It was a common trope in accounts of the housing bubble that greedy or shortsighted homeowners were extracting equity from their houses with second mortgages or cash-out refinancings to pay for extra consumption. What nobody mentioned was that the rentier class had been doing this longer, and on a much larger scale, to the country’s productive enterprises. At the top of every boom in the neoliberal era, there’s been a massive round of stock buybacks, which you could think of as shareholders cashing out their bubble wealth. It’s a bit like the homeowners “using their houses as ATMs” during the 2000s. The difference, of course, is that if you took too much equity out of your house in the bubble, you’re the one stuck with the mortgage payments today. Whereas when shareholders use businesses as ATMs, those businesses’ workers and customers get to share the pain.
01:39 AM - April 5, 2012
Audit Notes: Shareholder Revolution Edition
#Realtalk: This isn’t another ‘golden age’ for print - But it is one for media
Social media in smaller markets - How three social media managers deal with smaller markets and more local coverage.
A rally for laid-off Sun-Times photogs - A protest Thursday morning drew about 150 picketers to the newspaper’s headquarters
Reporting, or illegal hacking - Scripps reporters are accused of violating the Computer Fraud and Abuse Act
Exchange Watch: California Dreaming - Low healthcare premiums on the West Coast were trumpeted as a big, good-news Obamacare story. But: “Compared to what?”
The bold journalist died in a car accident in Los Angeles
On the journalistic value of being “a dick”
Buzzfeed’s statement on the death of its reporter
The disappearance of ‘Sports of the Times’
“Michael was angry … he was angry about things that weren’t right in the world. He was angry with war and with loss, and that drove his reporting.”
Who Owns What
A report from the Columbia University Graduate School of Journalism
Questions and exercises for journalism students.