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How Millennials Became The Burnout Generation
Those expectations encapsulate the millennial rearing project, in which students internalize the need to find employment that reflects well on their parents (steady, decently paying, recognizable as a “good job”) that’s also impressive to their peers (at a “cool” company) and fulfills what they’ve been told has been the end goal of all of this childhood optimization: doing work that you’re passionate about.
millennials  mentalHealth  stress  burnout  work  overwork  insecurity  instability  money  debt  precarity  education  parenting  DWYL  passion  jobs  employment  socialMedia  Instagram  identity  performance  branding  exploitation  acquiescence  women  culture  politics  lateCapitalism 
january 2019 by petej
America’s Next Civil War · The Walrus
Violence protects status in a context of declining influence.
geopolitics  usa  canada  instability  decline  climate_change 
october 2018 by gwendolenau
Opinion | I Am Part of the Resistance Inside the Trump Administration - The New York Times
The bigger concern is not what Mr. Trump has done to the presidency but rather what we as a nation have allowed him to do to us. We have sunk low with him and allowed our discourse to be stripped of civility.
USA  politics  TrumpDonald  NYT  resistance  behaviour  instability  op-ed  anonymity 
september 2018 by petej
Meet the ‘Change Agents’ Who Are Enabling Inequality - The New York Times
"Giridharadas rightly argues that this misallocation of resources creates a grave opportunity cost. The money and time the MarketWorlders spend fixing the edges of our fraying social order could be used to push for real change. This is especially so in the political battles in which the country is currently engaged, where a majority of the Supreme Court and members of Congress seem hellbent on rewriting the rules of the American economy and political system in ways that will exacerbate economic disparities, increase monopoly power, and decrease access to health care and women’s reproductive rights.

Moreover, the ideology of the MarketWorlders has spread and just espousing it has come to seem like a solution instead of the distraction that it is. Giridharadas shows how this is done. One category of enabler he describes is the cringeworthy “thought-leader,” who nudges plutocrats to think more about the poor but never actually challenges them, thus stroking them and allowing them to feel their MarketWorld approaches are acceptable rather than the cop-outs they are. Another recent book, the historian Nancy MacLean’s “Democracy in Chains,” provides a salutary lesson on the dangerous ways a self-serving ideology can spread.

Giridharadas embedded himself in the world he writes about, much as the journalist David Callahan (who edits the Inside Philanthropy website) did for his recent book, “The Givers: Wealth, Power and Philanthropy in a New Gilded Age.” And like Callahan, Giridharadas is careful not to offend. He writes on two levels — seemingly tactful and subtle — but ultimately he presents a devastating portrait of a whole class, one easier to satirize than to reform.

Perhaps recognizing the intractability and complexity of the fix we are in, Giridharadas sidesteps prescriptions by giving the book’s last words to a political scientist, Chiara Cordelli. “This right to speak for others,” Cordelli says, “is simply illegitimate when exercised by a powerful citizen.” Although a more definitive conclusion would have been welcome, Cordelli does point to the real lesson of the book: Democracy and high levels of inequality of the kind that have come to characterize the United States are simply incompatible. Very rich people will always use money to maintain their political and economic power. But now we have another group: the unwitting enablers. Despite believing they are working for a better world, they are at most chipping away at the margins, making slight course corrections, while the system goes on as it is, uninterrupted. The subtitle of the book says it all: “The Elite Charade of Changing the World.”"
inequality  change  anandgiridharadas  elitism  neoliberalism  2018  josephstiglitz  economics  philanthropicindustrialcomplex  charitableindustrialcomplex  wealth  taxes  reform  changeagents  instability  davos  ideology  chiaracordelli  capitalism  power  control 
august 2018 by robertogreco
Why the electoral surprises keep on rolling in
June 16, 2017 | Financial Times | Gillian Tett.

...."I offer up the acronym “FUCU” — not simply because this summarises what many voters think about their leaders (with apologies to anyone who is offended), but because the letters F, U, C and U point to four important trends."

The first letter, “F”, stands for “Fragmentation”. Modern voters are deeply fragmented and polarised in a social, economic and political sense....But what is fascinating about the 21st century is that while our digital technologies create the illusion that humans are hyper-connected, in fact they divide us in subtle ways....Twitter, Facebook and other social platforms enable us to connect — but only with people we actively select.... Furthermore, since these cyber platforms supply news and information, they tend to fuel tunnel vision and polarisation, as extensive research from data scientists shows.

“U”, the acronym’s second letter, stands for “Untrusting”. ...popular trust in mainstream western institutions has crumbled. But what is more interesting is to look at who people do still actively trust.

‘While our digital platforms create the illusion that humans are hyper-connected, in fact they divide us in subtle ways’....A survey conducted by the public relations firm Edelman, for example, shows that public trust in tech companies has stayed sky-high in recent years. And while trust in leaders and “experts” has fallen, it remains high for our peer groups, suggesting that trust is moving from a vertical axis to a horizontal one. So while only 37 per cent of people trust chief executive officers, 53 per cent trust employees; and while only 29 per cent trust government officials, 60 per cent trust “a person like me”.....The third letter in the acronym stands for “Customisation”. This trend is not widely discussed, but it is crucial. As digital technologies have taken hold in recent years, consumers have started to see it as a God-given right that they should be able to organise the world around their personal needs and views, instead of quietly accepting pre-packaged offerings..... these three trends produce an environment that creates an environment that is the last part of the acronym: “Unstable”. A world with a FUCU culture is a place of political cyber flash mobs, in which passion suddenly explodes around a single issue or person, then dies away. It is a place where it is hard to have a sustained conversation about political trade-offs, and where voters and politicians jump across traditional boundaries with dizzying speed, defying labels as they go.
Gillian_Tett  elections  surprises  fragmentation  customization  instability  unpredictability  trustworthiness 
august 2017 by jerryking
The Economy Needs Amazons, but It Mostly Has GEs
the country as a whole badly needs some rules-defying risk-taking. For business, that means a bit more Amazon in the boardroom and a bit less GE....The purchase of Whole Foods by Amazon introduced a level of volatility and turmoil (at least singularly to the retail sector) which had been absent from the market for a long time....The rest of the market remained placid. And months of historically low volatility has begun to look like dangerous complacency....... another, potentially more troubling explanation: stagnation. Muted markets may be an inevitable product of steady, sluggish growth, low and predictable interest rates, declining business startups and failures, and decreased competition. In other words, the problem is, there aren’t enough Amazons disrupting the stock market and the economy.....Jeffrey Bezos founded Amazon in 1994, he has prioritized expansion and innovation ahead of profit. In its early years, free cash flow—cash from operations minus CAPEX—hovered around zero. Mr. Bezos approaches new products like a VC. Many will flop (like the Fire smartphone), but some will be home runs (e.g. AWS). Amazon launched Prime, which offers free delivery in exchange for an annual fee, in 2005. John Blackledge, notes Amazon has repeatedly innovated in ways that make Prime even more valuable to subscribers.......Amazon is now profitable, yet cash retention remains secondary to building great products and delighting and retaining customers.

....If Amazon is one extreme in how companies invest, General ElectricCo. is the other. It has long been fastidious about capital and cash deployment......CEO Jack Welch perfected this approach in the 1990s.. it continued under Jeffrey Immelt. Last week, Mr. Immelt said he would retire, after 16 years struggling to restore growth. In part, that reflected how financial engineering had inflated profits under Mr. Welch. Yet Mr. Immelt ’s investment decisions too often chased the conventional wisdom on Wall Street and in Washington. ...........growth is hard for any company that dominates its markets as much as GE does. GE’s size also attracts debilitating political scrutiny. ....In response to new regulations and pressure from Wall Street, Mr. Immelt largely dismantled the business...........Investors still want GE to return cash to shareholders, and it has obliged,.....while good for shareholders in the short run, this is no recipe for growth in the long run. GE’s cash flow is shrinking despite the company’s focus on preserving it, while Amazon’s is growing despite that company’s readiness to spend it.......North American boardrooms desparately needs some rules-defying risk-taking. For business, that means a bit more Amazon in the boardroom and a bit less GE

[ See John Authers article which references Vix]

The "Minsky Moment" occurs when investors realize that they have paid far too much for the credits that have bought, no buyers can be found, and the system collapses. Aka Wile E. Coyote running-off-a-cliff....The greatest dangers to us are not from things we perceive to be high-risk, because we generally treat them carefully. Trouble arises from that which we perceive to be low-risk.
digital_economy  Amazon  financial_engineering  GE  Amazon_Prime  risk-taking  volatility  Greg_Ip  stagnation  cash_flows  long-term  growth  start_ups  complacency  instability  conventional_wisdom  Jeffrey_Immelt  Jack_Welch  conglomerates  delighting_customers  capital_allocation  Jeff_Bezos 
june 2017 by jerryking
the three hot trends in Silicon Valley horseshit – Freddie deBoer – Medium
"For a long time I told the same basic joke about Silicon Valley, just updating as some new walled garden network replicated long-existing technology in a format better able to attract VC cash and, presumably, get them ad dollars.

2002, Friendster: At last, a way to connect with friends on the internet!
2003, Photobucket: At last, a way to post pictures on the internet!
2003, Myspace: At last, a way to connect with friends on the internet!
2004, Flickr: At last, a way to post pictures on the internet!
2004, Facebook: At last, a way to connect with friends on the internet!
2005, YouTube: At last, a way to post video on the internet!
2006, Twitter: At last, a way to post text on the internet!
2010, Instagram: At last, a way to post pictures on the internet!
2013, Vine: At last, a way to post video on the internet!
2013, YikYak: At last, a way to post text on the internet!

You get the idea. An industry that never stops lauding itself for its creativity and innovation has built its own success mythology by endlessly repackaging the same banal functions that have existed for about as long as the Web.

It seems, though, that SnapChat will be the last big new player in “social” for awhile, at least until the kids get their dander up for something new. What’s the new hotness in an industry that exemplifies 21st American capitalism, in that it’s a cannibalistic hustle where only the most shameless hucksters survive? As someone who rides the New York subway every day and is forced to look at its ads, let me take you on a journey.

[1] Give Away the Razors, Make Your Money on DRM-Infected Blades

Juicero deserved all of the attention it got and more — it was so pure, so impossibly telling about the pre-apocalyptic American wasteland. It was also just one of a whole constellation of companies that now operate under an ingenious model: take some banal product that has been sold forever at low margins, attach the disposable part to a proprietary system that pretends to improve it but really just locks pepole into a particular vendor, add a touch screen manufactured by Chinese tweens, call it “Smart,” and sell it to schlubby dads too indebted to buy a midlife crisis car and too unattractive to have an affair. As the Juicero saga shows us, you don’t even really have to honor the whole “make the initial purchase cheap” stage. Just ensure that you market your boondoggle to the kind of person who stood in line to buy an $800 “smartwatch” that poorly duplicates a tenth of the functions already present in the phone in their pocket. (You know, those dead inside.) Then get them “locked into your ecosystem,” which means “get their credit card number and automatically charge them every month for your version of a product that can be purchased at the supermarket for a third of the price.” Profit, baby, profit.

Are you the kind of person who is so worn down by the numbing drudgery of late capitalism that you can’t summon the energy to drag a 2 ounce toothbrush across your gums for 90 seconds a day? Well, the electric toothbrush has been a thing for a long time. And that means that it’s not good enough. After years of deadening your limbic system through psychotropic medication, video games, and increasingly-extreme internet pornography, you need something new. Enter Quip, the company disrupting the toothbrush. Quip wants you to know that its product is inexpensive, despite the fact that it will charge you $40/year for for its “refill plan” and I just bought 5 perfectly functional regular toothbrushes for $1 in the most expensive city in the country. Of course, you’re also buying the convenience of automation — who wants to run down stairs to the bodega for a toothbrush when you can hand over your banking info to a toothbrush company? Bonus points to Quip for emphasizing simplicity while hawking a product that employs an engineering team to innovate the concept of a brush.

[2] I’ve got one word for you, Benjamin, just one word: rents.

It’s one thing to take a product that is already cheap and just fine and replace it with a vastly more expensive version that locks people into exploitative proprietary systems for years in exchange for giving them a 15 second hit of dopamine derived from Going Digital. I mean, Quip and Juicero and whatever Silicon Valley dildo company is selling dongs with DRM-equipped replaceable heads are actually fundamentally selling you a product. It’s a horribly, uselessly expensive product that could only be embraced by chumps, but it’s a tangible thing. The real next level is just inserting yourself into someone else’s transaction and collecting a % while offering nothing. (When this is a job, we call it “consulting.”) Why charge a lot for the blades when you can charge a lot for literally nothing?

RentBerry is useful here because the word “rent” is literally in the name. Here’s the value proposition that RentBerry offers. For landlords who are already raking in record profits, RentBerry provides a chance at making even more, as potential tenants must set upon each other in a dystopian nightmare auction system that compels them to ask, how much am I willing to pay to avoid sleeping in the park, really? For tenants, RentBerry offers… well, the opportunity to pay more in a pre-existing housing crisis, the chance to make the process of finding an apartment an even more horrific exercise in stress and disappointment, a reason to hate faceless strangers with even more intensity, and more reason to view city life as a ceaseless Nietzschean struggle from which they will never escape. What RentBerry gets in return is, eventually, a % of your already hideously overpriced rent, for the duration of the lease. I bet you can’t wait to know a portion of your rent check is going not just to the landlord you hate but also to a company that did nothing beyond giving him the ability to take more of your money! Of course, if you live in New York, your “landlord” might very well be a hedge fund that also funded RentBerry! Sweet, right?

RentBerry will tell you that tenants might get a deal thanks to the auction system. Of course, it’s landlords who chose to use RentBerry, not tenants, and if landlords thought they were losing money on the deal they’d never use it, meaning the service’s very reason for being necessarily entails grabbing more and more tenant money. Details!

Why is everything so expensive? Because Silicon Valley and Wall Street are taking huge percentages out of transactions they once didn’t. That’s why. The Juiceros make inexpensive and functional products far more expensive and often less functional; the RentBerrys cut out the middleman by just becoming middlemen. Dare to dream.

[3] We Love Doers So Much We Want to Give Them a Hellish Existence of Endless Precarity

This is the type of company that has become inescapable in NYC subway advertising. Not coincidentally the time I spend contemplating stepping in front of the train to enjoy the sweet oblivion of death is also up dramatically. There’s legit dozens of these companies out there.

The basic idea here is that 40 years of stagnant wages, the decline of unions, the death of middle class blue collar jobs, the demise of pensions, and a general slide of the American working world into a PTSD-inducing horror show of limitless vulnerability has been too easy on workers. I’m sorry, Doers, or whatever the fuck. The true beauty of these ads is that they are all predicated on mythologizing the very workers who their service is intended to immisserate. Sorry about your medical debt; here’s a photo of a model who we paid in “exposure” over ad copy written by an intern who we paid in college credit that cost $3,000 a credit hour. Enjoy.

The purpose of these companies is to take whatever tiny sense of social responsibility businesses might still feel to give people stable jobs and destroy it, replacing whatever remains of the permanent, salaried, benefit-enjoying workforce with an army of desperate freelancers who will never go to bed feeling secure in their financial future for their entire lives. These companies are for people who think temp agencies are too coddling and well remunerative. The only service they sell is making it easier to kill minimally stable, well-compensated jobs. That’s it. They have no other function. They valorize Doers while killing workers. They siphon money from the desperate throngs back to the employers who will use them up and throw them aside like a discarded Juicero bag and, of course, to themselves and their shareholders. That’s it. That’s all they are. That’s all they do. They are the final logic of late capitalism, the engine of human creativity applied to the essential work of making life worse for regular people.

Our society is a hellish wasteland and I am dying inside.
freddiedeboer  siliconvalley  business  internet  society  technology  capitalism  middlemen  technosolutionism  precarity  finance  2017  juicero  subscriptions  drm  rent  rentseeking  latecapitalism  inequality  realestate  housing  socialresponsibility  stability  instability  economics 
may 2017 by robertogreco

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