ThinkProgress Home
ThinkProgress
ThinkProgress Logo

Stories tagged with “Recession

Alyssa

‘The Great Gatsby,’ In Time for Another Crash, and Another Kind of Mogul

I will admit to a serious soft spot for Baz Luhrmann’s pop-music drenched spectacles—I wrote last year that I think there’s something marvelous about the fact that we got Moulin Rouge and the iPod in the same year, the movie anticipating how much we’d come to love accentuating and heightening our lives by adding carefully curated soundtracks to them. I also quite liked OutKast’s underrated Idlewild, a visually gorgeous marriage of jazz age and hip-hop, and I’m happy to revisit that union, even in a movie that puts black music at the service of white characters in the same way white audiences once consumed jazz.

That said, I’ve always been left, perhaps heretically, a trifle cold by The Great Gatsby, and I’m curious as to how it’ll play when the movie is released in December.

The movie’s class politics are probably best described as universally disgusted. Gatsby makes the error of assuming that wealth can purchase him respect and love, falling into gauche error as a result, while the old monied Buchanans are revealed to be repulsive, crude people. But it’s a lot easier to shudder away from money as a source of happiness in favor of a more refined sensibility in a boom era than it is in a recession. This is neither a revenge fantasy nor a pure escape. But certainly, Leonardo DiCaprio’s exactly the right person to play Gatsby, even leaving aside that he was Luhrmann’s muse before he was Martin Scorsese’s. He’s achieved a kind of profound remoteness. And these days, the idea that someone could lever themselves from one class to another by sheer force of will is a more remote dream than ever.

Alyssa

Cord Cutting Continues, But The Rate Is Slow

Nielsen’s latest figures are out, and 1.5 million households gave up their cable subscriptions in 2011. That’s not a tiny figure—it’s a 1.5 percent decline—but it’s also probably not enough to convince the cable companies that they should be running scared of alternatives, or that they should reexamine their pricing or anything else about their business model.

In fact, this is a case where the recession seems to me to be the enemy of innovation. As cutbacks go, cable is an easy and obvious thing to eliminate from your budget if times get hard. It’s a non-minor chunk of change, and you can make up a fair bit of the value around the margins or with a Netflix streaming subscription. Even if you buy a single season of a show on iTunes and parcel it out, it’s less money than a month’s subscription, and may feel like you’re spending your money in a more targeted way than you were if you splashing out for a whole cable package. Cable may be less expensive than, say, a family trip to the movies, but it is a fixed cost you can eliminate, rather than a periodic and discretionary one you can save up for as a treat.

Given all of these things, I’d imagine the cable companies view the threat to their business model as circumstantial rather than existential. If cord cutting doesn’t just continue but accelerates once the economy starts to improve dramatically rather than incrementally, and if that trend continues over several years, then they might reassess. But companies tend to feel pain that’s a spur to innovation in a lag after individual consumers feel a pinch that causes them to change their behavior.

Alyssa

From ‘Bent’ to ‘GCB,’ the Recession Brings Job Diversity to Television

Margaret Lyons has a nice appreciation of what she’s calling TV’s new crop of “sweatshirt boyfriends,” the laid-back guys who are populating a wide range of shows:

Despite their relaxed attitude toward personal grooming, sweatshirt boyfriends aren’t necessarily Apatowian man-children — Jack (Nick Wechsler) on Revenge owns his own bar and takes care of his annoying teenage brother, Pete (David Walton) on Bent is a successful enough contractor, Chris (Chris D’Elia) on Whitney is an entrepreneur, and Joe (Luka Jones) on Best Friends Forever is a video game designer. Pete (Mark Duplass) on The League just seems sort of low energy, more depressed than inept, while Nick (Jake M. Johnson) on New Girl and Max (Adam Palley) on Happy Endings fall more in the goofy-slacker camp, though both have started confronting their fears of adulthood, Nick by finally seeing a doctor and Max by learning to enjoy frittatas. Did you know those are like egg pizzas? The newest edition to the SBC (that’s the sweatshirt boyfriend club) is Best Friends Forever’s Joe.

What she doesn’t mention, and what I think is somewhat important about this development, is that this subset of characters contain a fair number of guys who work blue-collar jobs. Sure, there are the video game designers and Whitney‘s tech millionaire. But Jack and Nick are bartenders, Pete is a contractor, and Max drives a limo. Women are getting their shot at jobs outside the normal gamut of party-and-wedding planners and PR professionals, too. The 2 Broke Girls are waitresses and nannying. On GCB, Amanda’s working at a Texas-varietal Hooters, and appears to be rather enjoying it—she gave up an opportunity to move up the rungs working as a consultant to a denim line to stay hustling pitchers and standing up for her fellow waitresses.

There are disconnects between these characters jobs and their lifestyles, of course, from the palatial apartment on New Girl to the Chicago loft on Happy Endings—television has a hard time with the visuals of limited incomes, even when they’re acknowledging that people have job titles other than banker or party planner. Amanda lives with her mother in a gorgeous Dallas mansion, a situation that might be humiliating if it wasn’t so comfortable, and if the house wasn’t giant enough for Amanda to have some genuine autonomy within it. The apartments on Girls, which debuts this weekend on HBO, may be the only socio-economically appropriate dwelling in pop culture in shows that aren’t Raising Hope. But even if these characters and their lives aren’t precisely accurate, it is, frankly, nice to see characters of different incomes be friends, date, occasionally deal with the fact that they’re at different places in their careers and at different levels of financial security, given that’s the way that actual people conduct their actual lives.

Alyssa

What You’ll Be Watching on Television This Fall

This television season has been kind of a letdown, and I assume I’m not alone in desperately hoping for a reset next fall (though having Game of Thrones back is helping quite a bit). So eager am I that I took a deep dive into the full list of pilots that the networks are casting for next season for The Atlantic and came away with one key observation. Hollywood’s moving on from Ponzi schemers and fraudsters to a new iteration of the recession, a widespread sense of insecurity and retrenching in the bosom of family:

This year, the networks are gearing up to try again: There are three “moving home” pilots in production, including ABC’s How to Live With Your Parents for the Rest of Your Life, in which a divorced mother moves home; an as-yet untitled CBS sitcom about a man who loses his house to foreclosure; and Fox’s El Jefe, about a man in his 30s who moves in with his former nanny, a scenario that takes the idea of raising other people’s children to a real extreme…

Housing isn’t the only thing television characters will be needing from their families in the next television season. Perhaps driven by the sense that the economy is tough and impersonal, networks are developing an unusual number of family business comedies. After her turns on medical drama A Gifted Man and as bootlegger Mags Bennett on Justified, Margo Martindale will play a woman running a diner with her sisters in ABC’s Counter Culture. Sisters are big for the network, which also has The Smart One, with Portia de Rossi as a bright, ambitious woman resentfully going to work for her beauty-queen-turned-mayor younger sister, played by Malin Ackerman. In Fox’s Must Hire, a younger man gets his father a job only to find out his dad is a problem employee. In Partners, on the same network, gay and straight business partners form a substitute family. By the networks’ calculation, we relish the idea that work could be as safe as family—it’s much harder for your father or your sister to lay you off than it is a faceless corporation.

That’s not the only thing we’re going to see, of course: there are going to be a lot of conspiracies and a large helping of paranoia, aliens and robots in the suburbs, and period dramas that leave the fifties and sixties behind. It’s not exactly morning in America, and it looks to be a fall filled with diminished expectations.

Alyssa

From ‘Bones’ to ‘Bent,’ Why Television Loves Gambling Addicts

I was quite charmed by NBC’s Bent, the sitcom about a stressed-out lawyer, Alex, (Amanda Peet) and her cutie of a contractor, Pete (David Walton), it’s inexplicably burning off to embarrassingly low ratings. Anything that stars Joey King and Jeffrey Tambor deserves at least some strong effort at promotion. And one thing stood out to me while watching the pilot and the second episode (NBC is showing them two at a time, a sad demonstration of the network’s eagerness to get rid of what should have been a solid fall season premiere). Pete’s character is a perfect example of a growing category of characters on television: the charming gambling addict.

It’s not as if gambling addicts are entirely new to television screens. Seeley Booth, the dapper FBI agent portrayed by David Boreanaz on Bones, has a serious gambling problem that the show has played to both dramatic and comedic effect. On How I Met Your Mother, Barney Stinson includes problem gambling among his other compulsive proclivities—he’s well-known enough in Atlantic City to have a regular gang of Asian gaming buddies. It was inevitable that Luck, HBO’s recently-canceled show about the world of horseracing, would have a gambler somewhere in the mix, as it did with Jerry, who can pick winners but inevitably lets his winnings slip through his fingers. Switched at Birth even has a teenage gambler.

Gambling addiction is a perfect fit for television in a number of ways. Gambling addicts don’t have to be kept out of bars, a common default social setting for shows with younger characters, particularly on multi-camera sitcoms. Other than stress, problem gambling doesn’t take an inherent physical toll or come with nasty side effects, so you don’t have to worry about compromising on Hollywood’s standards of attractiveness. And it’s a convenient, but not omnipresent dramatic device that can be deployed when you want to introduce risk or temptation into a character’s storyline.

But gambling addiction is also the perfect television flaw for a recession fueled in part by easy access to credit and a collective gamble that the economy would only continue to grow. These characters are the collective manifestation of a sense that we could beat the system, a sense that we now know is false and is prompting some serious reassessments. They’re charming and handsome (and interestingly, universally male)—in other words, they’re people we want to identify with, rather than condemn or push away, a balance that lets us assign them responsibility but also encourages us to stick with them through the process of managing their addictions. We can’t run away from the problems we’ve created for ourselves, and neither can they. And they make the point that all kinds of people can fall prey to the lure of easy wealth, whether they’re corporate honchos with unidentified functions like Barney, otherwise-upstanding FBI agents like Booth, or regular guys like Pete. It’s nice, but unrealistic, to believe that we all could have seen around corners and avoided trouble when trouble was presented in such a tempting package. Gambling addict characters don’t help us grapple with the larger financial system that benefitted from this collective delusion. But they can help us understand temptation, and the perpetual struggle not to fall for easy promises.

Alyssa

The Recession on Television

James Poniewozik points out that, because of how television production works, the economy characters have to work with in television shows will always lag behind where we actually are:

Does TV have some sort of agenda to talk down the economy? Do programmers realize that average Americans are hurting far more than the statistics and positive spin might make it show? The truth, if you follow the TV business, is neither so nefarious nor profound. Whenever TV chases social trends and zeitgeist plots, there’s a lag time. It takes months or even years to develop scripted shows, and often by the time TV jumps on a trend in the headlines, the headlines have changed. Just as it was quite a while before primetime shows addressed the aftermath of the 2008 financial collapse, you’d have to expect it to be a while before they reflected any recovery. (Just look at the recent Work It, thankfully no longer with us, in which two guys dressed in drag to get jobs to play off the already-dated “mancession” trend.)

Though I also suspect that any recovery and boom—if and when there is one—will have to be well along before primetime TV is willing to acknowledge it. TV networks want a great economy to sell ads in, but TV writers probably like working with the assumption that it’s tough out there—not for propaganda reasons but dramatic ones. Hard economic times create conflict. They provide stakes, and they supply motivation. TV thrives on characters with challenges in extreme situations, and a recession provides a perfect reason to have characters go to extremes to put food on the table.

I’d argue, though, that the current crop of recession shows hasn’t actually confronted the economy particularly head-on for the source of drama. The use of Ponzi schemers rather than investment bankers is a perfect example of this. Television’s littered with Madoff-like Ponzi schemers from 2 Broke Girls, to Revenge, to Don’t Trust The Bitch in Apartment 23 all out of proportion to the actual number of Ponzi schemes operating and the damage they did. Outright fraudsters may be sexy and dramatic, but they’re not actually the reason the economy ended up in a recession.

Explaining what did happen is a much more complicated process, something that many shows don’t seem particularly interested in tackling. But there are other ways to get at the long-term changes in the economy that are going to affect characters and constrain their choices for years. Both 30 Rock and 2 Broke Girls have alluded to student loans their characters carry—Liz, when interviewing with a co-op board explains of her loan that “It is outstanding,” and Max labors in service to her debt rather than their future. But rather than shaping their decisions. In both shows, the loans show up briefly and then disappear—Liz talks to Jack about wiping out her debt and saving for retirement, and Max and Caroline pay off Caroline’s debt with a party. In neither show is debt the long-term problem it is in real life. Similarly, we haven’t had a lot of programing that addresses the lack of retirement security: there’s a generation of workers who are going to have to keep working much longer than they anticipated, and there’s drama in that, even if it’s not of the “what desperate act will I take to put food on the table this week” variety. It’s true America may be going to work. But that doesn’t mean that we’ll suddenly stop bearing the consequences of long-term changes in our economy that were under way before the recession started and will have consequences long after it’s over.

NEWS FLASH

Is Greece Headed For One Of Modern History’s Worst Recessions? | Uri Dadush, a former World Bank official who is currently an economist for the Carnegie Endowment, told Reuters that Greece could be headed for a 30 percent contraction of its economy, which would place the Greek crisis among modern history’s worst recessions. For comparison’s sake, the U.S. saw a 29 percent economic contraction during the Great Depression, Argentina saw a 20 percent drop in GDP following its 2001 debt default, and Latvia saw a 24 percent contraction because of the 2008 financial crisis.

NEWS FLASH

Bruce Springsteen Releases Recession-Themed ‘We Take Care of Our Own’ Video | The day after President Obama’s reelection team included Bruce Springsteen’s new single “We Take Care of Our Own” in the list of songs Obama will use on the campaign trail, the Boss released a sing-along-friendly music video for the song. Watch it:

The video, with its decaying infrastructure and its depictions of Americans of all ages and races, makes an important point: the recession isn’t confined to any one group of Americans, and as such, the response shouldn’t be either. No group of Americans is insulated from the recession. And we should all be proud to work together to restore the American promise.

Economy

Clueless Rick Santorum Thinks Gas Prices Caused The Financial Crisis

Republicans across the political world have struggled to comprehend the causes of the financial crisis since it began roiling the American economy nearly five years ago. Former Pennsylvania Sen. Rick Santorum (R), now one of the GOP’s two leading presidential candidates, hasn’t been immune, going all-in on the notion that government policy, government-sponsored housing programs, and government regulation were the main drivers of the crisis, a claim that has been repeatedly debunked.

On the campaign trail in Colorado this week, however, Santorum offered an even further out there explanation for the crisis. According to the Colorado Independent, Santorum told one crowd that gasoline and oil prices rose so sharply in the build-up to the collapse that they caused Americans to default on their mortgages in droves, thereby triggering the housing crisis that is still acting as a drag on the nation’s economy:

Stressing the importance for the country to provide cheap energy to its citizens, Santorum blamed the recession not on sub-prime mortgages or the derivatives market but on spiking fuel prices.

We went into a recession in 2008. People forget why. They thought it was a housing bubble. The housing bubble was caused because of a dramatic spike in energy prices that caused the housing bubble to burst,” Santorum told the audience. “People had to pay so much money to air condition and heat their homes or pay for gasoline that they couldn’t pay their mortgage.”

The theory that rising oil prices blew up the housing market exists only in Santorum’s mind. “All The Devils Are Here,” an inside account of the crisis written by Fortune editor and columnist Bethany McLean and New York Times columnist Joe Nocera, doesn’t mention oil or gas prices a single time. New York Times financial reporter Aaron Sorkin’s “Too Big To Fail,” another inside account, never points to oil prices as a factor in the crisis. And the official government report about the crisis, the Financial Crisis Inquiry Commission Report, mentions oil prices multiple times as a symptom of the declining economy but never blames rising prices for the collapse of the housing market.

In reality, the primary cause of the financial crisis is quite clear. Mortgage lenders and large banks, driven by an insatiable thirst for profits, divvied up subprime mortgages and junk loans into mortgage backed securities, credit default options, and various forms of derivatives, then sold them around the world, creating a housing bubble that burst the minute the market overheated. Unfortunately, in their quest to prevent Wall Street banks and rogue mortgage lenders from taking responsibility, many Republicans have created an alternate reality in which anything else — even something as disconnected as fuel prices — caused the crisis, even if those claims have no basis in reality.

Alyssa

‘Luck’ Character of the Week: Consider the Hustler

This post contains spoilers through the February 5 episode of Luck.

While I essentially agree with Tim Goodman that difficult television isn’t inherently a bad thing, I’m still having trouble finding my big emotional hook into Luck. Fortunately, my political hook’s presented itself in the stocky, short-fused person of one Chester “Ace” Bernstein, also known as Dustin Hoffman, or a man currently living out the kind of cushy parole of which Bernie Madoff can only dream. He is—or would like to be—the man who holds all the other characters’ fortunes in his hands even if they don’t know his name. And at the moment, he’s reading like a dour Al Swearengen (fitting, given Geri Jewell popping up on the track next to Marcus this week)—a visionary without the sense of humor or personal charm.

Or perhaps he’s Rhett Butler, who before he married her told Scarlett O’Hara “There’s good money in empire building. But, there’s more in empire wrecking.” Ace has come out of prison at the perfect time to capitalize on a wreck. “The U.S. economy’s in the fucking toilet. The New York bankers with their three-card monte bond swaps brought the whole fucking walls down. Tremendous structural damage to tax base, unemployment, plus my impression, tremendous, tremendous compression of the leisure gaming dollar,” he explains to his potential fronts. “In California, established and passed by the legislature, horse racing is legal and casino gaming isn’t. Leaving aside for a second the fucking rain dancers. And like the whole state economy, the race track is desperate for new streams of revenue. Perfect fucking Trojan horse.”

There’s a grandiosity to his schemes, a grand sense of what Ace thinks he’s owed. And while he’s almost meek with the parole officer who has Malcolm X on his wall, who asks him, with what sounds like genuine concern “How are you settling in?” Ace can be button-poppingly angry when asked about his prison experience, snapping at the investor who remarks that his company name will be on the new venture that it’s “Because I’m a fucking felon. Anything else you want to explain to me?” But it sounds like he’s angry less that people don’t understand what he’s been through and more that they don’t understand the code that got him there, founded on an overdeveloped sense of responsibility that led him to take the rap for his partner’s cocaine stash when the drugs were mistakenly pinned on his nephew, a New York University student. “All I remember from that time is a little boy who was running around with his shoes untied,” Gus recalls. “The question is, Ace, what if it was all turned around?” “Mike would have given me up in a heartbeat,” Ace says with certainty. Self-righteousness may not keep you warm at night, but the fire it provides will fuel you during the day.

Interestingly, it seems like the biggest threats from Ace’s plans may come not from Mike and the other higher-ups, but from below, from Escalante, bitter already at losing his horse in a claiming race. “Ace Bernstein that they calling him coming with his beard to see what his $2 million bought him,” he grumbles. “Ace Chester Bernstein gonna look to running my business?” And it remains to be seen what their history is. “There’s a picture for your, Escalante behind a pushcart full of fruits and vegetables,” Gus muses at the end of their day. “Doesn’t know to this day it was you who got him through the gate?” “It was him made himself into something,” Ace tells him. Escalante may be living by the code, just on a different scale.

Older

Switch to Mobile