I spent the last week interviewing men and women, and the children of men and women, who bought their homes on contract in Chicago during the 1950s. Contract buying sprang up in Chicago after the federal government effectively refused to insure mortgages for the vast majority of black homeowners, even as it was insuring the mortgages of white homeowners, and encouraged banks to redline black and integrated neighborhoods. The import of mid-20th century housing policy -- along with private actions (riots, block-busting, contract lending, covenants) -- has been devastating for African Americans.
Buying on contract meant that you made a down-payment to a speculator. The speculator kept the deed and only turned it over to you after you'd paid the full value of the house -- a value determined by the speculator. In the meantime, you were responsible for monthly payments, keeping the house up, and taking care of any problems springing from inspection. If you missed one payment, the speculator could move to evict you and keep all the payments you'd made. Building up equity was impossible, unless -- through some Herculean effort -- you managed to pay off the entire contract. Very few people did this. The system was set up to keep them from doing it, and allow speculators to get rich through a cycle of evicting and flipping.
I spent some time talking to a 90-year-old man who'd come up from Mississippi. His family had been reduced to sharecropping after the county government took their land. "In Mississippi, there was no law," he told me. There was no law in Chicago either. The gentleman purchased his home for $26,000. He later found out that the deed-holder had purchased the same home -- only weeks before -- for $9,000.
Above is a picture I took of a chart showing how the scheme could work. The chart was produced by activist lawyers in the late 60s trying to demonstrate the effects of contract buying. There are four columns "Documented Price Paid By Speculator," "Documented Price Change To Negro Buyer," "Markup," "Approximate Additional Interest," and "Total Additional Charges." In that chart you can literally see black wealth leaving one neighborhood and migrating to another. It was not just legal. It was the whole point.
Jim Crow -- Northern or Southern -- is usually rendered to us as an archaic system in which people irrationally decide to separate from each other just based on skin color. There's a reason that so many of us remember Martin Luther King's line about little white boys and little black boys holding hands. It's comforting to us. Less comforting is that fact that Jim Crow amounted to the legal pilfering of resources from the black communities to advantage white people across generations. In Mississippi, it meant the right to reduce someone to sharecropping, or to benefit politically from their census numbers while not giving them any representation, or to tax them for services they did not enjoy equal access to. In Chicago, it meant the legalized theft of black wealth by white agents.
It is very hard to accept this -- the wealth gap is not a mistake. It is the logical outcome of policy and democratic will. From the streets of Cicero on up, the point was to imprison black people in the black belt and then exploit them. The goal was pursued through public policy, private action, and open terrorism. The goal was accomplished.
Russian billionaire Yuri Milner says if the space rock 'Oumuamua is giving off radio signals, his team will be able to detect them—and they may get the results within days.
The email about “a most peculiar object” in the solar system arrived in Yuri Milner’s inbox last week.
Milner, the Russian billionaire behind Breakthrough Listen, a $100 million search for intelligent extraterrestrial life, had already heard about the peculiar object. ‘Oumuamua barreled into view in October, the first interstellar object seen in our solar system.
Astronomers around the world chased after the mysterious space rock with their telescopes, collecting as much data as they could as it sped away. Their observations revealed a truly unusual object with puzzling properties. Scientists have long predicted an interstellar visitor would someday coast into our corner of the universe, but not something like this.
Russia's strongman president has many Americans convinced of his manipulative genius. He's really just a gambler who won big.
I. The Hack
The large, sunny room at Volgograd State University smelled like its contents: 45 college students, all but one of them male, hunched over keyboards, whispering and quietly clacking away among empty cans of Juicy energy drink. “It looks like they’re just picking at their screens, but the battle is intense,” Victor Minin said as we sat watching them.
Clustered in seven teams from universities across Russia, they were almost halfway into an eight-hour hacking competition, trying to solve forensic problems that ranged from identifying a computer virus’s origins to finding secret messages embedded in images. Minin was there to oversee the competition, called Capture the Flag, which had been put on by his organization, the Association of Chief Information Security Officers, or ARSIB in Russian. ARSIB runs Capture the Flag competitions at schools all over Russia, as well as massive, multiday hackathons in which one team defends its server as another team attacks it. In April, hundreds of young hackers participated in one of them.
David Bentley Hart’s text recaptures the awkward, multivoiced power of the original.
In the beginning was … well, what? A clap of the divine hands and a poetic shock wave? Or an itchy node of nothingness inconceivably scratching itself into somethingness? In the beginning was the Word, says the Gospel according to John—a lovely statement of the case, as it’s always seemed to me. A pre-temporal syllable swelling to utterance in the mouth of the universe, spoken once and heard forever: God’s power chord, if you like. For David Bentley Hart, however, whose mind-bending translation of the New Testament was published in October, the Word—as a word—does not suffice: He finds it to be “a curiously bland and impenetrable designation” for the heady concept expressed in the original Greek of the Gospels as Logos. The Chinese word Tao might get at it, Hart tells us, but English has nothing with quite the metaphysical flavor of Logos, the particular sense of a formative moral energy diffusing itself, without diminution, through space and time. So he throws up his hands and leaves it where it is: “In the origin there was the Logos …”
Students don't seem to be getting much out of higher education.
I have been in school for more than 40 years. First preschool, kindergarten, elementary school, junior high, and high school. Then a bachelor’s degree at UC Berkeley, followed by a doctoral program at Princeton. The next step was what you could call my first “real” job—as an economics professor at George Mason University.
Thanks to tenure, I have a dream job for life. Personally, I have no reason to lash out at our system of higher education. Yet a lifetime of experience, plus a quarter century of reading and reflection, has convinced me that it is a big waste of time and money. When politicians vow to send more Americans to college, I can’t help gasping, “Why? You want us to waste even more?”
As the Alabama Senate race enters its final days, Doug Jones is making an all out push—while his rival is nowhere to be seen.
MONTGOMERY, Ala.—The dramatic contrast between the two Senate campaigns in Alabama grew even more stark during the final weekend before Election Day.
Doug Jones, the Democratic candidate, is holding multiple events every day, taking questions from the press, and campaigning with other Democratic politicians. His opponent Roy Moore has all but disappeared. Dogged by controversy following allegations by nine women of sexual misconduct or abuse when they were teenagers, Moore has not appeared in public since last Tuesday, and isn’t scheduled to do so again before Monday. Reports suggest that he was in Philadelphia on Saturday watching the Army-Navy football game, and a Moore spokesperson told me that he attended a Christmas gathering with supporters and friends on Sunday evening—closed to the press.
A conversation about inheritance, philanthropy, and aging with the philosopher Martha Nussbaum and the law professor Saul Levmore
What is the right way to age? It’s a question that isn’t explored enough in American society, where, seemingly, people are expected to be forever young, until, suddenly, they are not. Reflecting this binary, any writing about a long life’s final decades tends toward extremes. On one hand, there are the accounts of heroic men and women who still put in more than 40 hours a week on the job in their late 60s and early 70s (a genre I like to call “retirement porn”). On the other, there are the articles warning about the dangers of not adapting a home for aging bodies, or the plague of financial scammers targeting lonely or cognitively challenged seniors.
That leaves out a vast middle, the space where many older people actually, you know, live their lives. Luckily, Martha Nussbaum, the renowned philosopher and ethicist at the University of Chicago, and Saul Levmore, the former dean of and a current professor at the university’s law school, decided to explore that middle. The result? The recently published Aging Thoughtfully: Conversations About Retirement, Romance, Wrinkles, & Regret.
The new and returning series that stood out the most
How to summarize television in 2017? While no descriptor captures the year’s diverse offerings, one word crops up more than any other: Netflix. The streaming service’s throw-content-at-the-wall-and-see-what-sticks strategy generated more than 1,000 hours of original TV and movies this year,and though plenty were duds, Netflix also seemed to spawn more critical hits than any other provider.
What this year might have lacked in offbeat ingenuity (Atlanta and Fleabag are scheduled to return next year), it made up for in star power, including an array of heavyweights from the film world. Jean-Marc Vallée. Reese Witherspoon. Nicole Kidman. Spike Lee. Sarah Polley. David Fincher. James Franco. Steven Soderbergh. Justin Simien. With seemingly endless resources on offer alongside almost total artistic freedom, it’s hard not to see still more creative talent being drawn toward TV in 2018 and beyond.
One person is reportedly in custody. No life-threatening injuries have been reported.
Updated at 9:47 a.m. ET
At least one person was arrested in connection with an explosion Monday blocks from Times Square in New York City, the city’s police department said. Some subway services were affected, the department said.
Update regarding explosion at 42nd St and 8th Ave, in subway: One male suspect is in custody. No injuries other than suspect at this time. Avoid the area. Subways bypassing #PortAuthority and Times Square Stations. Info is preliminary. pic.twitter.com/bEAdjq8mYc
Police Commissioner James O’Neill said the 27-year-old suspect tried to detonate an improvised suicide vest. He identified the suspect as Akayed Ullah. News reports, citing unnamed police sources, said Ullah is an immigrant from Bangladesh who had lived in the U.S. for seven years. Ullah received serious injuries, authorities said; three others who were near the explosion received minor injuries, authorities said.
The cryptocurrency is almost certainly due for a major correction. But its long-term value remains a mystery.
To call Bitcoin the biggest and most obvious bubble in modern history may be a disservice to its surreality.
The price of bitcoin has doubled four times this year. In early January, one bitcoin was worth about $1,000. By May, it hit $2,000. In June, it breached $4,000. By Thanksgiving, it was $8,000. Two weeks later, it was $16,000.
This astronomical trajectory might make sense for a new public company with accelerating profits. Bitcoin, however, has no profits. It’s not even a company. It is a digital encrypted currency running on a decentralized network of computers around the world. Ordinary currencies, like the U.S. dollar, don’t double in value by the month, unless there’s a historic deflationary crisis, like the Panic of 1837. Instead, bitcoin’s behavior more resembles that of a collectible frenzy, like Beanie Babies in the late 1990s.
Will the vice president—and the religious right—be rewarded for their embrace of Donald Trump?
No man can serve two masters, the Bible teaches, but Mike Pence is giving it his all. It’s a sweltering September afternoon in Anderson, Indiana, and the vice president has returned to his home state to deliver the Good News of the Republicans’ recently unveiled tax plan. The visit is a big deal for Anderson, a fading manufacturing hub about 20 miles outside Muncie that hasn’t hosted a sitting president or vice president in 65 years—a fact noted by several warm-up speakers. To mark this historic civic occasion, the cavernous factory where the event is being held has been transformed. Idle machinery has been shoved to the perimeter to make room for risers and cameras and a gargantuan American flag, which—along with bleachers full of constituents carefully selected for their ethnic diversity and ability to stay awake during speeches about tax policy—will serve as the TV-ready backdrop for Pence’s remarks.