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31, 2021 Issue.
“LEFT OUT OF THE BIBLE,” BY CHARLES SIMIC Never miss a big New Yorker story again. Sign up for This Week’s Issue and get an e-mail every week with the stories you have to read ALIENS | THE NEW YORKER Julie Taymor’s quixotic bio-pic about Gloria Steinem mocks the clock, skipping between eras and letting different versions of the activist talk with one another. By WHAT THE BOLINAS POETS BUILT Bolinas, California, is a settlement along the San Andreas Fault, about thirty miles north of San Francisco. The Coast Miwok people once hunted salmon there, before they were displaced by “EVERYONE CRIED” Video From The New Yorker. That Zoom Call with the Lawyer-Cat, Explained. Most of us continued to cry as we left the office. In the elevator, we elbowed one another, and WHY MORNINGS DON’T MAKE YOU MORAL The idea of the virtuous early bird goes back at least to Aristotle, who wrote, in his Economics, that “Rising before daylight is to be commended; it is a healthy habit.” THE NEW YORKERHUMOR & CARTOONSMAGAZINESIGN INNEWS & POLITICSBOOKS & CULTUREFICTION & POETRY Reporting, Profiles, breaking news, cultural coverage, podcasts, videos, and cartoons from The New Yorker. THE NEW YORKER MAY 10, 2021 A collection of articles about 10 from The New Yorker, including news, in-depth reporting, commentary, and analysis. THE AGE OF REOPENING ANXIETY Cave syndrome is a spectrum, with queasiness at the thought of a grocery-store trip on one end and full-blown social withdrawal on the other. Illustration by Na Kim CROSSWORD | THE NEW YORKER A collection of articles about Crossword from The New Yorker, including news, in-depth reporting, commentary, and analysis. CROSSWORD | THE NEW YORKER A food-themed puzzle: Section of antipasto restaurant where you can buy food (5). By David Ellis Dickerson. May 23, 2021. Crossword. May31, 2021 Issue.
“LEFT OUT OF THE BIBLE,” BY CHARLES SIMIC Never miss a big New Yorker story again. Sign up for This Week’s Issue and get an e-mail every week with the stories you have to read ALIENS | THE NEW YORKER Julie Taymor’s quixotic bio-pic about Gloria Steinem mocks the clock, skipping between eras and letting different versions of the activist talk with one another. By WHAT THE BOLINAS POETS BUILT Bolinas, California, is a settlement along the San Andreas Fault, about thirty miles north of San Francisco. The Coast Miwok people once hunted salmon there, before they were displaced by “EVERYONE CRIED” Video From The New Yorker. That Zoom Call with the Lawyer-Cat, Explained. Most of us continued to cry as we left the office. In the elevator, we elbowed one another, and WHY MORNINGS DON’T MAKE YOU MORAL The idea of the virtuous early bird goes back at least to Aristotle, who wrote, in his Economics, that “Rising before daylight is to be commended; it is a healthy habit.” WHAT DID COVID DO TO FRIENDSHIP? 1 day ago · A little over a year ago, near the start of quarantine, an acquaintance announced, on Twitter, that she was leaving Twitter. She’d had a good run but decided that she could do more by being “IN THE HEIGHTS” AND “UNDINE,” REVIEWED Morning in America, not yet six o’clock, and a couple of working stiffs, in the bright early glare of New York, are finding it hard to make a start. One of them is a crane operator, down at the DIGITAL ACCESS TO THE NEW YORKER How to read The New Yorker's print edition and Web-only content, including news and cultural reporting, investigations, criticism, and cartoons, on your iPhone, Kindle, and other platforms. THE OTHER SIDE OF THE RIVER, REVISITED 1 day ago · A few weeks ago, about thirty people assembled under cloudy skies on a bluff overlooking the St. Joseph River, in downtown St. Joseph, Michigan. Eric McGinnis, a A REDISCOVERED FEATURETTE FROM THE MODERN MASTER OF HORROR 14 hours ago · The essence of horror isn’t grotesquerie or gore but the sense of a world in dysfunction, which is what gives the genre its political spark, as its crucial modern master, George A. Romero CROSSWORD | THE NEW YORKER A food-themed puzzle: Section of antipasto restaurant where you can buy food (5). By David Ellis Dickerson. May 23, 2021. Crossword. May31, 2021 Issue.
POEMS | THE NEW YORKER A collection of articles about Poems from The New Yorker, including news, in-depth reporting, commentary, and analysis. THE NEW YORKER RADIO HOUR The New Yorker Radio Hour The New Yorker’s editor, David Remnick, presents a weekly mix of in-depth interviews, profiles, and shortbursts of humor.
CARTOON CAPTION CONTEST This week’s contest. Each week, we provide a cartoon in need of a caption. You, the reader, submit your caption below, we choose three finalists, and you vote for your favorite. THE LONELY, VITAL WORK OF MEDICAL INTERPRETATION DURING Last spring, Lourdes Cerna, a fifty-eight-year-old medical interpreter, received a phone call from a hospital in Texas. In Cerna’s home, in Los Angeles, the audio crackled to life; on theother
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JIGSAW | THE NEW YORKER Get the best of The New Yorker in your in-box every day. CARTOON CAPTION CONTEST This week’s contest. Each week, we provide a cartoon in need of a caption. You, the reader, submit your caption below, we choose three finalists, and you vote for your favorite. Finalists for WHY MORNINGS DON’T MAKE YOU MORAL The idea of the virtuous early bird goes back at least to Aristotle, who wrote, in his Economics, that “Rising before daylight is to be commended; it is a healthy habit.” THE “BUTTER-CHICKEN LADY” WHO MADE INDIAN COOKS LOVE THE 1. In the inner cooking pot of the Instant Pot, add the tomatoes, garlic, ginger, turmeric, cayenne, paprika, one teaspoon of garam masala, cumin, and salt. Mix thoroughly, then place the chicken THE NEW YORKERHUMOR & CARTOONSMAGAZINESIGN INNEWS & POLITICSBOOKS & CULTUREFICTION & POETRY Reporting, Profiles, breaking news, cultural coverage, podcasts, videos, and cartoons from The New Yorker. THE NEW YORKER JUNE 7, 2021 1 day ago · A collection of articles about Magazine from The New Yorker, including news, in-depth reporting, commentary, and analysis.SUBSCRIBE OR GIFT
Subscribe to The New Yorker magazine and get the best rate, as well as offers for student and educators. Find info on renewals, newsletter subscriptions, and more. CROSSWORD | THE NEW YORKERPRINTABLE CROSSWORD NEW YORK TIMES A food-themed puzzle: Section of antipasto restaurant where you can buy food (5). By David Ellis Dickerson. May 23, 2021. Crossword. May31, 2021 Issue.
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JIGSAW | THE NEW YORKER Get the best of The New Yorker in your in-box every day. CARTOON CAPTION CONTEST This week’s contest. Each week, we provide a cartoon in need of a caption. You, the reader, submit your caption below, we choose three finalists, and you vote for your favorite. Finalists for WHY MORNINGS DON’T MAKE YOU MORAL The idea of the virtuous early bird goes back at least to Aristotle, who wrote, in his Economics, that “Rising before daylight is to be commended; it is a healthy habit.” THE “BUTTER-CHICKEN LADY” WHO MADE INDIAN COOKS LOVE THE 1. In the inner cooking pot of the Instant Pot, add the tomatoes, garlic, ginger, turmeric, cayenne, paprika, one teaspoon of garam masala, cumin, and salt. Mix thoroughly, then place the chicken THE NEW YORKER JUNE 7, 2021 1 day ago · A collection of articles about Magazine from The New Yorker, including news, in-depth reporting, commentary, and analysis. HOW A CITY COMES BACK TO LIFE When the city shut down more than a year ago, a walker within it could track the oncoming withdrawal and hibernation, block by block, andeven—as
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HOW JACK WELCH HELPED CREATE BERNIE SANDERSBy John Cassidy
March 3, 2020
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When Jack Welch, the longtime C.E.O. of General Electric, retired, his exit package was worth more than four hundred million dollars.Photograph by Richard Kalvar / Magnum It was purely a coincidence, of course, that Jack Welch, the
corporate titan who led General Electric from 1981 to 2001, died two days before Super Tuesday. But the obituaries for Welch, who was eighty-four, should serve as a reminder of how we reached the point where a self-proclaimed democratic socialist like Bernie Sandersseems likely to win
Democratic primary contests in California and other big states. Welch was a Republican. (In 2016, he endorsed Donald Trump, then withdrew his endorsement after the “Access Hollywood” tape came to light.) But Welch’s major contribution to history was the brutal management model he pioneered during his twenty years atop G.E.—a model that focussed on raising the company’s stock price regardless of the impact on its employees or other stakeholders. Although he would later partiallyrenounce
the
“shareholder value” movement, he was widely regarded as its godfather. Many other corporate leaders followed the example that he set. Together they created a more intensive form of American capitalism, one which greatly enriched owners of capital—themselves most definitely included—but ultimately led to a populist backlash that gave Sanders his opening. Politics aside, Welch and Sanders shared some traits. Both were born while Franklin Delano Roosevelt was in the White House, and they grew up in working-class households—Welch in Peabody, Massachusetts; Sanders, in Midwood, Brooklyn. After attending local high schools, they went on to top-notch colleges. Welch got a bachelor’s degree from the University of Massachusetts, Amherst, and then got a Ph.D. in chemical engineering at the University of Illinois at Urbana-Champaign. Sanders went to Brooklyn College and transferred to the University of Chicago, where he majored in political science and joined the youth section of the Socialist Party of America. After college, the two men’s lives followed very different paths, of course. Sanders moved back to New York, and then to Vermont, where he tried his hand at writing and carpentry. He was active in the antiwar movement, and, in 1972, he represented the locally founded Liberty Union Party, which was (and is) avowedly socialist, in a U.S. Senate race. Nine years later, he was elected as the mayor of Burlington. Welch joined G.E. in 1960 and worked his way through the ranks. In 1977, he was asked to run the firm’s consumer-appliances division, famous for its refrigerators and washing machines. In 1981, at the age of forty-five, he became the youngest C.E.O. in G.E.’s history. Looking to make his mark on the sprawling conglomerate, Welch closed down divisions that he deemed to be underperforming and laid off tens of thousands of workers—earning him the nickname Neutron Jack. He also shifted the company’s emphasis away from manufacturing, acquiring RCA, which owned the NBC television network. All of this was done in the name of strengthening G.E.’s competitiveness and maximizing returns to shareholders. Wall Street and the business media cheered Welch on. G.E.’s market value rose from twelve billion dollars, when he took over, to more than five hundred billion dollars, in 2000. In 1999, _Fortune_ called Welch the “leading management revolutionary of the century.” Video From The New Yorker Welcome to Iowa: The Final Weeks Before the First Democratic Vote Even as the media put Welch on a pedestal, some critics inside and outside of G.E. noted the darker side to his tenure, which went beyond ruthless downsizing. To keep the company’s managers on their toes, he ranked all of them annually and fired the bottom ten per cent. To cut costs, he slashed G.E.’s research budget, which had made it a world leader in many areas. To boost profits (and goose the company’s stock price), he created a giant bank inside of G.E.—G.E. Capital—which engaged in many kinds of risky lending. Welch also revolutionized G.E.’s executive-compensation policies. With the connivance of the board of directors, he was afforded all sorts of corporate perksand huge
grants of stock options. When he retired, in 2001, his exit packagewas
worth more than four hundred million dollars. The heads of big American companies had always been well paid, but, under this new model of corporate capitalism, Welch and other C.E.O.s retired as richas Croesus.
G.E., however, was left in less rosy shape. Under Welch, the company had skimped on investing in the technologies of the future, such as green energy. G.E. Capital was a time bomb. During the financial crisis of 2008 and 2009, it almost went off—and the federal government had to bail it out. Even though G.E. Capital didn’t have any ordinary depositors, the Federal Deposit Insurance Corporationagreed to guarantee
a hundred and thirty-nine billion dollars of its loans. The taxpayers’ guarantee reassured G.E.’s creditors, and the company didn’t end up having to call on it. But its issuance was invaluable. That was an example of what Sanders calls socialism for the rich. In retrospect, the financial crisis was a tipping point. Many ordinary Americans turned against the imperial leaders of corporate America. In 2016, when Stan Greenberg, the veteran Democratic pollster, surveyed middle-class voters, one of the things that stood out was the level of hostility toward C.E.O.s, who were widely seen to be out for themselves. At an event during the Democratic National Convention, in Philadelphia, Greenberg presented some of his findings and said, “The corporations and the C.E.O.s are the entry point to what is happening in the country.” Greenberg tried to persuade the Hillary Clinton campaign to tap into this populist feeling, with limited success.
Sanders didn’t need any prompting. He has been inveighing against corporate America for forty years or more. At times, his attacks on “billionaires” and “the one per cent” get a bit repetitive, but they reflect an underlying reality. In 1981, the year Welch took over as C.E.O. of G.E., the richest one per cent of households received about ten per cent of all pre-tax income, according to the Berkeley economist Emmanuel Saez. By 2017, the figure had more thandoubled ,
to twenty-two per cent. The rise in the share of the top 0.1 per cent was even more dramatic. To be sure, Welch and other corporate leaders can’t be held solely accountable for these developments. Technological changes, globalization, and conservative policies all played significant roles, too. But make no mistake. If the lopsided form of capitalism that Welch embodied hadn’t so disfigured the American economy in recent decades, Sanders would still be a fringe figure. Today, though, many of his critiques ring true. John Cassidy has been a staff writer at The New Yorker since 1995. He also writes a column about politics, economics, and more fornewyorker.com.
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Learning to Love Bernie Sanders, or Trying To Older liberals, having lived through a rightward turn that was barely tolerable, are terrified not that Sanders can win but that he can’t.By Adam Gopnik
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