The President had the audacity to not even mention energy in his "bailout my bank, please!" speech.

Of course, he did phone it in to the GOP convention, so he may not have heard Michael Steele's impassioned plea.

The evidence suggests that from an executive perspective, the most desirable employees may no longer necessarily be those with proven ability and judgment, but those who can be counted on to follow orders and be good "team players."

The dot-com crash of the early 2000s should have been followed by decades of soul-searching; instead, even before the old bubble had fully deflated, a new mania began to take hold on the foundation of our long-standing American faith that the wide expansion of home ownership can produce social harmony and national economic well-being. Spurred by the actions of the Federal Reserve, financed by exotic credit derivatives and debt securitiztion, an already massive real estate sales-and-marketing program expanded to include the desperate issuance of mortgages to the poor and feckless, compounding their troubles and ours.

That the Internet and housing hyperinflations transpired within a period of ten years, each creating trillions of dollars in fake wealth, is, I believe, only the beginning. There will and must be many more such booms, for without them the economy of the United States can no longer function. The bubble cycle has replaced the business cycle.

I've rarely felt compelled to award a Gold Star to a Comment in the New Yorker. But this latest piece by Elizabeth Kolbert earns it.

High energy costs are here to stay. People need to cowboy up and accept reality.

How important is it for candidates to tell the truth? Throughout his long career in politics, McCain, who called his PAC Straight Talk America, has presented frankness as his fundamental virtue. If his positions—on campaign finance, on immigration reform, on the Bush tax cuts—were unpopular with either the White House or the Republican Party faithful, that just showed that he was willing to tackle the tough issues. When his campaign very nearly collapsed and then revived, in December, McCain attributed his rally not to the fact that voters liked what he was saying but to the fact that they didn’t. “I’ve been telling people the truth, whether I thought that’s what they wanted or not,” he said. After his crucial victory in New Hampshire, in January, he again credited his candor: “I went to the people of New Hampshire to tell them the truth. Sometimes I told them what they wanted to know, sometimes I told them what they didn’t want to know.”

The past few weeks have seen a change in McCain. He has hired new advisers, and with them he seems to have worked out a new approach. He is no longer telling the sorts of hard truths that people would prefer not to confront, or even half-truths that they might find vaguely discomfiting. Instead, he’s opted out of truth altogether. “Well, that certainly didn’t take long,” the Times observed.

Of course, public-opinion surveys do not alter the underlying reality. The Department of Energy estimates that there are eighteen billion barrels of technically recoverable oil in offshore areas of the continental United States that are now closed to drilling. This sounds like a lot, until you consider that oil is a globally traded commodity and that, at current rates of consumption, eighteen billion barrels would satisfy less than seven months of global demand. A D.O.E. report issued last year predicted that it would take two decades for drilling in restricted areas to have a noticeable effect on domestic production, and that, even then, “because oil prices are determined on the international market,” the impact on fuel costs would be “insignificant.” Just a few months ago, McCain himself noted that offshore resources “would take years to develop.” As the oilman turned wind farmer T. Boone Pickens has observed, “This is one emergency we can’t drill our way out of.”

Recent history suggests that Presidential campaigns don’t reward integrity; the candidate who refuses to compromise his principles is unlikely to have a chance to act on them. Still, McCain’s slide is saddening. That he has sunk to the level of “Pump” a full month before Labor Day really doesn’t leave him—or the race—far to go.

Changing Lanes

As dancing explodes in popularity on TV, it's harder to find at bars and the average party. What's popular on these shows and clips isn't dancing -- it's second-hand dancing. These people are dancing so we don't have to.

From the archive:

In all his speeches, John McCain urges Americans to make sacrifices for a country that is both “an idea and a cause”. He is not asking them to suffer anything he would not suffer himself. But many voters would rather not suffer at all.

Dance Dance Revolution is firmly entrenched as a college craze.

During the nineteenth century, attempts were made to amalgamate alchemy with the religious and occult philosophies then growing in popularity; and in the twentieth century psychologists--principally Carl Jung--perceived in alchemy a powerful vehicle for aspects of their theories about human nature. At the same time, laboratory scientists continued to experiment in ways very similar to those of their medieval and early modern forebears.

And the beat goes off

The concept may sound antithetical to a digital era defined by ubiquitous communication and interactivity, but Slydial turns out to be only the latest in a breed of new technologies that fit squarely into an emerging paradox: tools that let users avoid direct communication.

Technologies like e-mailing and blogging give the communicator the power to choose the time and manner of expression. Now, some academics, text messagers and creators of technologies say a trend has emerged: We are constantly just missing one another — on purpose.

Don’t Want to Talk About It? Order a Missed Call

We are a lost generation, desperately clinging to anything that feels real, but too afraid to become it ourselves. We are a defeated generation, resigned to the hypocrisy of those before us, who once sang songs of rebellion and now sell them back to us. We are the last generation, a culmination of all previous things, destroyed by the vapidity that surrounds us. The hipster represents the end of Western civilization – a culture so detached and disconnected that it has stopped giving birth to anything new.

From the archive:

I was surprised to find out during a campus visits with my son that the '80s are now a big nostalgia craze for college students. To those of us who lived it, it's as weird as nostalgia for polio.

The end of western civilization

Enjoy!

"We have a housing market going into cardiac arrest. This bill is like CPR to stabilize the situation," said David Abromowitz, a senior fellow at the Center for American Progress, a think tank in Washington.

Don't buy a house today if you aren't going to stay there at least 7 years. That's right, a mortgage lender is telling you that if you don't have at least a 7 year time frame in mind, you shouldn't buy a house right now. Why? It's all about the math. If the market drops another 5% over the next year and then stays the same for two years, it's going to take 7 years for you to recoup the 5% loss and then build up enough to pay the 6% Realtor's fees when you sell and make a little profit too.

This paper estimates the evolution of equilibrium real home prices in the United States and finds that despite recent declines, single-family homes remained 8 to 20 percent overvalued as of the first quarter of 2008. In the short run, the gap between actual and equilibrium prices does not exert powerful influence over price dynamics. Instead, that dynamics is driven by the inventory-to-sales ratio and by foreclosure starts in a highly inertial relationship. Taken together, this implies that price declines are likely to continue, including past the point where overvaluation is eliminated. The paper also finds that from the early 1990s onwards changes in regional home prices have been more synchronized than before, and that the recent movements in the average price index have reflected a nationwide housing boom, followed by a nationwide housing bust.

Across the country, women in their prime earning years, struggling with an unfriendly economy, are retreating from the work force, either permanently or for long stretches.

When economists first started noticing this trend two or three years ago, many suggested that the pullback from paid employment was a matter of the women themselves deciding to stay home — to raise children or because their husbands were doing well or because, more than men, they felt committed to running their households.

But now, a different explanation is turning up in government data, in the research of a few economists and in a Congressional study, to be released Tuesday, that follows the women’s story through the end of 2007.

Forty percent of gamers are women according to a new survey released today by the... [ Read More (0.6k in body) ]

To find stories you must give yourself to the moment. Time must weigh on you, its lulls, accelerations and silences. The life within, the deeper story, does not yield itself with ease.

It helps to be cut off, to have nowhere to go, nowhere but your story, and no excuse for not telling it.

I worry about stories dying, replaced by stuff. Content for platforms does not a story make. Today, you arrive anywhere and surf the Net. Being “always on” is being always off, to something.

In Praise of Being Cut Off

Haruki Murakami:

One beautiful April morning, on a narrow side street in Tokyo's fashionable Harujuku neighborhood, I walked past the 100% perfect girl.

On seeing the 100% perfect girl one beautiful April morning

Richard Sennett, author of The Culture of the New Capitalism, and husband of Saskia Sassen (colleague and counterpoint to Manuel Castells) has a new book.

He says:

“It’s a book about the relation between doing things physically, with your hands, and thinking,” he said. “We’re losing that connection between physical and mental skills. Even the most abstract kinds of thinking, like mathematics, draw on something physical.”

From the jacket:

Defining craftsmanship far more broadly than “skilled manual labor,” Richard Sennett maintains that the computer programmer, the doctor, the artist, and even the parent and citizen engage in a craftsman’s work. Craftsmanship names the basic human impulse to do a job well for its own sake, says the author, and good craftsmanship involves developing skills and focusing on the work rather than ourselves. In this thought-provoking book, one of our most distinguished public intellectuals explores the work of craftsmen past and present, identifies deep connections between material consciousness and ethical values, and challenges received ideas about what constitutes good work in today’s world.

The Craftsman engages the many dimensions of skill—from the technical demands to the obsessive energy required to do good work. Craftsmanship leads Sennett across time and space, from ancient Roman brickmakers to Renaissance goldsmiths to the printing presses of Enlightenment Paris and the factories of industrial London; in the modern world he explores what experiences of good work are shared by computer programmers, nurses and doctors, musicians, glassblowers, and cooks. Unique in the scope of his thinking, Sennett expands previous notions of crafts and craftsmen and apprises us of the surprising extent to which we can learn about ourselves through the labor of making physical things.

Praise from Robert Reich:

As Richard Sennett makes clear in this lucid and compelling book, craftsmanship once connected people to their work by conferring pride and meaning. The loss of craftsmanship -- and of a society that values it -- has impoverished us in ways we have long forgotten but Sennett helps us understand.

New Statesman says:

The sociologist Richard Sennett has a habit of writing the things that we end up talking about years later.

To learn more, read the prologue, or check out this ... [ Read More (0.7k in body) ]

The Craftsman, by Richard Sennett

Living a good life requires a kind of balance, a bit of quiet. There are questions about the limits of the brain and the body, and there are parallels here to the environmental movement.

Who would say you don’t need time to think, to reflect, to be successful and productive?

I believe that there has to be a way to regularly impose some thoughtfulness, or at least calm, into modern life. Once I moved beyond the fear of being unavailable and what it might cost me, ... I felt connected to myself rather than my computer. I had time to think, and distance from normal demands. I got to stop.

From the archive:

All we need to do is remember that reading, in order to allow reflection, requires slowness, depth and context.

To be sure, time marches on.

Yet for many Californians, the looming demise of the "time lady," as she's come to be known, marks the end of a more genteel era, when we all had time to share.

Perhaps the most powerful way in which we conspire against ourselves is the simple fact that we have jobs.

Although my grandmother has seen a lot of it, she never liked change much. "The things you see when you don't have a gun" was a favorite expression, delivered on encountering any novelty or irritant.

I Need a Virtual Break. No, Really.