight for the emotions. (Hollywood likes good guys and bad guys too.) As material for a fully informed debate it falls a bit short.

Whistle While You Work? Did you Pay your Royalties?

There was a time when the only way to hear music was to be there when it was performed. If you wanted music in your life, you had to make music. Music was a community endeavor. Over time, we stopped thinking of music as something to do, and started thinking of it as an entertainment product to consume.

The idea of music as a possession and money-making product can lead on occasion to ridiculous extremes. The BBC is reporting today on a woman threatened for infringing on songwriter's intellectual property by singing while stocking shelves at work. Sandra Burt, a 56 year old store clerk was called out by the Performing Right Society (PRS), which collects royalties on behalf of the music industry.

The village store where Mrs Burt works was contacted by the PRS earlier this year to warn them that a licence was needed to play a radio within earshot of customers.

When the shop owner decided to get rid of the radio as a result, Mrs Burt said she began singing as she worked.

She told the BBC news website: "I would start to sing to myself when I was stacking the shelves just to keep me happy because it was very quiet without the radio.

"When I heard that the PRS said I would be prosecuted for not having a performance licence, I thought it was a joke and started laughing.

"I was then told I could be fined thousands of pounds. But I couldn't stop myself singing."


Public outcry over the strong-arm tactics caused PRS to reverse its stand. Read the rest here:

BBC NEWS | UK | Scotland | Tayside and Central | Apology for singing shop worker.

Fear Itself


I'm going to take a break from Broke is Beautiful for the moment to revisit the topic of one of my earlier books, The 100 Most Dangerous Things in Everyday Life and What You Can Do About Them, the premise of which is that we worry ourselves over the wrong things.

Lenore Skenazy author of Free Range Kids would like parents to relax about Halloween dangers. She writes in the Huffington Post:

It's not that I'm cavalier about safety. I'm just a sucker -- so to speak -- for the facts. And the fact is: No child has been poisoned by a stranger's goodies on Halloween, ever, as far as we can determine. Joel Best, a sociology professor at the University of Delaware, studied November newspapers from 1958 to the present, scouring them for any accounts of kids felled by felonious candy. And...he didn't find any. He did find one account of a boy poisoned by a Pixie Stix his father gave him. Dad did it for the insurance money and, Best says, he probably figured that so many kids are poisoned on Halloween, no one would notice one more.

Well, they did and dad was executed. That's Texas for you. Another boy died after he got into his uncle's heroin stash and relatives tried to make it look like he'd been killed by candy. And that's it...

It's not just the fact that churches and community centers are throwing parties so that kids don't go out on their own. It's not just the fact that Bobtown, Pennsylvania has gone so far as to "cancel" Halloween altogether -- for the sake of "safety." (The authorities there were surprised to find this decision unpopular.)...

No, the truly spooky thing is that Halloween has become a riot of warnings that are way scarier than the holiday itself...

Our fears are so overblown they'd be laughable if they didn't sound so much like the fears that are haunting us the rest of the year. Fears that have lead to parents to wait with their kids at the school bus stop, and keep them inside on sunny afternoons. Fears that make parents forbid their kids from skipping down the street to invite a friend out to play. That's the everyday version of Halloween fear: The fear that we cannot trust our children amongst our neighbors for one single second because, who knows, they might be pedophiles just waiting to pounce.

If you want to see what childhood is becoming, look how at what Halloween has already become: A parent-planned, climate-controlled, child-coddled, corporate-sponsored "event," where kids are considered too delicate to even survive the sight of a scary costume...




Enjoy some Free Spooky Music from the Free Music Archive


Friday, October 30, 2009

Another Reason Broke is Beautiful

Higher pay equals worse performance.

At least that it the result of one study as reported in Creditbloggers.com.

Economist Dan Ariely, who just presented at Pop!Tech, created a series of experiments for which he promised people money for performing well.

One group was promised a day’s wages for doing well at these tasks. Another group was offered more. A third group was offered a full five months’ salary.

As the chart here shows, the group with the largest monetary incentive performed the most poorly. How come? Ariely concludes that when stakes are really high, people get more anxious about doing well, and that anxiety actually hurts their performance.

How to Be Happy with Less

Thursday, October 29, 2009

"Living Can Be Easy"

This clip is from a German documentary about a woman named Heidemarie Schwermer who has been living without money for 13 years.

Fight For your Right to Dr-y-y

Remember the humble wooden clothes pin? They were invented by Shakers. The clothes pin is becoming an endangered species writes The New Scientist. National Clothespin of Montpelier, Vermont, the last U.S. manufacturer of wooden clothespins ceased its manufacturing operations and now imports clips from China to make novelty refrigerator magnets.

Most Americans would rather watch their wet clothes tumble around in a dryer. Even if they wanted to dry their undies the old fashioned way, many home owners associations forbid it.

Why? "Clothes lines evoke a negative emotional reaction from many Americans, who view them as flags of poverty. Property owners often fear that a clothes line in their neighbourhood will lower the value of their house."

Project Laundry List, a pro-line drying organization, estimates that most of us could save about 10 per cent on energy costs if we did our laundry the green way - cold water, line dry, no bleaching or ironing.

Photo by Michael Jastremski

Luxury or Necessity?

From the kitchen to the laundry room to the home entertainment center, Americans are paring down the list of familiar household appliances they say they can't live without, according to a new national survey by the Pew Research Center's Social & Demographic Trends project...

These recession-era reevaluations are all the more striking because the public's luxury-versus-necessity perceptual boundaries had been moving in the other direction for the previous decade.


Source: Luxury or Necessity? The Public Makes a U-Turn - Pew Social & Demographic Trends

An Anti Matter Economy?

From Boing Boing:

In a new exhibit opening in just a few weeks, conceptual artist Jonathon Keats will propose an antimatter-based mirror economy designed to boom as the regular-ole economy continues to tank.

"Economic equilibrium is upset by our unbalanced pursuit of material wealth," says the artist. "My plan is to offset materialism with modern science, by exploiting the economic potential of antimatter, which is the physical opposite of anything made with atoms, from luxury condos to private jets."

Wednesday, October 28, 2009

The Good News: The Broke Are Healthier!

According to Fortune the downturn in the economy has been a boon to our national health. This is an entertaining article, which begins with an observation about the downturn in the casket business due to "a virtual epidemic of people not dying."

In difficult economic times, it seems, people lead healthier lifestyles. Is it because we're all following the advice on the evening news and buying fresh produce and cooking at home instead of going out to a restaurant? Apparently not. At least not primarily.

Statistical analysis shows that lower incomes aren't the reason; strapped consumers apparently aren't getting fitter because they must bike to work and survive on oatmeal and turnips.

Instead, one reason seems to be extra free time. Having no job means more time to hit the gym or just go for a walk. Exercise leads to weight loss, and research shows that it correlates with less smoking (though which causes which isn't clear). Being unemployed or underemployed also means more time for sleep, which improves health.

Yes!

Yes! Magazine has a wonderful section devoted to the New Economy. It is full of articles that offer new ways to think about work, money, wealth and measuring the health of our economy. Highly recommended.

Individual Choices and the Free Market

I recommend Edward Harrison's article at Credit Writedowns. Lots of food for thought here, beginning with an argument against using the rhetorical tool of dehumanizing individuals with terms like "bankster" and "bureaucrat," Harrison goes on to ask some philosophical questions about the culpability of an individual in a large impersonal system like banking:

What blame could/should an individual like this bear for alleged predatory lending at Washington Mutual (I hate to pick on the employee in this example as her instincts seem to be in the right place)? If we individually make the wrong moral decisions, do we collectively risk a market failure like the one we saw in the recent spate of predatory lending? I think the answer is yes. But I also think it is difficult for one individual to make a difference in a system where the incentives go against doing the right thing. This is a major argument in favor of regulation.


The entire article is worth a read.

Broke is Beautiful for Indian Actors

The Indo-Asian News Service reports that actor-anchor Rakshanda Khan says she has had trouble finding work because television is full of village-based shows and producers complain that she is too glamorous to cast.

"I am having trouble getting work nowadays. Every other show is either about poverty or something to do with villages. And I have producers telling me - 'Aapko kaam kaise dein? Aap toh gareeb lagte hi nahin (We can't give you work, you don't look poor at all)'," Rakhshanda told IANS. "I never knew that I look so rich."

Tuesday, October 27, 2009

Ramen Tuna Lunch

In Praise of the Tube O Wine


So two weeks ago I wrote an article in praise of the ecological benefits of the Box O Wine. Now I discover that there is an even more green and thrifty delivery system for vino. The Tube O Wine.

Ecosalon has reviewed this new product which it says eliminates expensive traditional glass-and-cork packaging, cutting wine bottle landfill waste by 85%. The vino package is 100% recyclable and the label is produced by windpower. The cardboard tubes weigh 20% less than glass and can be transported using less gas.

Says it retails for "less than $10 a bottle." (That may mean that the tube sells for about $40, which would still make it less of a bargain, if pennies are your main concern, than a good box o wine.)

Food for Thought: A New Permanent WPA?


A University of Missouri-Kansas City economist is proposing a system of direct job creation to combat unemployment.

Direct job creation programs have been common in the US and around the world. Americans immediately think of the various New Deal programs such as the Works Progress Administration (which employed about 8 million), the Civilian Conservation Corps (2.75 million employed), and the National Youth Administration (over 2 million part-time jobs for students). Indeed, there have been calls for revival of jobs programs like VISTA and CETA to help provide employment of new high school and college graduates now facing unemployment due to the crisis.

But what I am advocating is something both broader and permanent: a universal jobs program available through the thick and thin of the business cycle. The federal government would ensure a job offer to anyone ready and willing to work, at the established program compensation level, including wages and benefits package. To make matters simple, the program wage could be set at the current minimum wage level, and then adjusted periodically as the minimum wage is raised. The usual benefits would be provided, including vacation and sick leave, and contributions to Social Security.

Soros Launches Effort to Battle Free-Market Zeal

Financier George Soros is announcing a $50 million effort... This week Soros is gathering some of the leading practitioners of the market-skeptic school, who were marginalized during the era of "free-market fundamentalism," among them Nobelists Joseph Stiglitz, George Akerlof, Michael Spence, and Sir James Mirrlees.

He's also creating an "Institute for New Economic Thinking" to make research grants, convene symposiums, and establish a journal, all in an effort to take back the economics profession from the champions of free-market zealotry who have dominated it for decades, and to correct the failures of decades of market deregulation.

Soros hopes matching funds will bring the total endowment up to $200 million. "Economics has failed not only to predict and explain what happened but has also failed to protect society," says Robert Johnson, a former managing director at Soros Fund Management, who will direct the new institute. "That's what the crisis revealed. The paradigm has failed. There is no guidance."


Read the rest: Soros Launches Effort to Battle Free-Market Zeal | Newsweek Voices - Michael Hirsh | Newsweek.com

Monday, October 26, 2009

"People Don't Love Music Any Less"

A Broke and Beautiful story from public radio's On the Media. Amanda Palmer of The Dresden Dolls talks about the upside of the new music environment and the downturn in CD sales. She is in favor of a system where people play for the love of music to audiences who love the music and who use creativity and innovation to make a living.