The most famous bubbles in history are the Dutch Tulip Mania of the s where the markets crashed when more effective ways of growing the so far highly expensive flowers were discovered, the railroad bubbles in Britain and the United States in the middle of the 19th century, the bubble of the s that resulted in the infamous crash of , and now the technology and Internet bubble at the end of the s. This paper aims to collect opinions on the development of the stock markets since the s.
People from varying fields and backgrounds have written about the recent situation of the economy. First, there are economists like Yale professor Robert J. Shiller, whose book Irrational Exuberance coincided with the bursting of the bubble in Then there is political analyst Kevin Phillips who reconstructs and discusses the boom and decline of the markets in a political and historical context in Wealth and Democracy: A Political History of the American Rich , or radical journalist Alexander Cockburn whose articles for publications like The New York Press and The Nation focus on the aspects of corporate fraud and the politics behind the market dilemma.
Others, like financial economists Robert E. Hall and Alan Reynolds reject the idea of bubbles and argue that the recent decline of the stock markets is merely part of a normal economy cycle that may be derived from historical context as well as from mathematical equation. Buying and selling stocks had become fashionable and the volume of stock trades was skyrocketing. Since the mids the new wide availability of the Internet to large parts of society, companies as well as private households, helped creating the new market phenomenon by killing two birds with one stone.
The rapid development in technology on the one hand helped the largely technology-based index Nasdaq thrive and on the other hand, online brokers and easy access to real time charts also opened up the possibility of cheap and easy trading for everyone with money to invest.
The losses in the Dow Jones index were significantly smaller, but at its so far lowest point in , the Dow Jones had lost more than 30 percent of its peak value. New York: Regan Books , , p.
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New York: Broadway Books , , p. B G Beate Gansauge Author. Add to cart. Index 1. We see this phenomenon each year during the birthday celebration for Martin Luther King Jr.
The Fall of the Hit?
The argument over who and what is prophetic has rarely been more heated in black culture than it is now. The model of the charismatic black male leader has come in for deserved drubbing since it overlooks the contributions of women and children that often went unheralded in the civil rights movement and earlier black freedom struggles. Queer activists sparked the BlackLivesMatter movement, underscoring the unacknowledged sacrifice of black folk who are confined to the closets and corners of black existence.
The truth of those assessments is not as important as the value of the comparison: It holds would-be prophets to account for standards of achievement both noble and nostalgic, real and imagined. Despite the profusion of prophecy in his texts and talks, West has never bothered to tell us in rich detail what makes a person a prophet.
West offers no empirical proof for these claims; like so much of his recent work there are assertions without sustained and compelling arguments, and certainly no polls or studies that prove the increase in black materialism, or individualism, or the decline in black prophetic beliefs and behavior. This limp understanding of prophecy plays to his advantage because he can bless or dismiss prophets without answering how we determine who prophets are, who gets to say so, how they are different from social critics, to whom they answer, if they have standing in religious communities, or if God calls them.
West has never given us detailed comparative analyses of prophets in Judaism, Christianity, Islam, or Zoroastrianism, nor has he distinguished between major and minor prophets.
What makes West a prophet? Is it his willingness to call out corporate elites and assail the purveyors of injustice and inequality? The actor Russell Brand does that in his book Revolution. Is he a prophet? Tupac Shakur had that on lock. Should we deem him a prophet? The hypocrisy in such claims is acute: West likewise hungers for the studio, and conspicuously so. There he is on CNN, extolling his prophetic pedigree. West most closely identifies with a black prophetic tradition that has deep roots in the church.
But ordained ministers, and especially pastors, must give account to the congregations or denominations that offer them institutional support and the legitimacy to prophesize. They may face severe consequences—including excommunication, censorship, being defrocked, or even expelled from their parishes—for their acts. The words and prophetic actions of these brave souls impact their ministerial standing and their vocation. West faces no such penalty for his pretense to Christian prophecy. West might argue that not being ordained leaves him free to act on his prophetic instincts and even disagree with the church on social matters.
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Thus he avoids the negative consequences of ordination while remaining spiritually anchored. True prophets embrace religious authority and bravely stand up to it in the name of a higher power. One need not be Martin Luther King to qualify as a prophet. But when you claim to be a prophet, you are expected, as the classic gospel song goes, to live the life you sing about in your song. As an ordained minister and professor, I know the difference between the professorate and the pastorate, between prophets and scholars.
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When I utter progressive beliefs about equal rights for women or queer folk as a professor, I am sometimes lauded. When I was a church pastor—not a prophet, something I have never claimed to be—the same sermon that garnered praise from progressive scholars earned me scorn from church officials and members and even cost me a pastorate when I tried to put my beliefs into action and ordain women as deacons. As a freelancing, itinerant, nonordained, self-anointed prophet, West has only to answer to himself.
Most ministers are clerics attending to the needs of the local parish. Only a select few are cut from prophetic cloth.
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Yet nearly all the religious figures we recognize as prophets—Adam Clayton Powell Jr. Powell and King were pastors of local churches as well. To be sure, there are prophets who are not ministers or religious figures—especially women whose path to the ministry has been blocked by sexist theologies—but most of them have ties to organizations or institutions that hold them accountable. West has a measure of responsibility as a professor, but he enjoys far greater freedom than most ministers or prophets.
The Fall of the Hit? | Mark Ramsey Media LLC
Professors have a lot of flexibility in teaching classes, advising students, writing books, and speaking their minds without worrying that a deacon board will censor them or trustees will boot them out. West gets the benefits of the association with prophecy while bearing none of its burdens. By refusing to take up the cross he urges prophetic Christians to carry, West is preaching courage while seeking to avoid reprisal or suffering.
He berates them for their appetite for access to power, their desire for insider status. In his book, The Preacher King, Duke Divinity School Professor Richard Lischer noted that in ancient Israel, the central prophet moved within the power structure, reminding the people of their covenant with God and also consulting kings on military matters and issues of national significance. Peripheral prophets were outsiders who embraced the poor, criticized the monarchy, and opposed war. West ignores these variations, which results in an idealized, and deeply flawed, portrait of King as a peripheral prophet who was only useful when he hugged the margin.
Beginning already in the Eisenhower administration and increasing steadily throughout the turbulent Kennedy years, he had been regularly consulted on matters of interest to the Negro in America. No black leader had ever enjoyed comparable access to the Oval Office and the power it represented. King moved from central to peripheral prophet in his last few years with an emphasis on economic justice and antiwar activism—views he grew into as he wrestled with his conscience, his staff, and the folk to whom he was accountable.
King was arguably more beneficial to the folk he loved when he swayed power with his influence and vision. When West begrudges Sharpton his closeness to Obama, he ignores the fact that King had similar access. Sharpton and Jackson moved in the opposite prophetic direction of King. While King kissed the periphery with courageous vigor after enjoying his role as a central prophet, Jackson, and especially Sharpton, started on the periphery before coming into their own on the inside. West remains an elite academic and can hardly be said to have ever been a true outsider, given his position in the academic elite and the upper reaches of the economy, but he hungers to be seen as rebellious.
In truth, West is a scold, a curmudgeonly and bitter critic who has grown long in the tooth but sharp in the tongue when lashing one-time colleagues and allies. West may draw on prophetic insight; he may look up to prophets on the front lines; and he may even employ prophetic vocabularies of social dissent.
But none of that makes him a prophet. They might be explained with a bit of the moral psychology West likes to apply to the president. What kind of shit is this? The irony is that, as highly charged as his criticism has become, West is, in some ways, not that different from Obama. The president has long wished to be the grand architect of bipartisanship, the conciliator of left and right, the bridge between conservatives and liberals. West used to fancy himself a similar figure; at least he did when he was riding high on best-seller lists as a progressive icon.
West sought to account for the suffering of black America by steering between the arguments of conservative behaviorists and liberal structuralists. He thought it was important to acknowledge self-inflicted injuries as well as dehumanizing forces. For West, the cure is a politics of conversion fueled by a strong love ethic. The odd thing is that Obama talks right—chiding personal irresponsibility in a way that presumes the pathology of many black families and neighborhoods—but veers left in his public policy.
West, on the other hand, talks left but thinks right in his notion of nihilism and the factors that might reduce its peril. He gave the notion ideological cover because it got a sexy upgrade from a prominent leftist. In the article, Harris-Perry also jabbed at West for levying the same criticism at Obama for skipping the event in If West is no prophet but instead a dynamic and once-indispensable social critic, neither is his nastiness the echo of divine disfavor from on high. His prophetic forebears, as it were, taught him how to get mad, what themes to press, and what language to use.
In his callous disregard for plural visions of truth, West, like the prophet Elijah, retreats into a deluded and self-important belief in his singular and exclusive rightness. But God reminded Elijah that his prophetic exclamations were wrong. West and I participated in several State of the Black Union meetings, as well as a roundtable in Chicago to address the black agenda. I expressed love for Obama and criticized him for not always loving us back, arguing that Obama the president is Pharaoh, not Moses: a politician, not a liberator.
West got to meet other famous people because of Battle. I think There are literally pages and pages of illustrious name-dropping in Brother West , a book that owes its subtitle, Living and Loving Out Loud , to another boldface name—Bob Dylan. Perhaps West despises the access of Sharpton and others to Obama because, unlike them, he has heroically resisted such impulses and invitations. The brother was absolutely brilliant and I was having a ball. When I looked at my watch, though, I saw it was far into the middle of the night.