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Scenes Unseen: The Summer of ’78 | New York Times
2,924 color slides, pictures made in parks across New York City’s five boroughs late in the summer of 1978. No one had looked at them for 40 years.

These images were the work of eight staff photographers whose pictures normally ran in The New York Times, but who were idled for nearly three months in 1978 by a strike at the city’s newspapers.
new_york  New_York_City  photography  street_photography  1970s 
4 days ago by milesevenson
Opinion | The Real Legacy of the 1970s - The New York Times
"How different this was from previous economic crises! The Great Depression, the 20th century’s first economic emergency, made most Americans feel a degree of neighborly solidarity. The government wasn’t measuring median household income in the 1930s, but a 2006 Department of Labor study pegged the average household income of 1934-36 at $1,524. Adjust for inflation to 2018, that’s about $28,000, while the official poverty level for a family of four was $25,100. In other words, the average family of 1936 was near poor. Everyone was in it together, and if Bill couldn’t find work, his neighbor would give him a head of cabbage, a slab of pork belly.

But the Great Inflation, as the author Joe Nocera has noted, made most people feel they had to look out for themselves. Americans had spent decades just getting more and more ahead. Now, suddenly, they were falling behind.

Throw in wage stagnation, which began in the early ’70s, and deindustrialization of the great cities of the North. Pennsylvania’s Homestead Works, which had employed 20,000 men during the war, started shrinking, closing forever in 1986. Today that tract of land along the Monongahela River where the works once stood is home to the usual chain restaurants and big-box stores, those ubiquitous playpens of the low-wage economy.

Inflation also produced the manic search for “yield” — it was no longer enough to save money; your money had to make money, turning every wage earner into a player in market rapaciousness. The money market account was born in the 1970s. Personal investing took off (remember “When E.F. Hutton talks, people listen”?).

Even as Americans scrambled for return, they also sought to spend. Credit cards, which had barely existed in 1970, began to proliferate. The Supreme Court’s 1978 decision in Marquette National Bank of Minneapolis v. First of Omaha Service Corporation opened the floodgates for banks to issue credit cards with high interest rates. Total credit card balances began to explode.

Then along came Ronald Reagan. The great secret to his success was not his uncomplicated optimism or his instinct for seizing a moment. It was that he freed people of the responsibility of introspection, released them from the guilt in which liberalism seemed to want to make them wallow. And so came the 1980s, when the culture started to celebrate wealth and acquisition as never before. A television series called “Lifestyles of the Rich and Famous” debuted in 1984.

So that was the first change flowing from the Great Inflation: Americans became a more acquisitive — bluntly, a more selfish — people. The second change was far more profound.

For decades after World War II, the economic assumptions that undergirded policymaking were basically those of John Maynard Keynes. His “demand side” theories — increase demand via public investment, even if it meant running a short-term deficit — guided the New Deal, the financing of the war and pretty much all policy thinking thereafter. And not just among Democrats: Dwight Eisenhower and Richard Nixon were Keynesians.

There had been a group of economists, mostly at the University of Chicago and led by Milton Friedman, who dissented from Keynes. They argued against government intervention and for lower taxes and less regulation. As Keynesian principles promoted demand side, their theories promoted the opposite: supply side.

They’d never won much of an audience, as long as things were working. But now things weren’t, in a big way. Inflation was Keynesianism’s Achilles’ heel, and the supply-siders aimed their arrow right at it. Reagan cut taxes significantly. Inflation ended (which was really the work of Paul Volcker, the chairman of the Federal Reserve). The economy boomed. Economic debate changed; even the way economics was taught changed.

And this, more or less, is where we’ve been ever since. Yes, we’ve had two Democratic presidents in that time, both of whom defied supply-side principles at key junctures. But walk down a street and ask 20 people a few questions about economic policy — I bet most will say that taxes must be kept low, even on rich people, and that we should let the market, not the government, decide on investments. Point to the hospital up the street and tell them that it wouldn’t even be there without the millions in federal dollars of various kinds it takes in every year, and they’ll mumble and shrug."
1970s  economics  greed  inflation  selfishness  us  policy  ronaldreagan  joenocera  greatdepression  johnmaynarkeynes  newdeal  taxes  solidarity  miltonfriedman  liberalism  neoliberalism  regulation  supplysideeconomics  paulvolcker  michaeltomasky 
16 days ago by robertogreco
The First Days of Disco | The New Yorker
“To people outside the disco milieu,” he writes, at the end of one column, the idea of a d.j. making something new out of other people’s music might seem preposterous. “But there’s no question that a real d.j. can shape a night of music with his personality, style, and spirit, magically turning a string of records into a spontaneous symphony.”
music  technology  curation  art  creativity  attention  beauty  1970s  nyc  chicago  culture 
21 days ago by allaboutgeorge
Imagining a Past Future
On any given workday in downtown Oakland, thousands of commuters enter and exit the 12th Street City Center station of the Bay Area Rapid Transit, or BART, rushing past a large bronze bust of John B. Williams.
development  urban  oakland  cities  politics  california  1960s  1970s  BART 
29 days ago by allaboutgeorge
Proposal to add characters from legacy computers and teletext to the UCS
This document proposes the addition to the UCS of 214 new graphic characters to provide compatibility with a wide range of home computers, or “microcomputers,” manufactured approximately from the mid-1970s to the mid-1980s, and with the teletext broadcasting standard originally developed in the early 1970s.
pdf  unicode  computers  teletext  1970s  1980s 
4 weeks ago by xr
How This All Happened · Collaborative Fund
"This is a short story about what happened to the U.S. economy since the end of World War II."



"10. The Tea Party, Occupy Wall Street, Brexit, and the rise of Donald Trump each represents a group shouting, “Stop the ride, I want off.”

The details of their shouting are different, but they’re all shouting – at least in part – because stuff isn’t working for them within the context of the post-war expectation that stuff should work roughly the same for roughly everyone.

You can scoff at linking the rise of Trump to income inequality alone. And you should. These things are always layers of complexity deep. But it’s a key part of what drives people to think, “I don’t live in the world I expected. That pisses me off. So screw this. And screw you! I’m going to fight for something totally different, because this – whatever it is – isn’t working.”

Take that mentality and raise it to the power of Facebook, Instagram, and cable news – where people are more keenly aware of how other people live than ever before. It’s gasoline on a flame. Benedict Evans says, “The more the Internet exposes people to new points of view, the angrier people get that different views exist.” That’s a big shift from the post-war economy where the range of economic opinions were smaller, both because the actual range of outcomes was lower and because it wasn’t as easy to see and learn what other people thought and how they lived.

I’m not pessimistic. Economics is the story of cycles. Things come, things go.

The unemployment rate is now the lowest it’s been in decades. Wages are now actually growing faster for low-income workers than the rich. College costs by and large stopped growing once grants are factored in. If everyone studied advances in healthcare, communication, transportation, and civil rights since the Glorious 1950s, my guess is most wouldn’t want to go back.

But a central theme of this story is that expectations move slower than reality on the ground. That was true when people clung to 1950s expectations as the economy changed over the next 35 years. And even if a middle-class boom began today, expectations that the odds are stacked against everyone but those at the top may stick around.

So the era of “This isnt working” may stick around.

And the era of “We need something radically new, right now, whatever it is” may stick around.

Which, in a way, is part of what starts events that led to things like World War II, where this story began.

History is just one damn thing after another."
history  economics  us  ww2  wwii  2018  morganhousel  debt  labor  work  credit  teaparty  donaldtrump  employment  unemployment  inequality  capitalism  1940s  1950s  1960s  1970s  1980s  2000s  2010s  expectations  behavior  highered  highereducation  education  communication  healthcare  housing  internet  web  online  complexity 
6 weeks ago by robertogreco
Surf's Up - The Beach Boys - YouTube
a choke of grief heart hardened, I
beyond belief, a broken man too touch to cry
beach_boys  brian_wilson  audio  music  youtube  pop  ballad  surfs_up  1971  1970s  van_dyke_parks 
6 weeks ago by cluebucket
How savage social and political upheaval shaped football management in the 1970s
The savage 1970s was a decade in which social and political upheaval was equally matched in the football world, not least in management

The post How savage social and political upheaval shaped football management in the 1970s appeared first on These Football Times.

via How savage social and political upheaval shaped football management in the 1970s
IFTTT  How  savage  social  and  political  upheaval  shaped  football  management  in  the  1970s 
6 weeks ago by davidmarsden

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